[GNC] How to handle a Square Transaction

[Maf. King]

OK,

Assuming Square sits on your money for a day or 2 (or longer), I would create 
a couple of accounts.

something like
Assets:Current Assets: Square
and
Expenses:BankingFees:SquareCommission

Record the payment as a 3-way split  (i'm never sure about which column is 
which, and I don't have GC open at the moment to test)
Assets:C:S        +120
Income				+125
Expenses:B:S	+5

then when square moves the money to your bank, I'd just do a simple 
transaction to move the 120 from Assets:Square to Assets:checking

If square don't sit on your money for more than a day, I'd just skip the new 
Asset account and do the 3-way txn straight into the main bank account...

HTH,
Maf.



On Wednesday, 5 December 2018 11:18:00 GMT Overland Park Electric Company 
wrote:
> I don't use GC to create the invoice and I only enter the transaction when
> I get paid.
> 
> On Wed, Dec 5, 2018 at 4:57 AM Maf. King <maf at chilwell.net> wrote:
> > Hi,
> > 
> > do you create an invoice in GC (ie. accruals) or is this all "cash-based"
> > accounting?