Importing Sales from Square?
HCTR
Member Posts: 3
Newbie question: how can I go about syncing with Square to get raw sales values, prior to the 2.75% Square processing fee? As is, I only import my bank info, which includes the deposit from Square. This artificially lowers my sales figures by 2.75%, and I'm not sure how to fix this. Any advice on this?
in Using Wave
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HCTR,
Does Square give you a report of fees paid? If so you can use that number for the journal entry
Debit - Bank Fees XX
Credit - Sales XX
Or you could gross up sales
To determine the entry you would multiply your Square deposit by 1.0275 then subtract the deposit. That would give you bank fees that were netted from your sale. So for example if you receive a 97.25 deposit, you would multiply it by 1.0275 = 100-97.25=2.75. Your entry would be:
Debit bank fees 2.75
Credit Sales 2.75
Sales are now at gross. There are some rounding issues but that gets you close.
And there is another case with Sales Tax, how are you accounting for that?
Manual entry?
Just trying to learn as Newbie as well.
Hey there @RZL
Just curious, are you only using your bank connection under banking which would import your bank transactions (the amount that is deposited into your bank account) or are you using our third party Zapier Itegration found at the bottom left of your Wave apps. I believe this should give you a better breakdown before the fees! But reach out and let us know.
@BarsinA I'm really late in a response, but I wasn't aware of the Zap Integration. Is it possible to apply that to past transactions or only future ones? Thanks!
Hey @HCTR! Thanks for reaching out here. With the way that the Zap integrations work, this would be something that would only apply to future transactions within Wave.
I am totally new to this, and I would like to manually enter my daily (retail) sales, taxes, and credit card fees into Wave. I have set up an income account and a Sales Tax account. How can I most efficiently do this? Thanks!
@Relic_Roadhouse1 I've gone ahead and merged your post into this thread and would encourage you to read through Mike's comment above:
This should help you get started when doing your Square sales manually
Is there a way to sync Square sales into my wave account for free? I signed up with Zapier for the 14 day trial I didnt think I needed to upgrade because I was only using it for that reason. I cant afford the monthly payment with Zapier.
Hey there @freshbite !
As you may know, Wave is able to integrate with services such as Square through Zapier. I'm afraid that I am not familiar with their free/paid services. I suggest reaching out to Zapier's support team directly for more information.
Thank you all for the great post and ideas!
I posted this on another thread, but it may help you.
We run a bakery and use Square. We ring up every sale, cash or card. I am not importing individual sales transactions from Square into Wave. My way may not be the best, but it works for me.
So I have credit card transactions automatically dumping into my business checking account daily. When Wave gets that deposit, I manually categorize it. I look at the deposit in Square and get the details. It'll show sales, sales tax, tips, discounts, etc. I figure since all of the individual transaction details are in Square, I don't need them in Wave. I download and archive the full data for my records, FYI.
So, how do I handle cash? Firstly, I made multiple cash accounts in Square. Not just Cash On Hand. I have one for my cash safe. I have one for each cash box. I record the cash into the appropriate cash account. I'll run a report in Square for a period of time and get the cash sales number. This could be for a day, week etc. So the entry in the Wave cash account will be something like "Friday Market Cash Sales". Most of my products are tax free. With no merchant fees it's just straight sales. When I deposit cash into my bank account it's a transfer from the cash account to the bank account.
FYI, I also keep spreadsheets tracking my cash boxes. Helps with auditing and finding missed sales. Like if we take cash and forget to ring it up. Happens when busy at the market.
I do sell taxable items as well. I download the transactions from Square and I use a pivot table in my spreadsheet to show me the collected sales tax in cash sales. Square keeps track of that. I make a quarterly Journal Entry adjustment transferring collected sales tax in cash from the Sales category to Sales Tax.
Hope this makes sense.