Square Capital - Accounting Questions

[teresa]

This is an accounting question for those with a square loan. How you do you account for the capital coming out BEFORE the deposit. I do daily sales receipts in quickbooks that go to undeposited funds then later move the undeposited funds to my bank as I do weekly cash deposits so it works good to mirror the deposits in quickbooks to the actual deposits, but my CC amounts on my cash receipts do not equal the amount that square deposited because of fees and capital loan payments. I cannot do a payment from undeposited funds and i cannot deposit the amount to the bank and pay the payment out of that account becuase it is not going to show on my actual bank the same way. UGH! lol I am sorry this might sound confusing just wondering if someone else has found a way to post these transactions to their accounting that is working. 

[HeatherSweetD]

I'm having the same issue.  I have synced square to quickbooks but unfortunately the square capital loan shows as income and the payments aren't reflected.

[teresa]

Heather, the only way I found to work around is manual and do ot sync. I manually add daily sales and add the capital loan payment as an expense in the daily sales invoice. It is a PAIN the ARSE! LOL 

[HeatherSweetD]

Is there any movement on this?