Are Square reports accurate if I'm using cash accounting method

[vickiejean2001]

I use Square report at end of month to tell me what sales I made for the month to pay my state sales tax. It has recently accured to me that I may not be doing this right. I use Quickbooks Self-employed accounting software and it's month report does not match up with Square's because it only accounts for income Square deposited into my bank account. So I may have made sales at end of January but Square doesn't deposit it until early feb. therefore Quickbooks will say that was February Income. Which is the proper way to account all this? If my accounting is on a cash basis and not accrual does that make Squares end of month report inaccurate? Please help I. So confused. 

[VanKalkerFarms]

Square's reports for sales are accurate to the time of sale.  using the deposits would not be accurate due to bank holidays and weekends throwing off deposits, and you would always be at least one day behind on sales all the time basing on bank deposits.

always use Square's data here where you can choose your timeframe.

https://squareup.com/dashboard/sales/reports/sales-summary

[LaBelle]

What about for invoices?  I would like the invoiced sales to show up immediately in my item sales reports, but they seem to be absent until the time the invoice is paid.  May we have a setting adjustment to allow for inventory to be tracked on sale rather than on payment? Please note I am speaking of "payment" rather than "deposit".  Thank you!

[MaddMatt]

Any response to this question?  When a sale is rung in it is considered a sale and sales tax is owed in Ohio.  If we invoice a customer that is a sale for us regardless of when it is paid.  Is there a way in the settings to have sales show up daily in reports based on an accrual basis?  It appears that Square is not showing the "sale" until an invoice is paid? We have tens of thousands of dollars invoiced in the year that don't get paid until after the calendar year is over.  Square is putting those sales on the next year!!! That isn't legal except for IRS tax accounting in many States.  The sales tax is due when the sale is realized... not the payment.

Regardless, we sell fuel at a marina and we sell over $500,000 in sales to members who charge the fuel and we invoice them.  We ring it in the register, and invoice the member right from the POS.  It appears that none of those sales are showing daily, even when they are wrong in the Square POS, but paid by invoice.

Where can I change that in settings?

Thank You.

[TRC2020]

Yes, I've been trying to find out the same thing (are sales shown in the Sales Summary Report when billed by invoice or when paid?) and customer service has ZERO accounting knowledge.  Can someone please answer this question, because I can't find it anywhere.  Then, if it is where collected, where do we find the actual GROSS SALES number (i.e. the amount billed) because most of us are not using CASH accounting but the REQUIRED accrual method.  

[JJ_]

At this time, reporting for partially paid invoices is a Feature Request. I will make sure to pass this feedback over to our team for their visibility and consideration when working on upcoming updates.

[SRaC]

Is there any update  on reporting for partially paid invoices?  I also use the accrual method of accounting and it took me awhile to realize that square is not reporting this correctly.

[JJ_]

Hello, @SRaC Our team is working hard on making this feature available to Sellers. At this time, I do not have a date on availability yet.

[catmarie]

Hi is there an update to this? I need that option to have my transaction reports based on when payments are received (cash accounting method) and not on when the entire invoice has been paid in full. It's a pain to have to click on each invoice (paid in full) transaction just to see when all the payments were received. This makes it extremely difficult for those using the cash accounting method for bookkeeping.

[JJ_]

Hello @catmarie 

While the Square Invoices team has made improvements to how Partially Paid Invoices operate, at this time, Square reports payments as they occur regardless of the situation (partial payment, deposit, or completed invoice). I will make sure to post any updates in regard to this behavior here. In the meantime, I recommend you submit a Feature Request here. This will help our product team get visibility and track other Sellers with similar interest in your request. 

Important: When submitting a request, make sure to include the desired feature, and provide the details of how this feature will help your business succeed (how would you use it and what you expect from it).