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B
BCS Inc
February 24, 2021
Question

Square Capital Loan Transactions

  • February 24, 2021
  • 7 replies
  • 46 views

Hello, 

I have Square syncing with my QBO account. I took a Square Capital Loan and every sale takes a percentage of the sale and pays back the loan. The line item with the percentage of the sale used to go to the Loan Payable account and reduce the amount owed on the loan. However, I realized recently that starting in October, this sync stopped working and the percentage of the sale is going to "Uncategorized Expense". I had to manually fix this from October so the loan payable account was reporting the accurate amount left on the loan. 

 

As of today, the percentage of the sale is still going to this "uncategorized expense" account and I can't find a solution so that it goes to "Loan Payable - Square" instead. Please help! 

    7 replies

    J
    jamespaul
    Level 8
    February 24, 2021

    Hello, BCS Inc.

     

    I have a solution to help you correct the mapping of your loan transactions. 

     

    It looks like the mapping settings for Square transactions are changed after it stopped working. You'll want to fix the mapping by going to your app settings: 

     

    1. Go to Apps.
    2. Click the My Apps tab.
    3. Click the Settings link under Sync with Square. 
    4. Continue Edit next to Basic Settings to change the mapping of your loan percentages. 
    5. Click Save changes.

     

     

    If you're still having issues with the sync, you can disconnect (from the My Apps page) then reconnect Square again to refresh the connection. 

     

    More details about the Square app integration can be found here: Sync Square with QuickBooks Online. 

     

    After correcting the mapping, I would recommend checking this article if you need help managing your bank transactions: Categorize and match online bank transactions in QuickBooks Online.

     

    Need help handling other transactions? Please let me know by adding the details of the issue below. I'd be more than happy to assist you again. 

     

    B
    BCS IncAuthor
    February 25, 2021

    Thank you for your response. There is no option in the basic settings that allow me to set loan percentages. There are only 3 options and that includes:

     

    1. Bank account where Square deposits your money

    2. Expense account for fees charged by square

    3. Payment method on Square transactions

     

    I also tried disconnecting the app and reconnecting it but that also hasn't solved the issue. Thank you. 

     

      L
      lin_jcaj
      Level 9
      February 25, 2021

      I appreciate the steps you've tried to fix this, BCS Inc. 

       

      To have this better checked, I would recommend reaching out to Square Support Team to check with the settings and might have the options to resolve your concerns. 

       

      Also, I'm including these resources on how to handle issues integrating your Square account to QBO:

       

      The Community is always here to help.

      C
      ColleenW
      August 2, 2023

      I'm having a similar situation.  My square fees AND capital payments are being mapped to Square Fees and other than manually going in and changing each deposit, I don't know how to distinguish between the two automatically.

      K
      Klent
      Level 8
      August 2, 2023

      I'll share a brief overview of how our importer tool works, ColleenW.

       

      The Connect to Square app is designed to automatically sync sales-related transactions into QuickBooks, providing a convenient way to manage your books. However, it currently doesn't have a dedicated mapping option for loan payments.

       

      Since your credit is set up as a deduction for every sale you make, the connector interprets it as a merchant charge. This can cause the entry to be categorized under Square Fees.

       

      I definitely understand the importance of accurately distinguishing between these transactions to maintain precise financial records. By sharing your experience and needs with us, you are contributing to the ongoing enhancements of our platform. Feel free to follow these steps to submit feedback:

       

      1. Sign in to your company.
      2. Go to the Gear icon.
      3. Choose Feedback.
      4. Enter your comments in the description box.
      5. Click Next to submit your inputs.

       

      I recognize that manually editing each downloaded data can be time-consuming and less than ideal for your workflow. As an alternative solution, you'll want to consider exploring third-party providers that specialize in importing details from Square Banking products, including checking account purchases and capital loan payments. 

       

      Finally, check out these articles for more tips on managing your online banking transactions in QuickBooks Online:

       

       

      If there's anything else you'd like to share, discuss, or ask, reach out to me again by leaving a reply below. I am here to assist you every step of the way and ensure that your voice is heard and valued. 

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