Matching Square transfers to bank deposits and statements

sharieb · ‎February 28, 2022

Good day,

I am having a heck of a time entering our revenue into QBD and I'm hoping someone can help me with figuring out some steps to follow. I work for a non-profit, so we mostly receive grants, donations, and membership fees. What I'm having trouble with is getting the revenue we get via our website and through Square to match up our bank deposits.

We use Wix for our website and we receive membership fees and donation via the Wix site. Square only shows orders from Wix as "custom order" and an amount for each transfer. Square also outputs each individual transactions to an Excel sheet, which I am entering by the day of the orders along with the fees Square takes. However, the amounts that are transferred to our bank the next day often don't match up, either because an order comes through after our closing time on Square which is 7pm, or because it's the weekend or a holiday...even if I use the report Square puts out for bank transfers it still only gives me the date of the order and not when it was actually transferred. So for example I just completed one of the days and the amount to deposit was 73.87 when Square actually transferred 88.37 the next day because one of the orders came in at 8:35pm, so I had to go in and manually change it.

I have switched to doing weekly manual transfers to make my life easier, but I'm still trying to enter everything for January and February. I tried doing batch transactions instead, but that ended up getting too complicated because nothing matched up and it was too difficult to find where the discrepancy was. How can I ensure that I have all this revenue entered so that it matches our bank statements without having to go through every single day of transfers in Square to make sure I have all the information entered correctly?

Rasa-LilaM · ‎March 01, 2022

Thank you for visiting the Community today, sharieb.

I appreciate the detailed information about your concern. This gives us a better picture of what’s happening to your Square transactions and the ones in QuickBooks. Let me route you in the right direction on how to resolve the issue.

The entries we receive depend on what Square sends over to QuickBooks Desktop (QBDT) including the amounts transferred to your bank. In situations like this, I suggest contacting Square’s customer support. They can guide you on how to properly map your orders and amount for each transfer. This will help you easily match your Square transfers to bank deposits and statements.

This reference outlines the steps on how to match and unmatch downloaded entries: Add and match Bank Feed transactions in QuickBooks Desktop.

Also, the following reference contains topics about categorizing downloaded entries, managing your bank feeds, reconciling an account, and making deposits: QBDT self-help articles.

Keep me posted if you still need help with managing matching your Square data in QuickBooks. I’ll be right here ready to assist further. Have a great rest of your day.

View solution in original post

Rasa-LilaM · ‎March 01, 2022

Thank you for visiting the Community today, sharieb.

I appreciate the detailed information about your concern. This gives us a better picture of what’s happening to your Square transactions and the ones in QuickBooks. Let me route you in the right direction on how to resolve the issue.

The entries we receive depend on what Square sends over to QuickBooks Desktop (QBDT) including the amounts transferred to your bank. In situations like this, I suggest contacting Square’s customer support. They can guide you on how to properly map your orders and amount for each transfer. This will help you easily match your Square transfers to bank deposits and statements.

This reference outlines the steps on how to match and unmatch downloaded entries: Add and match Bank Feed transactions in QuickBooks Desktop.

Also, the following reference contains topics about categorizing downloaded entries, managing your bank feeds, reconciling an account, and making deposits: QBDT self-help articles.

Keep me posted if you still need help with managing matching your Square data in QuickBooks. I’ll be right here ready to assist further. Have a great rest of your day.

Fiat Lux - ASIA · ‎March 01, 2022

@sharieb

Utilize this app to reconcile your Square transactions into your QBD easily.

https://synder.grsm.io/quickbooks

sharieb · ‎March 02, 2022

Thank you. I had looked into this app and was considering it. However, as I was looking for solutions to this issue, I found far too many people asking questions about this particular app. It seems like it might be more trouble than it's worth, plus it looks like it costs money to use? I am not sure my organization is keen on spending more money as we have been trying to cut back on our budget by purchasing QBD rather than paying for another monthly subscription service.

Fiat Lux - ASIA · ‎March 03, 2022

If you're still using QBD 2021, you can still purchase a one-time license to save your budget instead of paying for a renewal subscription.

sharieb · ‎March 04, 2022

Ok, once my bank is able to allow me to connect through the bank feed in QBD I might look into this, but as of right now they do not have the ability to connect (we bank with a small credit union but I am meeting with someone from the bank next week to discuss this issue).

Topics

Training

Community

Resources

Matching Square transfers to bank deposits and statements