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I've come to share details about how the Sync with Square app syncs transactions in QuickBooks Online (QBO), @gabgal.
QuickBooks downloads transactions based on the data provided by the Sync with Square app. Your items (income) and fees (expenses) are automatically mapped according to default accounts on the app's settings page. Then, your fees are imported to the Square Fees account.
You can run a QuickReport on the Square Fees account. This will let you manage your fees accordingly. Here's how:
- Go to the Accounting menu.
- Choose Chart of Accounts.
- Find the Square Fees account (or the account under which you are recording Square fees).
- Under the Action column, select Run Report.
I've attached a screenshot below for your reference.
If you wish to know the default account and names that you can use or choose from after setting up your account in Square, you can refer to this article: Sync with Square - Default Accounts and Names.
You're already on the right track in categorizing and matching your downloaded transactions in QBO. Doing so will keep your account updated and avoid duplicates.
Also, syncing Square with QBO makes it easy for you in managing your income. To make sure your financial data is accurate, I encourage you to reconcile your Square account every month. This will effectively monitor your income and expenses, and detect any possible errors accordingly. For the step-by-step guide, you can refer to this article: Reconcile an account in QuickBooks Online.
Let me know in the comments below if you have other banking concerns or inquiries about managing Square transactions in QBO. I'm just around to help. Take care always.
