Square transactions for QuickBooks Desktop

Square transactions for QuickBooks Desktop

To transfer your Square transactions to QuickBooks Desktop for Mac. Square sales data can be imported into QuickBooks. You’ll be able to see how the company is doing this way. This is how you go about doing it.

Square allows you to download your sales results: To begin, you’ll need to export your Square transactions.

Please note that if you have several tax jurisdictions, export your Square transactions by jurisdiction. Each tax position will get its file as a result of this. When you import your Square purchases, you’ll be able to assign the correct sales tax.

  • Go to your Square account and sign in.
  • Pick Sales from the left menu.
  • Select the Transactions tab, then the transaction you want to export from the drop-down menu.
  • Select Transactions CSV from the Export menu.

Import your sales data in QuickBooks: Here’s how to get your Square sales data into QuickBooks: 

  • Open QuickBooks 
  • Select Import from the File menu.
  • Select Sales Receipts, then Transactions.
  • Pick the Import from Square icon in the Import Sales Receipts window.
  • Choose the Square file you exported.
  • Choose a bank account that is linked to your Square account.
  • Choose the tax rate that will be applied to the transactions. Note: Double-check that the tax rates you’ve set up in Square correspond to the tax rate items you’ve created in QuickBooks.
  • Select OK, then Import from the drop-down menu.

Examine the imported transactions: Here’s how to use QuickBooks to look over your Square transactions.

  • Find the Company menu in QuickBooks.
  • Pick Sales Receipts from the Transactions Center menu.

How to account for using Square

Take the steps below to do so:

  • From the navigation screen, select the Banking tab.
  • Choose the right account to work on by clicking on it.
  • Navigate to the QuickBooks page.
  • Mark the box(es) for the transactions you want to undo with a checkmark.
  • Go to the top of the list and click the Undo button.

These items will appear in the For Review tab, where you can choose and allocate the appropriate Category or account. Here’s how to make changes to your banking transactions:

  • Go to the For Review tab.
  • To see more information about a deposit, click on it.
  • If you want to change the transaction’s category, choose Add or Transfer.
  • When you’re done, click Add or Transfer.

Please follow the steps below to change your Square mapping settings after the import:

  • To change the defaults for income account and sales tax code, select Edit next to Defaults for Unmatched Products.
  • Pick My Apps after logging into your QBO business.
  • Under Sync with Square, go to Settings.
  • To change your bank account, expense account, or payment form, go to Basic Settings and select Edit.
  • Save your changes by clicking the Save button.

How to record square payments in QuickBooks

Receive compensation for the balance of the sales receipt/invoice from a group of people who haven’t deposited their money yet. When you’re ready to make a deposit, choose your Square payment on the following correct line of the deposit form. Assign the Square payments to your transaction fee expense account as a negative number.  Here’s how to do it:

  • Select Make Deposits from the Banking menu at the top of the page.
  • Pick the payment/s that were deposited separately in the Payments to Deposits window, then OK.
  • Pick the overstated income account from the From Account column drop-down in the Make Deposits window on a blank line.
  • In the Sum column, enter a negative number. Ensure that the Deposit subtotal is equal to zero.
  • Close the window after selecting Save.

When we deposit invoice payments, we will add the Stripe fee. Here’s how to do it:

  • To receive payment, open the invoice and select the Receive payment option.
  • Enter the payment date as well as the mode of payment.
  • In the Deposit to sector, choose Undeposited Funds.
  • Close the window after clicking Save.
  • Select Bank deposit from the + New menu.
  • In the Account area, select the bank account and enter the date.
  • Label the invoice payment in the section Select the payments included in this deposit.
  • Pick the bank fee account in the ACCOUNT column in the Add funds to this deposit section.
  • Save and new after entering the bank fee as a negative figure.

Writer’s Note

To summarise, QuickBooks Desktop software helps you manage the accounts and finances of a particular organisation. The whole idea of this blog is to help you understand the aspects related to square transactions for QuickBooks Desktop software. I hope that this blog helped you in some way or the other and was worth your time. 

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