Question: Accepting Credit Cards via Square

We are accepting credit card payments via Square for membership dues and other fundraisers. Should I report the Receipts as gross with a corresponding Disbursement line in the budget to show the Square fees?

Asked by Anonymous

Answers:

Advice from PTO Today

lharac writes:
Hi, there -- you've got it! The gross receipts should be recorded in the Income section; then in your Expenses or Disbursements section, you could add a line for "transaction fees" and include the Square fees there. (You could also roll it up into a broader "PTO Operations" line item if your budget outline is simpler.)