x

Entering a manual transaction and getting the right numbers?

I just entered my first manual transaction yesterday.  The customer will be charged the 3.5% and .15cent fee.  So I must calculate it our before I enter the transaction so that I get the amount on my invoice directly into my business bank account.  The total on my invoice was $122.31 when I add 3.5% plus .15cent I came to a total of $126.74.  When square emailed me later with a deposit notice for my account it was only for $122.15.  .16cents less then it should have been.  Can someone help me with this?  I must not be calculating it how sqaure does?  Thank you

1,055 Views
Message 1 of 5
Report
4 REPLIES 4
Super Seller

It’s because you didn’t calculate the fee on the part you added to the total. You need to use .0365 + .15 to account for the additional fee in the original total. 

1,053 Views
Message 2 of 5
Report

Thank you for you help.  Math isn't my strong suit, can you explain why I use 3.65% instead of 3.5%.  Thanks!

1,051 Views
Message 3 of 5
Report
Super Seller

I have another post that explains it. I’ll try and find it. 

 

But it basically it is to account for the fee on the addition to the total you had. 

 

100 * .035 = 103.5 + .15 = 103.65

1,048 Views
Message 4 of 5
Report
Super Seller Alumni

I can help.   If you have $10.00 and you are charged a 3.% Fee that is $.35 correct.  If you then up your price by 3.5% or $.35 your new price is $10.35.  Now you are taking a fee of 3.5% off $10.35 which is $.37.  If you up your price by 3.65% or .37  making it 10.37 and take 3.5% you get .36 making it $10.01   

 

It will not be exact all the time but it will be close.  I would also check the laws in your location because this may be illegal depending on where you are located.

1,046 Views
Message 5 of 5
Report