Skip to main content
S
snholcomb
February 18, 2023
Question

Square transfers recorded as deposits

  • February 18, 2023
  • 1 reply
  • 0 views

My square bank account is linked to my personal checking account so I can deposit or withdraw funds as needed as the owner of my business. When I sync Square to Quickbooks, the transactions that result from ACH or debit card transfers to or from my personal checking account always show up as deposits, and I cannot do anything except "exclude" those transactions. When I try to add them, I get an error saying "We couldn't Add the transaction(s) due to "TRANSFER_TO_SAME_ACCOUNT". Try again later." which I understand as it is trying to transfer from cash to cash, but I cannot change to a partner's distribution account or something similar. How do I need to link or handle these types of transactions? I can't even get them into QB so I can make a journal entry to move them to my partner's account.

1 reply

DHeraV
DHeraV
February 18, 2023

Welcome to the Community, @snholcomb.

Let me share information about syncing Square to QuickBooks Online (QBO).

Transferring transactions using the same account in QuickBooks is not possible. Moreover, when syncing entries, QuickBooks always depends on the data that Square or your bank provides. 

To ensure that this gets handled accordingly, I recommend contacting the Square Support Experts, to guide you with the necessary resolution in managing these types of transactions. 

Furthermore, I'll also include here the steps that you can use for future reference in recording imported transactions in your bank feed for both accounts that aren't entered as a Transfer in QuickBooks.

Here's how:

1. On your QBO account, go to the Banking tab.
2. Select the bank account that the transaction is coming from. 
3. Locate and click the transaction to open it.
4. Select the Record as transfer radio button. Then, from the Transfer account dropdown, choose the account the money was transferred to.
5. Click Record transfer.
6. Select the bank account to which you transferred the transaction.
7. Click the For Review tab. Then select the Recognized filter from the dropdown.
8. Find the transaction. From the Action column, select Match so the transaction is matched in both accounts.

For detailed information, kindly visit: Transfer funds between accounts.


Additionally, I'll also share this link where you can search for articles that can guide you further in managing your transactions in QBO: QuickBooks Online Banking Help Articles.

I'm looking forward to getting this resolved. Feel free to leave a reply if you require further assistance with syncing transactions in QBO. The Community team always has your back. Keep safe.

Terms & ConditionsAccessibility statement