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Beta Member

Square invoice accrual method

Hi, 

 

Talk about that in the general group but got no touch so i'm asking here for a feature.

 

As of right now, when you are creating an invoice, the invoice is counted at the moment you receive the payment when it should be counted at the date you choose for the invoice. Or at least, the date the invoice was created. So i ask : 

 

- Being able to set ourselves a date on an invoice

- Being able to modify the date in the edit option to resend the corrected invoice

- Default date would be invoice creation date

 

Also,

I understand that Square money come from credit card transaction, but that's so annoying.

 

Would it be possible to add an option to charge the fees to the client if he really want to pay by credit card. I don't know... On big invoice, that's a lot that we loose... As why i use another system also for those invoice that i want to be paid cash or by cheque.

 

As for right now, you are forced to ship the invoice with a preselected credit card option or at least a gift card option. The work around is to check only the gift card option as no enterprise that make buisness with me will understand the giftcard option and then link bank info in the file attachment. 

 

So if you want to add : 

- being able to "not check" a payment/charge method at first sending?

- Option to charge the fee of credit card processing to the clients?

 

Be free to comment if i'm not clear or if it could helps you! Give some likes! ❤️

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Re: Square invoice accrual method

Hi! Thanks for reaching out! I'm a little confused about the date selector as our invoices should show the date an invoice is created, the due date for the payment, and the date the invoice was actually paid. None of these can be edited, though, to protect reporting accuracy. 

 

To answer your question about surcharges, make sure you are able to do this within your province laws, but a lot of sellers add a surcharge onto the sale in the form of a tax labeled "surcharge."

 

Let me know if you have any other questions. 🙂

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Square Community Moderator

Hi! Thanks for reaching out! I'm a little confused about the date selector as our invoices should show the date an invoice is created, the due date for the payment, and the date the invoice was actually paid. None of these can be edited, though, to protect reporting accuracy. 

 

To answer your question about surcharges, make sure you are able to do this within your province laws, but a lot of sellers add a surcharge onto the sale in the form of a tax labeled "surcharge."

 

Let me know if you have any other questions. 🙂

AshleyK
Community Moderator, Square
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Yes the date shows up correctly. But! the money income is counted in the report the day it comes in. It should be reported (in the square report section) in at the day of the invoice creation/the day of the invoice date, not the payment date.

 

I made an invoice in November and the payment got in in January. Square report it in January. I want it reported in November, the date I created it, at least...

 

Thank you for the surcharge trick. Still would be nice to not send credit and gift card option at first send.

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Interesting about the surcharge. I know more people are doing this to encourage other forms of payment besides credit cards.

As for the date of invoicing / accuracy, this is exactly the point about accruel vs cash methods of reporting I was trying to describe. In Canada, the day the inventory leaves the store, is the day the income is to be reported...whether or not you have collected the money. The money paid against outstanding invoices in the future does not count towards total daily sales on the day payment is received. This is why Square is tricky to use in Canada.

Thanks for tagging me Sam. 🙂

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I needed your help to explain this 😆! English is not my first language so it's kind of hard for me.

 

I'm surely gonna try that surcharge thing...

 

Thanks for the help @3Sheets !

 

Has i understand, the only thing Square need to do is to report immediately when the invoice is created.

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Oui. C'est vrai!

Mois, je parle 'franglais'

et nous avons beaucoup de gens ici qui parlent francais et ils peuvent recevoir leur facture en francais.

 

Bonne journee

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So i found this in revenue agency website that explain how to report if it can help your team @AshleyK 

 

https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partners...

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@SamuelDesgagne1 Thank you so much for sharing that link. I will let my team know it is available. And, I hear your feedback on when the invoice totals are available in your reports. I know that developers designed it to be this way in case the customer doesn't pay. We don't want sales reported in your balance if they haven't been completed yet.

AshleyK
Community Moderator, Square
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Allright thank you. It's such a problem here as my accountant here don't want me to use it 😅

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Hi @AshleyK ,

 

Do you have any update on this?

 

Thanks,

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No updates. Sorry!! I know this feature is important to you.

AshleyK
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It's important as we are required to. Here's another link that states it.

 

"Farmers, fishers, and self-employed commission agents can use the cash method or the accrual method to report income. All other self-employment income must be reported using the accrual method."

 

https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partners...

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As a business that has passed over $100,000 annually through Square, I think this issue is important enough that we will be leaving their service behind based on the advice of our accountant. It's unfortunate as the small square terminal work so smoothly for our employees.

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