Question

Syncing Square with Quickbooks online problem with discounts

8 replies
32 views

The last week of December 2021 we started syncing our Square transactions into QBO in "summary form". Suddenly, some of our deposits listed in banking do not have invoices that correlate. We suspect it is only transactions that had discounts on the invoice that are not syncing. I mapped the discount line from Square into QBO online prior to this problem. Please advise.

Cathy B.

C

ChristineJoieR

QuickBooks Team

Thanks for taking the time to share your experience, @sandcbrow. I’ll make sure you’ll be able to record deposits from Square in QuickBooks Online.

It will go over the method and the solution in detail. Transactions are downloaded as invoices or payments when you sync your Square app with QuickBooks Online.

If you want to register an invoice in QuickBooks Online, go through the steps below:

Once your customer has paid the invoice, create a payment receipt.
Make a deposit and remember to include the processing fees.
Verify the deposit against the Square transaction you downloaded from the Banking page.

Make sure to deposit the amount to the Undeposited Funds account when creating a receive payment for an invoice generated in QuickBooks. Here's how:

Go to + New > Receive Payment.
Choose the Customer's name.
Enter the Payment date, Payment method, and select Undeposited Funds account from the Deposit to drop-down list.
From the Outstanding Transactions section, put a check mark on the invoice you want to pay.
Click Save and close.

After that, we'll record a bank deposit that includes any processing fees:

Go to + New > Bank Deposit.
Select the bank account.
In the Select the payments included in this deposit section, put a check mark on the payment you want to deposit.
Under Add funds to this deposit, select the customer's name from the Received From column.
Select an expense account from the Account column, and enter the fee as a negative amount.
Click Save and close.

Finally, tie the deposit with the payment listed on the Banking page.

Follow the steps outlined below.

On the left panel, click Banking.
Go to the For Review.
Find the square payment, and click the Match.

For your convenience, I've included the following articles:

In addition, have this article for your reference in reconcile an account in QuickBooks Online.

I hope this helps to clarify things for you. Don't hesitate to reach back out if you need anything else.

S

sandcbrowAuthor

I would like QBO to allow for a mapping of classes when syncing Square to QBO. The categories that I can map are limited in QBO. Please let me know if there is a work around. We are currently having to do monthly journal entries to assign classes. Cathy Browning

katherinejoyceO

Level 9

Thanks for coming back, @sandcbrow.

As additional insights, our system will only depend on the downloaded items your bank sent to us, then match them to your Square transactions. It is also the same when you sync Square with Quickbooks.

You can only map transactions when you import them in QuickBooks. For more insights about this process, you can check out this article to learn more about formatting and mapping CSV files to get bank transactions into QuickBooks.

Here's another informative resource about connecting your Square account to QBO.

Visit and post again if you have additional concerns. I'm always around here to guide you more.

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