thread Reconciling Sales with Bank Transfers in Archived Discussions (Read Only)

How do I correlate my daily sales with my transfers?

joatthefarm — Thu, 23 Jan 2020 21:30:54 GMT

[The title of this thread has been edited from the original: Reconcile sales with daily deposits]

Daily deposits don't always match category or items sales filtered to card sales for a given day. I've been attempting to reconcile deposits by downloading a category or item sales report filtered for card-only for a specific day & location to attempt reconciling those sales with the deposit made for sales on that day. End of day is set well later than the last transaction for the day.

We have up to nearly 2000 transactions on a busy day and don't find the downloaded deposit report feasible to use. Seeking a report will summarize sales/fees/taxes/tips included/deducted in each deposit.

Re: Reconcile sales with daily deposits

isabelle — Sun, 24 Nov 2019 18:00:45 GMT

Hey @joatthefarm!

Thanks for posting in the Seller Community!

Do you use instant deposit? Or standard deposit?

When looking at your reports, it's important to keep in mind that payments are transferred according to your close of day or transfer cut-off time. If payments were accepted after your close of day time, they’ll be included in the following transfer. This would make it so your daily sales reports do not match your daily deposits.

You can always contact us if you would like to go over this on the phone with a team member. Let me know!

Looking for assistance with reconciling square to bank account

butterbang — Sun, 05 Apr 2020 00:33:09 GMT

This reply was created from merging an existing thread: Looking for assistance with reconciling square to bank account

Would appreciate help from seller community with reconciling Square details to our bank account on monthly basis. Any templates available or self generated worksheets...Thanks!

Re: Looking for assistance with reconciling square to bank account

Valentina — Sun, 05 Apr 2020 00:30:56 GMT

Hi there @butterbang! I've moved your post over to this thread where @isabelle provided a really helpful tip about correlating your transfers, and a link to get in touch with our team - we're always here if you'd like a hand correlating 👋

You can determine which transactions were included in each of your transfers by heading to the Balance page of your Square Dashboard. First select a date range, select the transfer you'd like to view, then click Export > Spreadsheet to download your transfer history. You'll now have a CSV file, which you can use to compare your bank statement to!

If you’re using the same bank account for more than one location, you may find it helpful to use transfer tags to identify which location is linked to a specific transfer. You can do this by popping over to the Locations section of your Square Dashboard, selecting a location, and adding a tag in the Bank Information section. I hope this helps!

Re: Looking for assistance with reconciling square to bank account

butterbang — Wed, 22 Apr 2020 20:37:56 GMT

Thanks Valentina, helps somewhat. We have no problem reconciling all card payments in Square to our bank account...it's the cash side, reconciling cash received to bank. Is there a monthly report to run that shows all cash business in a given month so that we can prepare a journal entry to post to our Quickbooks application?

Thanks, BBang

Re: Looking for assistance with reconciling square to bank account

Joe — Thu, 23 Apr 2020 19:38:47 GMT

Hi there, @butterbang - thanks for reaching out and clarifying that for us! I can step in for Valentina, here.

You should be able to filter your reports by Payment Methods on your Online Dashboard here. You can select all transactions that were accepted as Cash which should help with reconciling your reports.

Let me know if this helps!

Reconciling Sales with Bank Transfers

veggiegalaxy — Wed, 30 Dec 2020 13:17:48 GMT

I'm a relatively new user of Square and have found myself unable to reconcile daily sales reports with daily bank transfer reports. With previous POS systems I've used, all credit card transactions were always processed in one large batch at the end of the day and the bank deposit would then match the sales exactly. Because that's not the case with Square, I find myself having to fudge my daily bookkeeping entries a little (as a restaurant, I record food sales, beverage sales, alcohol sales, etc.), as I have to pull numbers from two different reports that don't reconcile with each other. Does anyone else have this problem and has anyone found a solution?

Re: Reconciling Sales with Bank Transfers

LegionPost168 — Fri, 28 May 2021 22:11:18 GMT

yes, I need help too. We are also relatively new users and we cant seem to get the cash to balance with daily sales and the cash in the drawer is rarely what the Square says is expected in the drawer. When we deposit cash each night, we need to know what categories of sales we are depositing. There must be a report to make this situation easier. We cannot continue like this.