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Bluebox81
April 25, 2026
Solved

PNL question using square integration but not new connector

  • April 25, 2026
  • 1 reply
  • 20 views

So I signed up for an account in May of 2025 but for whatever reason the square integration I was given was not the newer connecter. Using the old integration what I'm noticing is that on my PNL the gross income that has been imported is more than what it shows in square, while the refunds and square credit card processing fees are less. I don't have sales tax as I provide a service that does not have sales tax. I have a bank account that is not a square bank account also automatically importing and matching.

 

On my PNL it shows a sales receipt that is my gross sales, then two deposits that equal my net deposit but it shows them both as a positive and negative number. Which I assume would cancel them out? Is this the way it's supposed to look?

 

Also would I be better off disconnecting the old integration importing the new connector and rematching all my 2025 transactions. I just want to get my taxes done. 

Best answer by Erika_K

The way your profit and loss report looks is expected for the older Square integration. QuickBooks records a sales receipt for the gross amount, which is the total your customer paid. This is the correct figure for your tax reporting.

 

The integration uses two offsetting deposits to keep your bank balance accurate without doubling your income. The positive deposit is the net payout Square sent to your bank after fees or refunds. The negative deposit clears that payout from your Square holding account. Therefore, the P&L income figure being higher than what Square shows as your net deposit is correct, as Square shows you net, whereas QBO shows you gross.

 

Also, your 2025 transactions stay exactly as they are when you switch to the new connector. You won't need to rematch anything and can simply manage new transactions moving forward. You might still check with an accounting professional just to make sure your records are exactly where you want them for tax time.

 

Have more questions about your Square transactions? Drop a reply below.

1 reply

E
Erika_KQuickBooks TeamAnswer
QuickBooks Team
April 26, 2026

The way your profit and loss report looks is expected for the older Square integration. QuickBooks records a sales receipt for the gross amount, which is the total your customer paid. This is the correct figure for your tax reporting.

 

The integration uses two offsetting deposits to keep your bank balance accurate without doubling your income. The positive deposit is the net payout Square sent to your bank after fees or refunds. The negative deposit clears that payout from your Square holding account. Therefore, the P&L income figure being higher than what Square shows as your net deposit is correct, as Square shows you net, whereas QBO shows you gross.

 

Also, your 2025 transactions stay exactly as they are when you switch to the new connector. You won't need to rematch anything and can simply manage new transactions moving forward. You might still check with an accounting professional just to make sure your records are exactly where you want them for tax time.

 

Have more questions about your Square transactions? Drop a reply below.

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