Reconciliation

CRPUser — Wed, 09 Feb 2022 17:02:47 GMT

I appreciate help in responding to our questions below. Thank you

There are timing difference between received Square payment and Square deposit the money to your Checking account.

Can you get the 2021 beginning balance at the Square account and Ending Balance at the Square account?

Re: Reconciliation

Donnie-M — Wed, 09 Feb 2022 18:29:46 GMT

@CRPUser For what purpose are you trying to reconcile your account? Generally speaking you would have a cut off for transactions for the end of day and then the deposit for those transactions would be the next day. As far as accrual accounting it would not matter when the deposit is received, it would only matter when the income is earned. Are you trying to make sure you have received all of your deposits?

For tax purposes, the IRS doesn't really care when the deposit came in if you have your business records to show what you earned during your accounting year. Your balance sheet might be a little different, but this might be a better question for your accountant or tax professional.

If you go to your online dashboard and go to "Balance" and view Activity, you can see your "active sales" that have not been deposited and your deposits sent. Then you can match them up with your statement by date to reconcile those.

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Reconciliation

Re: Reconciliation