How to Reconcile Square transactions in QuickBooks Online: Quick Guide

Square Reconciliation

How to Reconcile Square transactions in QuickBooks Online: Quick Guide

Summary:
  1. Business Payments setup
  2. Sync
  3. QuickBooks Flow

Our customers have found that the most accurate way to record all Square sales, fees and refunds is to sync everything into a Square Bank Account in QuickBooks Chart of Accounts and enable payouts processing for reconciliation ready matches between Square transactions and withdrawals made to your checking.  So you basically reconcile Square deposits on your Checking account.

Step 1 

In case you don’t have an account with “Square” in it, our app will auto-create it. Check your Business Payments settings to make sure you have that account selected as Bank account in Sales and Fees.

Reconciliation_step1

Enable payouts and select your Checking account into which you deposit actual funds from Square in Transfer Funds To in order to automate the matching process.

Reconciliation_step1_2

Step 2 

Sync Square transactions manually or set up an auto-sync.

Step 3 

Open For Review list in QuickBooks Banking and click on match next to Square withdrawals.

*Keep in mind that according to the way you set up your Square, in most cases real funds from Square are transferred to your checking account 3-7 days after the actual payment took place.

Reconciliation_step2

Congratulations! You have successfully pulled in all Square data and can easily reconcile your checking account now avoiding manual data entry and having recorded all sales, fees, expenses and refunds.

Alexandra Kozyritskaya

This entry has 0 replies

Comments open

Leave a reply

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>