Square and QuickBooks integration
What is the square QuickBooks integration app?
QuickBooks Online regularly. If enabled, the app keeps track of all purchases in your Square account, including sales, refunds, taxes, tips, and discounts. Every day, all purchases from Square are transferred to QuickBooks as a sales receipt. These specifics include the name of the item and the number of units sold and, as well as discounts, delivery costs, taxes, and fees.
The Square data appears in Banking under the Software Transactions tab. When you’re ready, you can review and edit the information before adding it to your books.
Things that you should take care of before you start the integration
Before you begin, keep in mind that the Sync with Square app has some limitations:
- Square details, such as names and email addresses, is not imported into QuickBooks.
- You shouldn’t have any issues with the Sync with Square app if you own a company with several branches or locations and don’t differentiate the accounting for each one in Square. However, you’ll have to put in some extra effort if you need to track accounting for each spot. Only one location is followed by the Sync with QuickBooks app. In QuickBooks, you’ll have to separate the transactions manually.
- When new transactions are uploaded, QuickBooks downloads them automatically at the end of the day. In QuickBooks, though, there isn’t a single overview view of your everyday transactions.
- Just one QuickBooks Online account can be synced with Square. You won’t be able to upload transactions to any other QuickBooks Online account until you’ve connected to Square and started uploading transactions.
How to adjust the integration between square and QuickBooks
To download sales transactions processed by Square, link your Square merchant account to QuickBooks Online.
- From the left menu, choose Apps.
- In the end, click Find apps.
- Enter Square in the Search apps area, and then you need to select Sync with Square.
- Choose Get App Now.
- To finish the operation, simply follow the prompts. Make sure that Intuit has permission to access your Square account.
When you add your account for the first time, QuickBooks Online searches for the last day you processed transactions. It will send you a day’s worth of transactions so you can put the import through its paces. You won’t see transactions until the day after you process a transaction in your Square account if you haven’t processed anything in over 15 days. If you processed transactions yesterday and one-day last week, you can only see the regular batches from yesterday. Following that, the classic collection will be ready for import.
How to setup Square integration in QuickBooks
You must first set up a few items in QuickBooks before installing the Sync with Square app.
Connect your checking or savings account
Link the bank account that Square uses to deposit money from your sales if you haven’t already.
- Go to the Banking menu in QuickBooks.
- Add a new account.
- To link the account, you use to process Square sales payments, follow the steps below.
On the Sales Tax Center, turn it on
Switch on the Sales Tax Center feature if you haven’t already. The part must be turned on even if you don’t collect sales tax for the sync to function.
It’s not necessary to set a sales tax rate. When you download new transactions, QuickBooks takes care of them.
- Pick the Sales tax tab from the Taxes menu.
- Set up Sales Tax is the option to choose.
- To trigger the function, follow the on-screen instructions. Make sure the sales tax companies you use for Square transactions are added.
In QuickBooks, create new accounts.
Follow the steps to build new accounts in QuickBooks if you don’t already have them. This is where you’ll keep track of your Square sales, expenditures, and fees. You may use the default account settings and names mentioned below.
Products and services from Square are available for import
You can import the same product and service products that you use in Square into QuickBooks. This is an optional move. Open Square and save a.csv file with your goods and services. Return to QuickBooks after that. Import the list from the Products and Services menu. Bear in mind that unless you import your current Square product and service products, everything will be branded as a “Square item.” You’ll have to adjust them manually.
In conclusion, QuickBooks Desktop software helps you manage the finances of a particular organisation. The software is filled with so many features, but you can always integrate other software and apps to use the QuickBooks software better.