[GNC] How to handle a Square Transaction

[Maf. King]

Looks right to me, assuming all the account balances increase!

Maf.


On Wednesday, 5 December 2018 11:52:08 GMT Overland Park Electric Company 
wrote:
> Thanks for the info.  I was actually shocked when I saw the money
> transferred overnight.
> I think I figured it out.
> 
> 
> checking              120.00
> credit card fees       5.00
> job income                                  125.00
> 
> On Wed, Dec 5, 2018 at 5:31 AM Maf. King <maf at chilwell.net> wrote:
> > 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?


-- 
Maf. King
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