With the example were there is no invoice this all makes sense but will there not be an issue with fees such as Square or After pay that include GST if you are adding a negative to that bank fee account, would you not then miss out come BAS time on claiming back that portion of the GST on your fee expense? For example lets say the example of $210.00 sale with a $10.00 Fee from Square which is inclusive of GST Allocate $210.00 to Sales (GST on Income) Allocate -$10.00 to Square fees (GST on Expenses) How do we then ensure that the GST from the fee/expense is accounted for and claimable on my BAS for GST on Expenses ? I have been looking through so many videos and I cannot seem to find the answer.
I use the Square Terminal and rarely create invoices. I can't figure out how that data is meant to come into Xero. I'm running syncs but seeing nothing show up anywhere. Unfortunately I haven't been able to get online with support while they are also open.
Hi Dishan, this might require some trial and error but you would need to set the income percentage to an amount that is higher than 100% to equal the gross amount then balance it off with the fees amount.
With the example were there is no invoice this all makes sense but will there not be an issue with fees such as Square or After pay that include GST if you are adding a negative to that bank fee account, would you not then miss out come BAS time on claiming back that portion of the GST on your fee expense?
For example lets say the example of $210.00 sale with a $10.00 Fee from Square which is inclusive of GST
Allocate $210.00 to Sales (GST on Income)
Allocate -$10.00 to Square fees (GST on Expenses)
How do we then ensure that the GST from the fee/expense is accounted for and claimable on my BAS for GST on Expenses ?
I have been looking through so many videos and I cannot seem to find the answer.
What'[s the best way to match when Square sends a few invoice payments together?
I use the Square Terminal and rarely create invoices. I can't figure out how that data is meant to come into Xero. I'm running syncs but seeing nothing show up anywhere. Unfortunately I haven't been able to get online with support while they are also open.
Hi Craig, we'd be happy to take a look at this but you would need to lodge a service ticket. Regards,
calendly.com/quintrell/support-request-level-3
How can you set a rule on the net amount that lands on the bank feed, as say for example 5%, is based on the gross?
Hi Dishan, this might require some trial and error but you would need to set the income percentage to an amount that is higher than 100% to equal the gross amount then balance it off with the fees amount.