Square for Restaurants tips, taxes and fees

You got me, @The Divide.

Allow me to assist you in managing your Square App transactions in QuickBooks Online (QBO).

In QBO, we have the option to categorize Square transactions when they already appear in QuickBooks. To do this, here's how:

1. Go to the Banking menu and select App transactions.
2. Click on the For review tab. Your Square transactions will then appear with the details like product description, quantity, purchase price, and fee breakdowns.
3. Select the transaction to expand the view.
4. To categorize, click on the Category dropdown button and select the desired category. You can also add new by typing in the name of the category and clicking on Add. If you're unsure what category to use, you can consult your accountant to get better accounting advice based on the type of transaction you're recording.
5. Add any mandatory or missing information and change the vendor or customer if needed.
6. When done, select an action, depending on the status:
   • If it says Add or Match, this transaction is ready to add to your books. You can match a Square payment to a specific transaction in your books if QuickBooks is linked to the bank account you use to deposit Square payments. Moreover, I advise adding transactions from the App transactions tab and then matching them from the Banking tab in order to guarantee that all of your sales data from Square will be added to QuickBooks.
   •  If it says Review, it means that there are multiple transactions in the books that could be the same as the transactions from Square. Confirm which transactions it matches.

Additionally, should you need to change or move a transaction to a different account, you can follow the steps indicated in this article: Unmatch downloaded bank transactions or move them to another account.

If you have additional queries with regard to managing your Square transaction in QBO, please don't hesitate to reach us again by leaving a comment below. We're always here to assist you all the way. Take care.