Can you map new square items to a new QBO liability account and new revenue account? Eg. It only gives an option to choose one Tip payable account.

I understand how important it is for you to accurately track your finances by separating sales and tips into different accounts, @jryksen. Currently, the integration of QuickBooks Online (QBO) with Square allows transactions to be mapped to one revenue account and one liability account. This standard setup does not support the direct separation of Square sales and tips into individual accounts.

When sales transactions are imported from Square, they are automatically classified as Square Item. This broad designation is linked to a specific income account already set up in your chart of accounts. Consequently, all transactions processed through Square are collectively categorized under this label and are automatically deposited into the designated income account.

However, you have the option to manually adjust these entries once they are imported into QuickBooks Online from Square. By using the Journal Entry feature, you can allocate sales to your chosen revenue account and tips to a different liability account, ensuring correct account debits and credits.

I added an article that you might find helpful when matching and managing your downloaded transactions: Categorize online bank transactions in QuickBooks Online.

The Community is available 24/7 for assistance with your Square account integration concerns. We are here to help anytime.