Hi, I have a general enquiry regarding third party payments.

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Tess Webber
Tess Webber Member Posts: 4 ✭
edited April 2020 in Accounts Hosted
Hi, I have a general enquiry regarding third party payments. We have recently started using the Sqaure reader app for eft transactions, and wondering what the best way is to input them into reckon to reconcile/ balance? Much appreciated.

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  • Linda Benfield
    Linda Benfield Member Posts: 75 ✭
    edited April 2020
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    Hi Tess, 

    This is how I deal with it..

    1. Create a new Bank account in Reckon called "Square Payments"
    2. Pay the customer invoice into the Square Payments Bank Account in Full
    3. for the funds you did receive in your normal bank account do a transfer from Square to normal bank. this will give you a deposit to reconcile.
    4. Check that Square are charging you GST on the Fee. Enter a Write Chq from the Square bank account for the difference to Merchant Fees with NCG
    5. Reconcile the Square bank account to Nil (every time so it stays tidy)

    Hope that helps

    I prefer this than entering a negative line on the invoice

    Hope that helps
    Linda

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