Reconcile Square Deposits in QuickBooks Online

In this article, learn how to reconcile Square Deposits in QuickBooks Online using PayTraQer. Follow the steps mentioned below. Every business needs a clear vision of all business expenses and bank accounts.

Reconciliation in QuickBooks is one of the best ways to track all expenses, sales receipts, and unpaid and paid bills. This article provides complete information about reconciling the Square transaction in QuickBooks Online. Merchandisers utilize many cloud-based accounting solutions to get a clear vision of their business accounting and bank transactions. Among all the choices in the market, QuickBooks online reconciling square statements and transaction data is one of the best ways to track your business finance management with more accuracy.

How to Reconcile Square Deposits in QuickBooks Online using PayTraQer

PayTraQer with QuickBooks is well-known for its robust QuickBooks reconciliation attributes, and most users make it an ideal choice. It is one of the best-integrated apps to track paid/unpaid bills.

Before proceeding to sync the PayTraQer with QuickBooks, there are some prerequisites that you have to fulfill. Must be sure about the specifications mentioned below.

• Your bank account must be active for your payment processing, such as Square, PayPal, and many others.
• But in this case, check and be sure about the active Square bank account to record all Square sales.
• In QuickBooks, sandbox accounts are not permitted to sync with the payment processor.
• A valid QuickBooks Online account is needed, and you are registered as the master accountant or the master admin.

Connecting Square with PayTraQer

To connect the square with QuickBooks by using PayTraQer, follow the guidelines below:

• In the first step, you have to connect with your Square company
• Then, open the transaction dashboard and locate the transaction history for the last 30 days
• To sum up the transaction data just before the 30-days
• Hit the “Download Historical Transaction” button
• Now, you need to turn on the “Check Duplicate Transactions” to be sure that the transaction data isn’t recurring with unnecessary copied files. This will help you to arrange the transaction data appropriately.
• Open the sync settings and find the comprehensive set of settings to record all square sales appropriately.

Reconcile Square deposits in QuickBooks Online

• The foremost step is to set the accounting solution for reconciliation.
• Firstly, the user needs to create a bank account to record Square transactions, reports, statements, payments, sales, and fees.
• You can create this bank account as “My Square Bank Account” or any name you can remember easily.
• Now, you need to note the current account or make sure that your account is not used straightforwardly to record your square statements.
• If you are unable to do it, then some issues appear, which are based on reconciling the square fees in case of direct documentation.
• At last, just upload your bank feeds/Statements into QuickBooks Online.
• To set up the bank feeds, you can find the transactional data in the bank review section.

Sync Square Transaction in QuickBooks Online

• Auto-sync
• Manual-sync

Auto-sync: You can automatically track ongoing transactions without any manual intervention. So, you get error-free reports of square transaction data on time. To enable its all-automated feature, turn on the “Sync Automatically” button.

Manual Sync: In this method, the user needs to import the current or historic Square transaction data manually through the transaction dashboard. Here, get your own choice to choose the files that you require to be synced. All these synced files are then made available in the synced tab, including additional required data in the transaction dashboard. In case of any issue, you need to withdraw or get back to your synced transactions.

Once you are done syncing with your Square account into the QuickBooks PayTraQer. Then, it automatically calculates the square fee from your transaction data and records rather than the QuickBooks online. Here, you can find the smart synchronization functions within the PayTraQer to meet up with accurate “Sync” and reconciliation processing.

• Auto-Create Functions: This thing is introduced to create customers/Vendors/Items that are not visible in QuickBooks while syncing
• Multi-Currency: With this feature, you can easily manage multiple currencies and record all sales expenses and transactions that are linked with multiple currencies.
• Tax Management: This feature helps to configure the QuickBooks tax rates to track the tax while syncing
• Undo/Reverse: In case you would like to undo the sync completely or partially, then click on the “Undo Selected” button. In that way, you get complete control over the synced data. After hitting the “Undo” button, you have a choice of either the synced transaction specifically or the transaction included in the created list entry, such as a customer, item, or many more.

Users are required to make configurations of the Sync settings for expenses, fees, sales, and Square payouts to record all transactions from Square to QuickBooks. Ensure to choose the same bank account name “My Square Bank Account or Created Bank Account” for all payment functions while offering the setting data.

How to Record Square Transactions into QuickBooks

Once you are done with your configuration of sync settings for the Square fees and all payment issues, you need to sync the respective data in QuickBooks.

• Go to the Square Invoice and hit the “Receive Payment” button
• Enter all required data, such as payment method and payment date
• Choose the “Undeposited funds” in the given deposit field
• Hit the Save and Close button
• Then, click the + New button
• Choose the “Bank Deposit” option
• At last, choose your bank account under the Account Field
• Enter the correct date, and you are all done with this process.

How to Record Square Fees in QuickBooks?

Learn how to record the Square fees in QuickBooks with the steps below.

• After signing in to your QuickBooks account, hit the “Accounting” button, which is located on the left side panel.
• Choose the “Chart of Accounts”
• Locate the account under your recorded Square fees or Account Square fees
• Hit the next button on the “Run Report.”
• Then, choose the recorded QuickBooks Square fees
• And go to the imported record, and you’re done with this processing.

Match Square Deposits in QuickBooks Online

To do this processing, the user is required to perform the QuickBooks Bank review. Just follow the following instructions step-by-step:

• Head to Transfer: Go to the banking section and find the transaction of the Square bank account. Then, you will find that your deposits match your transfer transactions. Ensure to disable the payout processing in the PayTraQer to reach these matched results.
• Hit the “Match” link to receive the transaction.
• In any case, if the transfer transaction details are unable to be found, then you can easily re-create them in the bank review screen.

How to Reconcile Bank Statements in QuickBooks?

Finally, complete the QuickBooks reconciliation methods by going through with below steps.

• In your QuickBooks, open the Bank Reconciliation page.
• Then, submit the statement balance amount and the statement date.
• If any extra charges exist, then they will appear on your screen.
• Now, you can begin with the reconciliation process.

Once you are done with QuickBooks reconcile processing, then it will automatically match the deposits and square transfers, and you will receive a notification that you are reconciled. After this, you can check your current account that has matched the records of Square invoices, Square sales receipts, Square expenses, and Square fees, all as recorded in your QuickBooks.

Hopefully, the above-mentioned information is enough to know about the reconcile Square transaction in QuickBooks Online. If you still have any queries, get in touch with QuickBooks support, they provide 24/7 online customer service to resolve all your problematic issues. The link to live chat is given at the bottom right of the website.

Frequently Asked Questions