Net Total Amount Incorrect

[vodhin]

The Net Total line at the bottom of Sales Summary Report is incorrect. According to the Definition of that line item "The final amount after accounting for all key factors: Total Sales minus fees, refunds, and any other deductions. This gives a clear view of the actual earning after all costs, providing insight to your business's final financial performance" but the amount does NOT include any Bank Transfer Fees charged by Square, even though the line supposedly includes "All Costs" 

Furthermore, I cannot find any report or page where I can see a Total Sum of Bank Transfer Fees charged by Square: right now I have to manually add up all those fees. 

[TheRealChipA]

Hi there @vodhin.. Square does not charge fees for transferring money from our Square accounts to our bank account, so there is no "bank transfer fee," typically.  Are you referring to the fees for instant bank transfers?  If so, those would be listed in the fees section.  Can you be specific about what you define as "bank transfer fees?"  I've checked not only my Sales Summary Report, but also the new reconciliation report (Reports > Accounting > Reconciliation) and can't determine what you are referring to that you think is missing.

[vodhin]

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@TheRealChipA wrote:

Hi there @vodhin.. Square does not charge fees for transferring money from our Square accounts to our bank account, so there is no "bank transfer fee," typically.  Are you referring to the fees for instant bank transfers? If so, those would be listed in the fees section.  Can you be specific about what you define as "bank transfer fees?"

Hmmm... "fees for Instant Bank Transfers" ... "Bank Transfer Fee." Semantics.  Either way, I cannot find a total of all "fees for Instant Bank Transfers" that Square has charged me, and this makes the Net Total ("The final amount after accounting for all key factors: Total Sales minus fees, refunds, and any other deductions. This gives a clear view of the actual earning after all costs, providing insight to your business's final financial performance") Incorrect.

Could you please tell me where I can find the total for "fees for Instant Bank Transfers" that Square has collected? 

[TheRealChipA]

@vodhin Apologies, but I had to be certain.  A while back, someone here was dead certain that Square charged fees for all bank transfers and it took me a while to disabuse them of that erroneous assumption.  I wanted to be sure this was not the case for your question.  Sorry to seem obtuse, but I've learned here to be very certain what is being asked for.  Now...

The Sales Summary Report only gives us an accounting of what happens to our sales up to the point funds hit our Square Balance.  After that, any fees that are charged for Instant Bank Transfers are not on any report for a few reasons.  The bottom line is that there is no report I am aware of that shows a total. You COULD check the new Reconciliation report (Reports > Accounting > Reconciliation) for a date/range that you know you did instant transfers to see if those fees are listed there.  Since I make it a rule never to use instant transfers since I don't want to pay the extra fees, I can't say for certain.  My guess is that it works similar to the Sales Summary report and only shows the money flow from Sales -> Available Balance, but I could be wrong.

Currently, the only place(s) where I know you can view individual instant transfer fees is in either your Balances page, or your Checking page if you have a Square Checking account.  But you'd only be able to see the fees for each individual transfer, not in a total for a period.  If you want, you can submit a feature request to ask Square to consider adding it somewhere like the Sales Summary Report or Reconciliation Report.

[vodhin]

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@TheRealChipA wrote:

@vodhin ...any fees that are charged for Instant Bank Transfers are not on any report for a few reasons.  The bottom line is that there is no report I am aware of that shows a total. You COULD check the new Reconciliation report (Reports > Accounting > Reconciliation) for a date/range that you know you did instant transfers to see if those fees are listed there.  

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That report's numbers are incredibly wrong after the "Non-transferable payments" line and cannot be trusted.  The next line for "Fees and deductions" lumps everything into a single line, as a sum of 3 sub-sections: "Gift card load fees", "Square payment processing fees", and the increasingly inaccurate "Square balance adjustment" line that doesn't equal the sums of any known figures found anywhere in any other report. My accountant and I spent 5 hours trying to figure t out and gave up, figuring that the entire report must be broken (eg "Payments eligible for transfer" $145.02 while actual funds in Square is $350.48).

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@TheRealChipA wrote:

@vodhin Currently, the only place(s) where I know you can view individual instant transfer fees is in ... your Balances page ... But you'd only be able to see the fees for each individual transfer.

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Nope. No fees listed on that page, just the total transferred to the bank after fees were taken out. The only way to see any fees is to click on each transfer to open a popup detail report where you can get the number and write it down, repeating for each and every transfer. 

Oh, by the way... Using Square to accept credit cards is costing me an average of 4.63% of my sales income because I have an external bank account. And that's not including the subscription fees, which should be funding product development and a commitment to accuracy. 

[TheRealChipA]

@vodhin Re: the Reconciliation Report --  I'm going to reach out by PM to the Square person I know who was helping develop/test that report to see if they can assist you.  I've never had an issue with that report matching my third-party revenue accounting app, nor have I found it to ever be "incredibly wrong" or unable to be trusted except very early in the beta process.

Next, yes I knew that you'd have to click on each transfer to open a popup detail report.  That's basically what I meant when I said you'd only be able to see the fees for each individual transfer.  As we already determined and confirmed, instant transfer fees do not seem to have their own report.  Hopefully, you submitted a feature request to add that somewhere per my suggestion.

Finally, 4.64% is a lot, I agree.  Mine averages to around 3% but I refuse to use instant transfers unless my back is against the wall and my business cash flow isn't ever in that bad a shape.  I might have misunderstood you but it sounds like you use instant transfers quite a bit, so in a way I'm not surprised at your average number.  I consider the instant transfer fees (1.75%) to be needless and not worth it in the vast majority of cases, making it something I've done less than 5 or 6 times over a decade with Square.

Hopefully my Square contact will reach out to you re: Reconciliation Report.  I'm also going to reach out to the last Square person I knew who was working with the Sales Summary Report to see if they can assist you.  It's obvious that I'm not going to be of any use to you here.

Best of luck.