I’m using Square for my POS and I’ve, I think, integrated/synced with QB correctly. On my Profit and Loss Report I have two Income line items that are accounting for the same $$. The income lines are:
1. Sales of Product Income: which is showing deposits/transfers from Square into my checking account.
2.Square Income: shows the sales transactions from Square so the customer invoices
2.
Happy Friday, @jay43.
It sounds like you're on the right track.
If you see transactions from Square, then you're synced up correctly. You're more than welcome to share a screenshot if you'd like to have someone see this visually. If you have further questions, please feel free to reply below. I'm happy to help you out with any concerns you may have.
In the meantime, you can check out Sync Square with QuickBooks Online for more details about the syncing process.
You can always reach back out to the Community anytime you need a helping hand in getting back to business. Take care and enjoy your weekend!
Thanks Tori but I’m missing a step, I think. The two line items are accounting for the same money square deposits/transfers and then the customer transactions/invoices so it’s inflating my earnings b/c things are being accounted for twice. Is there something I need to do to match/reconcile these?
Thanks Tori but I’m missing a step, I think. The two line items are accounting for the same money square deposits/transfers and then the customer transactions/invoices so it’s inflating my earnings b/c things are being accounted for twice. Is there something I need to do to match/reconcile these?
Thanks for getting back, @jay43.
Let me add some insights regarding the income accounts showing on your profit and loss.
It seems like you're tracking both the income from your POS and Square integration. If this is the case, you may need to merge these accounts and delete the duplicate transaction.
Then, you'll have to review the mapping setup of both third party integration to avoid duplicate transactions in the future.
Here's how you can merge both accounts in QuickBooks:
Once the accounts are merged, you can delete the duplicate transaction.
I'll include the following articles below whenever you're ready with matching and reconciling your transactions.
Let me know if you have other questions. I'm here and ready to help. Take care and enjoy the rest of your weekend.
Before I make any changes I want to make sure I am explaining the situation correctly, in the integration process/basic settings, I was instructed to list the checking account where square deposits/transfers go, name expense account with I named Square Fees and payment account which I did name Square.
In the P/L there are three lines. Sales which are manual bank deposits I make at the bank. Sale of Product Income which are the deposits/Square transfers into my checking account (the account named in the integration setup). And, Square Income which appear to be the actual Square POS customer transactions. The Square Income and the Sale of Product Income are really one in the same and need to be matched I think b/c those transfer are the result of the POS customer transactions.
Thanks for the screenshots and for the clarification, @jay43.
Since you're tracking both the income of your POS and your Square integration, I suggest following the steps provided by colleague IntuitLily above.
Also, ensure to review the mapping of your accounts to avoid any duplication. I'd also recommend getting in touch with your accountant for guidance. This way, we'll ensure the accuracy of your accounts after making these changes.
I also encourage checking our Bank and bank feeds page for future reference. From there, you can read great articles and learn some best practices in managing your bank feeds.
Should you have other concerns or questions in the future, you're always welcome to post here anytime. I'll be around to back you. Stay safe.
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