How to Customize Your Square Settings

How to connect QuickBooks with Square andCustomize your Settings

How to Customize Your Square Settings

Overview:

If you connected your company and your account it is high time to customize your settings. You can always find them in the upper right corner of the app:

Your Default settings will work for all transaction types from Square. Use “Create additional settings” option only in case you would like to set different configuration to specific types of transactions (used rarely for very specific flows).

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General settings

Sync Square with QuickBooks Online

1. Synchronize Automatically – when “ON”, the system will automatically synchronize transactions that come into the app after the setting has been enabled. When “OFF”, you can manually choose transactions to be synced.
Learn more about manual and auto-sync mode.
2. Skip synchronization for duplicated transactions – when “ON”, transactions that already exist in your QuickBooks Online company will not be synced again.
3. Apply payments to unpaid Invoice/Bill transactions – when “ON”, once the system encounters a payment that matches an unpaid invoice, it will be automatically applied to it. For this setting to work properly, make sure customer name matches on Square and QuickBooks ends.
4. Apply location – when ON, you may select location associated with the payment, this location will be applied to any synced transaction. Please note, that tracking of location should be enabled on QBO side.
5. Shipping Item Name – if the app encounters this name in one of your invoice line items, it will parse it as shipping item and it will account for it accordingly.

Sales

1. Bank account – a buffer account that QuickBooks sales receipts, refund receipts and payments will be deposited into. In case you do not have an account with “Square” in its name, it will be auto-created in your Chart of Accounts with name “Square Bank Account”.
2. Enable QuickBooks Doc Numbers – by enabling this configuration your transactions will follow the standard QuickBooks Doc Number sequence.
3. Apply default customer – when “ON”, it assigns a default customer name to all of your transactions. Click on to select a name. Choose from existing ones or type in a custom name.
4. Payment Method – choose a payment method (cash, check, credit card or Square) that will be set for QuickBooks sales receipts, refund receipts, payments and expenses.

Connect Square with QuickBooks Online

Products and Services tab

This setting tab is targeted at NEW products and services which are created during the synchronization. Product/service type can only be non-inventory or service (no Quantity on hand information to create inventory items), however you can change created products to inventory later on QuickBooks side. Existing inventory products will be properly updated.

The income account specified here will be used for creating new products and services only. Learn more about the categorization of transactions.

1. Product/Service type – choose between Non-inventory or Service. This will be used for creating products and services which do not exist in your accounting company yet.
2. Generic product – when “ON”, it assigns a default product name to all of your transactions. Choose from existing ones under Default Product or type in a custom product name and press enter.
3. Product Income account – choose an account that will be used for creating new products and services which do not exist in your accounting company during the synchronization.
4. Default product – choose or type in a name to be used if there is no product name to be found in your transaction.

Sync Square with QuickBooks and set up your products/services settings

Taxes

This tab can be different based on the country version of your accounting company and taxation system there, so it is okay if you will not have some fields, the app automatically catch up with your company settings. You can learn more here.

1. Apply taxes – when “ON”, the system will search for a matching tax code and apply taxes to taxable on Square end transactions onlн. In case it is “OFF”, a tax amount will be included in the total sum.
2. Apply generic tax code – when ON the system will apply the tax you specified in the settings to any synced sales transaction (even if there is no tax code in the transaction on Square end).
3. Zero rated tax code – choose the tax code from the drop down menu that will be applied to your transactions during syncing when tax amount is 0.
4. Default tax code – available if the Apply generic tax code setting is “OFF”. Used only in case tax name was not found or if something doesn’t work properly.

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Fees

1. Bank account – this setting specifies the bank to which the Square fees are applied. We recommend to use the same account as in Sales – Bank Account, highly recommended to use Square Bank Account.
2. Vendor – the app will use this QuickBooks Vendor to store your Square fees. Select available, or type in a custom one.
3. Category – this setting specifies the category to which the Square fees are applied, people like to use something like “Bank Charges and Fees” category.

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Payouts feature

This tab allows to track Payouts that Square deposits to your checking account. The app will record them in QuickBooks, allowing for a simple matching of your actual deposits from Square. The app will not duplicate your income, it will just create matching record on accounting system end for easy reconciliation.
It is matched under For Review tab in the QuickBooks Banking tab.
1. Process payouts – when “ON”, the app will track and create transfers reflecting Square payouts to your checking account (from yoru “Square Bank Account” to your checking account).
2. Transfer Funds To – Choose the checking account that your Square funds are actually deposited to. For example, “Checking” ot “ Business Checking”.

Connect Square with QuickBooks and set up your payouts feature

Multicurrency

You can find how to customize Multiple Currencies here:

Sync Square transactions in Multicurrency with QuickBooks Online

You haven’t found your questions in the tips, ask our support team via online support chat

Alexandra Kozyritskaya

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