Accounting nightmares, please help.

[nibblesandbits]

Okay, so I'm REALLY hoping that you guys can help me. Taxes are due tomorrow and I have them sort of figured out (still have a few more hours to do the rest of the figuring) and I have the money to pay them, so that's a huge sigh of relief. My problem is this though:

SQUARE CREDIT CARD ACCEPTANCE

These people take their cut before they deposit it into your bank instead of creating a separate ACH debit or something (that you could categorize as cost-of-doing-business and therefore, write off) so now I'm stuck with my second issue

XERO.COM

They take the info straight from my bank account records and then I have to reconcile everything. Okay, seems legit and easy, right? Hell no. I incorporated my old sole-proprietorship business on June 11 and started business on July 1 of this year. Well, I had to put in what my account balance was as of Jun 30th. Naturally, I put in what I had deposited from my previous business which was $200 and some odd cents. Well, now it's subtracting that $200 and whatever from my statements... and even my statements aren't pulling from the bank correctly as far as I can tell because I have 4 digits in the bank this second and it's telling me I only have $555 after reconciling everything. I'm getting highly ****** off about ALL this accounting stuff and have no idea how I'm supposed to grow my business or have ANY time to myself if I go to a damn paper ledger, but I'm about frustrated to that point.

Anybody have any advice how to overcome the Square issue? That's my main thing. It's completely killing my syncing being automated and turning everything into a damn nightmare.

I'm frustrated, and I'm sure it's obvious. I'd appreciate any help right now though, I'm freaking out about everything going wrong in my accounting with this new business. I should have never left Quickbooks, the way things are going at this rate.

 

[N E Day Pc Repair]

Personally I would get an accountant, to take care of it all, they know all the loopholes and would get you all taken care of. I tried to do it all myself once and almost ended up owing a bunch. Got an extension, got an accountant, and everything got squared up.

It is an added expense but worth it in the end.

 

[nibblesandbits]

Personally I would get an accountant, to take care of it all, they know all the loopholes and would get you all taken care of. I tried to do it all myself once and almost ended up owing a bunch. Got an extension, got an accountant, and everything got squared up.

It is an added expense but worth it in the end.

I have an accountant in mind, just haven't gotten a chance to talk to him yet. I just did change from sole proprietorship to corporation and it's been a headache. Wish I would have just started that way instead of "working up to it" it's a whole different ball game with a lot of different taxes involved that I know nothing about.



ALSO - dumping square in favor of Paypal Here (https://www.paypal.com/webapps/mpp/credit-card-reader) it has integration straight into Xero.

 

[N E Day Pc Repair]

Be careful with that one, seen a lot of posts around here stating theres a max limit you can receive, personally never tried it, but I would double check the fine print.

 

[twincountycomputers]

My advice would be to switch to a real credit card processing company, they should be giving you the full amount and then withdrawing their discount on the 1st of the following month.

 

[Maniaman]

There's quite a few card processors out there that take their chunk off the top before doing a deposit to your bank account. Most of them should have reports online that detail how much each deposit was and what the fees were.

Though if it makes you feel any better, since taking over accounting from my former business partner in March, I've never been able to reconcile the CC processing account and get it to match up. I keep it up to date, I'm going to let the accountants handle fixing it at the end of the year.