Square Connection to Quickbooks

Yes, it's possible to import the totals into QuickBooks Online (QBO) without the need for detailed inventory item tracking, GolfNut72.

With the Square Connection App, you can integrate and import summarized transaction data, including deposit details such as merchant fees, sales tax, and refunds into QuickBooks.

It's important to configure the integration settings to match your client’s business workflow, particularly if the emphasis is on summarizing the deposits rather than detailing every sale item. Make sure to periodically review it to ensure it continues to meet the needs of your client’s business and make adjustments as necessary.

For more information about the Square app, please refer to the following articles:
 

• Connect your Square account to QuickBooks Online
• Benefits of a Square-managed business

When you connect your bank account to QuickBooks, the program then downloads your bank transactions and matches them to your Square transactions.

It’s important to review these suggested matches and confirm that they are correct before finalizing the recording in the books. It ensures accuracy in your financial records.

To enhance the automation process, you can also set up banking rules in QuickBooks. These rules can automatically categorize and match transactions based on the standards you specify, which is particularly useful for recurring transactions or specific transaction types.

Are you struggling with financial management and transaction organization? Consider partnering with our QuickBooks Live Expert Assisted team for expert advice tailored to your needs. 

If you have more questions about the integration of your square app to QuickBooks, please click the Reply button below. The Community team is always available to provide the help you need. 

I have reviewed the steps I took and see where I checked the wrong information.  When I try to make corrections, the sync button won't light up. Do I need to disconnect from the Square App and then reinstall it, or is there something I'm not completing to trigger the SYNC Button?

I forgot to turn off Customer tracking. Product tracking is turned off, and I have identified which locations should be used and the appropriate deposit accounts.  What I haven't figured out is where to put Sales Tax and Merchant Services

It's not necessary to disconnect and reinstall Connect to Square, @GolfNut72. To ensure seamless data synchronization, start by turning off customer tracking, particularly important as you configure Square to sync totals.

Determining the placement of Sales Tax and Merchant Services is essential to uncover the client’s underlying liabilities and fees. Once this is correctly set up, you can then proceed to trigger the Sync button to ensure all configurations are properly applied. To ensure accuracy, verify that the entries in the client’s Square General Ledger accounts are accurately mirrored in QBO. You can then track them by following the specific steps listed in the Advanced section of the Square app’s settings in QuickBooks:

1. From the Apps menu, go to Overview.
2. Click the Kebab menu and then select Settings.
3. Go to the Advanced section.
4. Click the Pencil icon from Square merchant fees.
5. Choose the account where you track the fees.
6. Click Save and then hit Save.

Alternatively, you'll want to go to the Transactions menu in QBO. Then, from the App Transactions tab, click the Kebab menu to update any app settings, like Locations, Items, Customers, and Advanced.

After mapping your Square fees properly, you can go to the QBO's Chart of Accounts and run quick reports for an account you've recently chosen from the Square app settings' Advanced Square merchant fees. Also, check if you have added your Square General Ledger accounts in QBO. If you're not seeing them, create them. Please follow these steps on how to run income/expense quick reports:

1. In QBO, click the Gear/Settings icon.
2. Choose Chart of accounts and then from the Filter by name Search box, type the name of the account.
3. Find the account in question and hit Run report.

Otherwise, you can contact the Connect to Square app to know how their app data synchronizes with QuickBooks. They might have specific setups that can help integrate the accounts properly in QBO or setups that might not work with what I have shared with Connect to Square.

Additionally, to run your financial data like viewing your profit and loss, sales, and balance sheet data, feel free to visit this article for a comprehensive overview: Run a report in QuickBooks Online.

If you have further questions about connecting Square apps or any transaction-related queries, please feel free to ask them here.