Expense tracking

[Ssclmt]

If would be great if square can implement expenses tracking with our checking accounts. So as we make purchases we can categorize transactions and make taxes easier. Or at least allow hurdlr or quickbooks self employed integrations to sync our checking. 

[JJ_]

Hi @Ssclmt! I have changed the status of your Feature Request to "Reviewed" During this time our Product Team will be tracking Sellers that are interested in this feature. If you know any other Sellers interested in this feature please make sure to tag them here so they can leave their Like and comments.  Thank you for taking the time to flag this feature!

[Ssclmt]

Any updates on this? 

[Sunterwagner]

I’d like something like this too. Especially since I run 2 businesses from the same acct. 

[sbension]

This is a NECESSITY. I don't know how other businesses are surviving without this! I tried integrating with Quickbooks, and I just learned we can't, so this is a problem for me. Please add this feature quickly!

[farango]

I agree, this is definitely a necessity. I have Quickbooks Self-Employed and it will not let me connect my square checking to it. I also tried Quickbooks Online and it it won't let me, it will only integrate my sales. We small business owners would find this feature very useful and helpful.

[HC_Charlie]

It's great to think about using Square for new features such as expense tracking, but I hope everyone who has even a small business is using another software package (or manual tracking) for all expenses for their business. It's important to keep in mind that right now Square is not a full fledged accounting software package for tracking both business income and expenses. Even if one has a Square checking account, a business may have other bank accounts that would have to be tracked for all expenses.

I'm mentioning this because in the past many new small business owners start using Square for their payment processing, and think that's all they need to do for their biz accounting. While Square has many additional features it still lacks the ability to general Profit & Loss statements, balance sheets, and many other standard accounting reports necessary to file taxes and get a full picture of the financial health of their business.

And I agree that integrations for Quickbooks isn't the best solution either, so I encourage everyone to research alternatives to software packages, as well as doing a bit of manual accouting/tracking themselves. It does take more time, but learning how your accounts interact with each other can make it easier to spot discrepancies and errors in your books.

[tinkerval5311]

I totally agree!  My Square account does everything for my business, except the bookkeeping!  I think that it is crappy that I have to have separate software just for bookkeeping...

Even something as simple as what Wave Financial offers.  A simply free option, with additional paid options.  You already have the income and expenses from invoices, item sales, and banking.  You already have the reporting options, adding in profit & loss, balance sheets, etc. shouldn't be that difficult.  I don't understand why this is not an option.  

Also, I have a regular bank account and my Square account, being able to sync them in one accounting system would be AMAZING!!!!  

[comingupviolets]

Expense tracking is definitely a necessity.  I run a shop where I sell local artists' artwork on a consignment basis and I take a 20% cut of the purchase price.  I need to be able to input some kind of cost basis for keeping track of how much I paid for an item or will have to pay the artist for the item so I can know how much I'm actually making.

[crystallehman]

Yep this totally is so ridiculous, I can track sales only in Quick Books and now will have to upload my bank statement manually. This should just work. 

[barefootwood]

It would be very nice to keep all of our records within a single system, vs. having to use a 3rd party system that integrates with Square.  I have tried many 3rd party systems and nothing ever exactly "lines up" correctly.  If Square offered an expense and mileage tracker it would be very useful.