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ph16
Level 1

I Set up a new savings under bank in the chart of accounts, did not link to the bank, but now my checking transaction from Square deposits are automatically going into the savings account.

I Set up a new savings under bank in the chart of accounts, did not link to the bank, but now my checking transactions from Square deposits are automatically going into the savings account. Prior to setting up this new account, only in the chart of accounts, there was not a problem. All transactions from Square were flowing into the QBO checking account.

3 Comments 3
DivinaMercy_N
Moderator

I Set up a new savings under bank in the chart of accounts, did not link to the bank, but now my checking transaction from Square deposits are automatically going into the savings account.

I'm here to ensure your Square deposits will go to the correct account, @ph16.

 

We can configure your Square settings to ensure the deposits will go to the checking account. I've outlined the steps below:

 

  1. Navigate to the Banking menu and select the App Transactions tab.
  2. Then, click the App settings.
  3. Choose the tab for the type of setting you want to change.
  4. Next, update the default Bank account where Square deposits your money.
  5. Once done, click Save changes.

 

For more details about the process, please see Step 4 of this article: Sync Square with QuickBooks Online. This also provides instructions on how you can import prior transactions from your Square account.

 

Also, you can change the Deposit to account in each payment to remove them from the savings account. Here's how to do it:

 

  1. Select Accounting on the left pane and choose Chart of Accounts
  2. From there, look for the savings account.
  3. Next, under the ACTION column, click the drop-down and select Run report
  4. Find and select the payment
  5. In the Receive Payment page, select the drop-down under Deposit to
  6. Pick the checking account then, click Save and close.  
  7. Perform the same steps for all payments.

 

Reviewing your accounts to ensure that your real-life bank and QuickBooks Online balances are in sync is a breeze. This can be done by performing the reconciliation process. Once finished, you can also pull up a reconciliation report that you can save to serve as a reference to avoid reconciliation issues in the future.

 

Feel free to post again here if you need additional assistance in ensuring your Square deposits are allocated in the correct account. I'll be always around to help. Have a good one. 

ph16
Level 1

I Set up a new savings under bank in the chart of accounts, did not link to the bank, but now my checking transaction from Square deposits are automatically going into the savings account.

Thank you. I will check the checking account to see what was established as settings.

ph16
Level 1

I Set up a new savings under bank in the chart of accounts, did not link to the bank, but now my checking transaction from Square deposits are automatically going into the savings account.

I went to banking, App transactions but there is no App Setting available.

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