MY WORKFLOW - SQUARE - BANK - RECONCILE : Am i doing it right ?

AussieAussie

Thanks for Waveapps to create such a wonderful app

I have got a question in relate to this. I am an old user of Waveapps, and recently back into waveapps with its new interface.

FINAL OUTPUT
I want to import my "PAST OLD" square transactions to waveapps and reconcile / match it to the bank payments, without doubling the income and taxes, also doing it the right way and properly.

WHAT I HAVE DONE
1) importing CSV from australia bank to ACCOUNTING-TRANSACTION
2) importing CSV from past square transactions to SALES-INVOICES (payments had been received into my australia bank)
3) manually concile between both of the above.

QUESTIONS...
1) Am i doing right overall?

2) Am i doing it right, especially importing square transaction into a newly created WAVEAPP SALES - INVOICES (altough i had received the payments from SQUARE transfer to my bank account)

3) How is the automatic reconcile works on past old transactions? How do i link the transaction in SQUARE to the payment shown up in my bank account? Is it by the way of TRANSFERRING system from 1 account to another account?

4) Or, Should i ADD a new account on Chart of Account --> ASSET --> CASH & BANK to represent a SQUARE account? then what i do is transfer the payment from SQUARE to BANK ? will this effect the reporting at a later stage?

5) Or, Should i add SQUARE account under Chart of Account --> Income? So i can have a right reporting on the income channel ?

6) Or, should i add SQUARE account under Chart of Account --> MONEY IN TRANSIT? But, there is no way i can upload the transactions via WaveConnect to MONEY IN TRANSIT account

Thanks

Barsin

Hey there @AussieAussie

Importing both csv's will show two incomes. Curious why you want the square transactions as well as your bank statement of the square transactions? Are the both not the same amounts or do you need to account for transaction fees. Either way, you'll want to delete one of these transactions so that there aren't duplicates.

You're going to want to delete one or the other, either the bank transactions or the square transactions.

If you have invoices you should be able to categorize your transactions to an invoice in Wave.

This should allow you to reconcile your accounts properly!

Let us know if this helps at all.

Mw4

So how do you account for the transaction fee when all you get from square is the net amount?

AlexL

Hey @Mw4 , I think that this Help Center article on accounting for merchant fees is what you're looking for. If I missed something though, please further explain your Square situation and I'd be happy to take a further look at this for you.

Mw4

That was perfect!!