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moriahc
December 14, 2023
Question

Square Sales Reporting vs QBO P&L

  • December 14, 2023
  • 1 reply
  • 0 views

Hello! I'm trying to get to the bottom of a discrepancy between the Gross Income reporting on Square and the P&L for the same time frame on QBO for a client of ours, we do some basic bookkeeping for them and have Square integrated with QBO. The client also has her business checking account with Square as well. 

 

Square is showing a Gross Income of about $209,201 and on the P&L the Total Income is $200,548. 

 

We bring deposits/sales receipts using the App Transactions tab. Nothing is missing from her bank account, everything is reconciled so we're not missing any funds coming over. Something is happening within Quickbooks that is not showing all of the income on the P&L.

 

Does anyone have any experience with this that can assist? Any ideas on what I should be looking for?

1 reply

JessT
JessT
December 14, 2023

Welcome, and thank you for posting in the QuickBooks Community, moriahc!

 

We can do some steps to check the discrepancy you see. Consider the following steps to address the discrepancy between the Gross Income reported on Square and the Total Income on the Profit and Loss statement in QuickBooks Online:

 

  • Reconcile Transactions: Ensure that all transactions from Square are reconciled in QuickBooks Online. Verify that every sale, refund, and fee is accurately recorded in both systems.
  • Review Integration Settings: Check the integration settings between Square and QuickBooks Online to ensure that all income categories are mapped correctly. Verify that the integration is capturing all relevant data accurately.
  • Investigate Discrepancies: Review the individual transactions in both Square and QuickBooks Online to identify any discrepancies. Look for missing or duplicate transactions, as well as any discrepancies in how certain transactions are categorized.
  • Check for Manual Adjustments: Verify if any manual adjustments or journal entries have been made in QuickBooks Online that could affect the reported income. These adjustments might not be reflected in Square and could lead to differences in the reported income.

 

By following these steps, you can systematically identify and address the source of the income reporting discrepancy between Square and QuickBooks Online.

 

If you need more assistance, feel free to go back to this thread. I'll be here to help you again.

M
moriahcAuthor
December 15, 2023

Hello there, thanks for your reply. Can you walk me through how to review the integration settings? I've tried the other items on your list already. 

JessT
JessT
December 15, 2023

You're welcome, moriahc!

 

Our knowledge-based article only covers basic integration, which is also true to other third-party apps. It's advisable to reach out to Square's Customer Support for assistance with the integration setup and review.

 

Let me know if you need anything else.

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