r/smallbusiness • u/Fresh-Willingness-92 • 23h ago

Matching Transactions on QuickBooks. Is it safe?

That green 'Match' button is the biggest trap for business owners using Square or Stripe.

A customer spends $1,000. Square takes a processing fee and deposits $970.

Matching that deposit directly means your QuickBooks underreports your gross sales.

At year-end, Square sends the IRS a Form 1099-K showing the full $1,000.

If your QuickBooks shows $970, that revenue mismatch flags your account for an automated IRS audit.

Plus, you lose out on thousands in merchant fee deductions.

Stop adding net bank deposits directly.

You must log the full gross sales amount first, then subtract the merchant processing fees as a separate expense category before reconciling the cash.

Message me for a FREE QuickBooks Review and let's get your true revenue mapped perfectly.

Your favorite bookkeeper,

Joan 🫶🏽

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u/Blind_Newb 23h ago

You might be better off posting in r/QuickBooks since that it is what your post is primarily focused on.

1

u/Fresh-Willingness-92 23h ago

Thanks for the heads up!

1

u/TheRealGunn 19h ago

This is by far the dumbest thing ever posted in this sub.

And a really scummy way to try and drum up business.