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mac2it
Level 3

Reconciling Square

We recently started using Square and they don't have a monthly statement to reconcile. When we set Square up in our QB Desktop MAC we did it like we did for PayPal and set it up as a bank account. How can we reconcile when they don't provide a statement?

4 Comments 4
john-pero
Community Champion

Reconciling Square

I would not set up Square as a bank type account. What you are concerned with are SqUare deposits into banking, and matching them to sales receipts to deduct the fees. You do not leave Square funds on account to be withdrawn or used in future as you do with paypal.  There are several reports in Square you can use to record or adjust bank deposits in QB. 

 

If you are syncing Square (i do not recommend) to QB all your square deposits must go into your bank account used for square, not a separate dummy account. You will have to manualky edit each deposit into your fake bank account to be in your real account. At end of any period would be a balance only of square payments recorded but not yet deposited 

mac2it
Level 3

Reconciling Square

Hi John, thank you so much for the quick reply! So we already set it up as a bank account and were only using it for when we have pop-up market sales but have recently starting using the Square Online website tool and are getting sales that way too.  When we get process a sale the money sits in there for a few days before it is transferred to our bank account which is what happens with PP too since we only use it to charge clients then it sweeps into our bank. Are you saying since we are reconciling on our bank we can just skip reconciling the Square account or do you think we should now change it to another kind of account? What kind of account and what do we do with all the transactions that have already cleared?

john-pero
Community Champion

Reconciling Square

As long as you are not connecting Square to automatically post sales into QB there is no harm in using your square bank account to keep track of those popup sales. You just have to internally transfer funds from the square account into your regular bank account that Square deposits to.  But it isnt really necessary to have this extra account. Square gives you records in your online account.  Balance is deposits, and used to be called Deposits. Transactions is what it sounds like. 

 

We do not get as many as we used to but after recording a square sale as undeposited funds i edit the bank deposit i create with multiple square sales (in full what customer paid) and deduct the square fee they charge as a negative expense in the deposit

mac2it
Level 3

Reconciling Square

I kind of like the idea of just doing it as undeposited. I guess we could keep doing this through the end of the year with square as a bank then change. If we do a pop-up we usually do a sales receipt and enter "daily sales" and put in the total then enter one transaction for the total of fees. Then when we get the transfer transfer from Square to our Bank Acct. It's a lot of extra work and I don't know how to reconcile the Square "bank account" since it's not really a bank account and they don't give us a statement.

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