thread Re: Can you automatically record Square Savings in Quickbooks Online? in Archived Discussions (Read Only)

Can you automatically record Square Savings in Quickbooks Online?

blossombird — Fri, 12 Aug 2022 12:00:56 GMT

Hello,

I use the Square Savings feature where it automatically takes a set percentage of my daily credit card sales and puts it in the savings.

I also use Quickbooks Online to do my bookkeeping. I have Square connected to my Quickbooks Online, so my Square transactions are imported automatically to Quickbooks Online on a daily basis. I noticed that the funds that are being sent to my Square Savings are lumped into my "Square Fees" in Quickbooks Online.

What I've been doing to fix this is manually entering a journal entry to move the money to my Square Savings account in Quickbooks Online. When I do this, I credit the Square Fees account and debit the Square Savings account the amount of money that actually got put into the Square Savings account for the day.

This works fine, but I would prefer if I could set it up to automatically do it, since everything else is automated. I understand that this is more of a Quickbooks feature, but at the moment their community forum was not working for me, so I figured I would ask here.

If anyone can help, it would be greatly appreciated because I love the Square Savings feature.

Re: Can you automatically record Square Savings in Quickbooks Online?

sophiacoffee — Wed, 01 Feb 2023 15:24:45 GMT

Did you ever get any help with this? Mine doesn't include it in the square fees, but rather lumps the whole deposit (minus the fees) into Square Checking. I can't find an easy way to reconcile unless I wait till the end of the month and create a single transfer from checking to savings for the total amount saved. Any help would be appreciated!

Re: Can you automatically record Square Savings in Quickbooks Online?

blossombird — Wed, 08 Feb 2023 19:41:53 GMT

Unfortunately I never found a way to have it automatically record the Square Savings. I've continued to use the method you mentioned (making a transfer at the end of the month).