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Harlow1
July 6, 2023
Question

How to reconcile Square Payments with Quickbooks Invoices

  • July 6, 2023
  • 2 replies
  • 0 views

Hi!

 

I have seen this question on other threads and none of the answers have been successful. Our Square System is integrated to Quickbooks online and we are unable to match payments to our invoices and reconcile square payments without it showing twice and our records and causing twice the GST payment. 

 

We are a construction company and need to make sure our invoices are balancing. 

 

How can I match Square payments to my QBO invoices while maintaining a correct GST amount and balancing my invoices?

2 replies

J
JamesM4
July 6, 2023

Hello Harlow1,

 

Welcome to the QuickBooks Community. Reconciliation can be a lengthy process and I'm glad you're using QuickBooks to help streamline this process. It's vital you're able to match and reconcile the Square Payments with invoices and I'll be happy to steer you in the right direction. 

 

In order to ensure the accuracy of your reconciliation, I highly recommend getting in touch with an accounting professional for expert advice on how to handle the transactions so they don't show up as duplicates as you've described above. If you're not in contact with a professional, don't worry, you can search for one using this link here. Otherwise, I recommend you to check out these helpful resources with more info about reconciling in QuickBooks:

 

In the event that you're unable to find a match for your transactions, here are some reasons why that could be: 

 

  • The transaction has not been reconciled.
  • The transaction was entered using the same bank account.
  • The transaction has not been previously matched to another bank downloaded transaction.
  • If it is a deposit or payment received, make sure it is not on the Bank Deposit page (undeposited).

I encourage you to check out this helpful article with more info on how to: Categorize and match online bank transactions in QuickBooks Online. If you have questions, don't hesitate to reach back to me here. Otherwise, I wish you a great rest of the week.

H
Harlow1Author
July 6, 2023

So I am comfortable with reconciling transactions and often have absolutely no issues. The problem comes as Square will ONLY enter as a deposit and I cannot apply it to an invoice. 

The Square removes fees before the amount is deposited into the account which also confuses the books and makes all of our reports very confusing. A payment will never match an invoice amount on Square because there is minimal record of the fees they took and little way to actually balance it. 

 

Even if I bypass the fees issue, I still cannot match it to an invoice without having a double entry. Sales receipt and invoice 

Fiat Lux - ASIA
Fiat Lux - ASIA
July 7, 2023

@Harlow1 

Use a 3rd party connector to reconcile Square transactions into QBO.

S
shr08
January 22, 2024

There's an app for that. I only just now downloaded it so I can't tell you how easy it is to use but it's got to be better than how I've been handling square payments previously.

 

Go to apps in your qbo menu and look for square.

 

 

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