Deposits on Invoices

[sandycomiccon]

Hello,

I am a new Square user. I am an accountant and have a question about the deposits our clients make, and when that deposit is transmitted to our bank account.

We have an invoice #1934 - 491 in the amount of $4025 for Robert L who made the deposit on 11/04/24 for $1000, and then the balance of $3025 on 01/04/25.

I checked the transaction reports for these dates, and only see his payment of $4025 listed on 01/04, and nothing for him on 11/04.

Do the "deposits" get transmitted to our banks at the time, or on the date, they initiate the payment in Square? I just need to know when to record the revenue. When it's shown on the transaction list?

Thank you so very much!

Sandy D

[BowlPHL]

when are deposit is paid, we record transaction as deposit on november 14th. We have an account as deposit. Then on january 4th we would record deposit redeemed of $1,000 and payment of $3025. When original transaction occurred the credit card would deposit next day. Its treated as a liability until redeemed.