Have just switched to Square. I wanted to check that everything was working correctly with website/square/bank account. I put a “test” purchase through our own website and paid for it by personal credit card. On Monday, Square will transfer this to our company account. I need some guidance with some accounting issues:
. How do I tag the money in to bank account? I’m wanting to add it to the DLA.
. As a VAT registered company the “test sale” has 20% VAT added which I’ve paid. No actual product exchanged hands so does it still need to be added as “turnover” and the VAT element paid away?