Bank Square Books

Bank Square Books

Hey there, my fellow money-savvy friends! It’s your pal Jason, here with another insider tip to make your daily bookkeeping a breeze. If you’re using Square for your sales transactions, then listen up! I’ve got a game-changing app to share with you today: Connect to Square, designed to save you precious time.

Bank Square Books
Bank Square Books

Simplify Your Bookkeeping with Connect to Square

With the Connect to Square app in QuickBooks, you can say goodbye to manual data entry. This nifty tool allows QuickBooks to download your sales transactions directly from Square. Imagine the hours you’ll save by automating this process!

Two Efficient Ways to Download Your Transactions

Connect to Square offers two options for downloading your transactions into QuickBooks. You can choose between:

  1. Individual Sales Receipts: Each sale is recorded as its own transaction, including all the details.
  2. Single Sales Receipt: If you prefer a summary of all your daily sales, this option combines all transactions into one neat receipt.

Easy Steps to Connect QuickBooks to Square

Ready to give Connect to Square a shot? Here’s a step-by-step guide:

  1. Head over to the Banking or Transactions tab in QuickBooks and select “Link Account.”
  2. Type in “Square” and begin the connection process.
  3. Before diving in, you’ll get a quick overview of the upcoming steps to download your Square transactions. Hit “Get Started” to proceed.
  4. Grant permission for Square and QuickBooks to share product and transaction details. Don’t worry, you can disconnect at any time if needed. Simply select “Give Permissions.”
  5. Enter your Square sign-in credentials to initiate the connection between your Square and QuickBooks accounts.
  6. If you use Square for sales in multiple business locations, you have the flexibility to choose which locations to sync with QuickBooks. Remember, these are Square locations, unrelated to the Locations feature in QuickBooks. Make sure to activate any inactive locations from your Square account and assign a bank account for each synced location.
  7. Once you’ve selected the locations, you can further customize how your sales appear in QuickBooks. Decide whether to display each sale as an individual sales receipt or as a summarized receipt without customer names. This setting can vary for each business location.
  8. Choose the desired timeframe for QuickBooks to download transactions from Square.
  9. After making your selections, hit “Finish.” The sync process may take a few minutes, depending on the number of transactions waiting to be downloaded.
  10. Voila! Square is now connected, and your setup is complete. Going forward, new Square transactions will automatically appear in QuickBooks. However, you’ll still need to confirm them before they are officially added to your books. Simply select “Check it out” to start approving your transactions.

Effortlessly Manage Your Square Sales in QuickBooks

Now that your Square transactions are integrated with QuickBooks, let’s explore how to efficiently manage them:

  • Sales from Square will seamlessly appear in QuickBooks alongside your connected bank and credit card accounts. To review and add your sales, head to the App Transactions tab.
  • Transactions listed under the Review tab are awaiting your approval. Until confirmed, they won’t show up on your reports or financial statements.
  • Select any transaction downloaded from Square to see its details in an expanded view. You’ll find information on the products, services, fees, total deposit amount, tips, refunds, and more.
  • QuickBooks automatically fills in customer and product/service details if they already exist in your records. However, if something doesn’t match, you’ll see “Square Customer” or “Square Item” listed. Don’t worry; you can easily edit this by selecting the dropdown arrow and choosing from the available options. If needed, you can even add new customers or products/services on the spot.
  • Once you’ve reviewed all the transaction details, you can confidently add them to your books. The transaction will move from the “For Review” tab to the “Reviewed” tab. You’ll also see the sales receipt and deposit created by QuickBooks based on the downloaded information.
  • If you also download transactions from your bank, make sure to match the deposit from your bank with the one from Square. This step ensures the accuracy of your records and avoids duplicate entries.

Fine-Tune Your Square Integration Settings

Should you ever need to make changes to how Square connects with QuickBooks, follow these steps:

  1. Select the Options menu, which allows you to access various settings.
  2. From here, you can modify your locations settings, defaults for Square Items and Square Customers, and advanced settings for tips, discounts, shipping, or refunds.
  3. Additionally, you can disconnect the app if necessary.

Conclusion

And there you have it, my friends! You’re now equipped with the knowledge to seamlessly download your Square transactions directly into QuickBooks. Say goodbye to tedious manual entry and hello to more time for the things you love. To stay updated on all things banking and more, remember to check out the Banking Blog for more juicy secrets. Cheers to effortless bookkeeping!

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