thread Re: What are the deposits from Square labeled Square P L into the bank account. Square Pp deposit... in Archived Discussions (Read Only)

What are the deposits from Square labeled Square P L into the bank account. Square Pp deposits=repor

RforM — Wed, 24 Jun 2020 00:25:47 GMT

I'm a bookkeeper jumping in for the first time with Square. I have matched certain deposits to the transfers reported in Square. However there are other numerous deposits that I don't know what they are. Anyone?

Re: What are the deposits from Square labeled Square P L into the bank account. Square Pp deposit...

JustinC — Wed, 24 Jun 2020 14:23:00 GMT

Hi there. Transfers appear slightly different depending on your bank. I bank with PNC - transfers shows up as SQUARE INC DIRECT DEPOSIT on my bank statement. Other Seller might see SQ next to their deposit.

@RforM

Re: What are the deposits from Square labeled Square P L into the bank account. Square Pp deposit...

RforM — Wed, 24 Jun 2020 14:37:26 GMT

Ok. Thank you. I'll look today to verify, but maybe the deposits look different because one is before 5pm and the other is for sales after 5 pm.

Re: What are the deposits from Square labeled Square P L into the bank account. Square Pp deposit...

JustinC — Wed, 24 Jun 2020 15:04:40 GMT

@RforM -

Ah, I see. Yes - if sales were taken after 5pm PT, then transfers will be split up which makes it confusing to reconcile your deposits with the Daily Sales Summary.