Square Savings - Quickbooks

[WoodCandleCo]

Has anyone had any luck with connecting Square Savings to Quickbooks? I see the checking will integrate, but it doesn't pull in savings accounts. This leads me to assume it can't be connected, so asking the community might be a Hail Mary...

Manually adding the data to Quickbooks is certainly not as bad now that all transfers for the day are grouped together now. Having the automation would be great!

[TheRealChipA]

@WoodCandleCo So….. First, I use Bookkeep to automate my revenue accounting — similar to the QuickBooks integration.  It, too, has that one issue.  Each morning I must manually add line items to the journal entries that Bookkeep creates to account for the savings transfer.  Like you, it’s not horrible.  Just weirdly frustrating.  A few days ago, I found out that Square now has new CSVs for savings.  They are located at:

Home > Balance > Square Savings > (select auto savings folder) > View All Recent Activity > Download

One is the detailed CSV, showing all transactions.  The other is the simplified csv, which has one entry per day.  Now that this exists, it is looking like Bookkeep will be able to finally fully automate revenue accounting.  If that happens, I’ll let you know so that you can reach out to Intuit to let them know.  Everyone was waiting for something like this to finally add the last piece of the puzzle!

Also, I wouldn’t be me if I didn’t do a shameless plug.  Bookkeep is an amazing app.  I’ve worked closely with Jason (the CEO) for about a year now.  It turns out I know some of his employees from a previous tech relationship, as well.  Small world.  Anyway, it costs $49 per month for one connection (Square) and one accounting app (they work with about a half dozen right now).  Their tech support is spot-on, too.  Just saying, of course!

Let me know if you have any questions.

[TheRealChipA]

One more thing, Tyler.  Square does offer Plaid integration with both our savings and checking accounts.  But it has limitations.  Including the fact that automated savings folders are imported as their own accounts, which is just plain weird.  As far as my accounting goes, all I want it my total savings balance.  I’ll leave the distribution among the folders to Square for the times that I’m actually transferring savings somewhere else.  Still, you might want to check out the Plaid integration.  You’ll sign in using your Square credentials.  Just be prepared for it to be strangely missing what we would all call valuable information.  Ha.

[WoodCandleCo]

Interesting...I didn't think about something like Plaid. I had only checked QBO's integrations in their own library. Do you log into Plaid and integrate from there?

Thank you for sharing!

[TheRealChipA]

In QuickBooks you set up your account as you would any bank account.  When Plaid comes up, it will ask for your Square sign-in credentials.  Once you do that it should prompt you for the beginning date to download transactions.  I’ve only done this is a test environment, so can’t speak to any gotchas you might find.  But if you have any questions, I’ll probably be able to help with those.

[WoodCandleCo]

Weird…the savings account didn’t show. I’ll have to play with it more. 

[Summer2024]

Love seeing champions help other champions! 🤗