How can I keep up with the amount I paid square to use the device in order to deduct it as am expens

[DoctorWanda]

members

[JK_Fiber_Art]

That's most likely a topic that should be discussed with an accountant or tax professional.   Every business has different situations when it comes to bookkeeping and tax advice - the volunteers here can be quite helpful with questions about Square's Apps and Hardware but, when it comes to legal type assistance - it's best to contact a qualified professional.

[Candlestore · Accepted solution]

@DoctorWanda ;

I agree it all depends on how your Books are setup by your Accounting professional.

For my account I have my oun desktop verison of Quickbooks, keeps inventory and my Income.  When I make a sale my Inventory is reduced, I have an account as Processing Expense, Sales Tax Payable, and then a Deposit to a Holding account.  When my deposit from Square goes to my bank account, I transfer the Holding Accounts to my Bank account.  This should always equal.  Then my Bank account went up by the amount Square Deposited.  

My Accountant just uses my Bank accounts exported from my bank to see how much Square paid me and since Square never Paid me then Deducted their Fee its a wash.  I asked my accountant about deducting it and was shown using my ledger, I could see my Income was equal to what he was showing.  If he reduced it by the Square Fee, I would basically be deducting it twice.  Squares 1099 does not show you were Paid Squares Fees in an actual Deposit and that you had to send a payment out of your checking account to pay the processing fee.

I understand that you are Payng it out of your total income coming in, but out of your Bank account you never have to Pay this fee to Square.  This is why we are saying to ask your accountant.  My way I have things setup up is to see what I actual pay a Year in processing fees, which you can see in your Square Dashboard too.  

Now if you want to keep track of these expenses yourself you can Export your Transaction as CSV, and then look at the Column as a Total of Fees, or Processing Fees I believe is the Header Name.   That is how I export these fees into my accounting program.

[DoctorWanda]

Thank you