[AUS] Q&A: Get prepared this tax time with the Xero, MYOB or Quickbooks Online by Amaka integrations

[Tom]

Hi Seller Community,

We’ve invited our trusted app partner Amaka into the Seller Community on July 13 2022 to help answer all your accounting questions as they relate to the Xero, MYOB and Quickbooks Online by Amaka integrations. 

Amaka’s suite of integrations automate the entry of your Square sales transactions, payment and tax information to your accounting software. This means that you’ll never have to input this information manually, with the integration syncing your key Square transaction information across on a daily basis.

Perhaps you are already using one of these integrations and need support prepping your books ahead of tax time, or maybe you’re looking to get set up with one of these integrations to help your business get ready for the new financial year ahead. Whatever your position, Amaka’s integration specialists, Gian Ottavio and DeJoey Ann, will be on-hand to address your questions so you can connect the dots and begin reaping the benefits of a smooth integration. 

How to Participate

Post your questions to this thread ahead of time and check back with us on Wednesday July 13 2022, at 1 p.m. AEST as the Amaka team responds.

A few example questions:

• What are the best practices that will ensure I'm getting the most out of the Square and Xero integration?

• Can the integrations still capture my Square sales recorded earlier in the financial year?

• How will my Square sales appear in my accounting software?

• How can I activate one of Amaka’s accounting integrations?

• I’ve been a user of the “________” integration and have noticed “________”.

• I wish the MYOB/Xero or QB Online by Amaka integration would support “________”.
  
  

Please note that Gian Ottavio and DeJoey Ann (“the Amaka team”) are not employees or consultants of Square. The information they provide solely reflects their views and those of Amaka and are not endorsed by Square. This Q&A is limited in scope and is only intended as a high-level overview of the topics discussed. Block, Inc. (including its affiliates, subsidiaries, employees, officers, directors, attorneys, and tax advisors) undertakes no obligation to fact-check or update the information the Amaka team provides. Nothing in this Q&A is or should be used as tax or legal advice. In particular, this Q&A cannot be relied upon for the purposes of avoiding taxes, penalties, or other obligations under applicable law. For guidance or advice specific to your business, you should consult with a qualified tax and/or legal professional.

[LightScribe]

When will Amaka Square integration for Xero provide the ability to automatically add Square fees to Xero invoices when the customer chooses to pay the invoice by Credit Card?

I belive it is an option for stripe already but not for Square.

[Amaka]

Thanks for your question, @LightScribe!

While this is not currently supported by our integration, it is on our list of feature requests to be handled in the near future.

We will be working closely with Square to ensure this is handled appropriately with sellers informed of the update.

[Sarah8]

When will Amaka integrations have Square & MYOB talk to one another so that it matches SKU codes & customer cards? For example mine matched exactly on both sides and it created the MYOB Invoice as an a service invoice with just a total $ received not an item invoice which as I use MYOB for budget projections inventory management is very important to keep as item based. This issue prevents me from being able to use the integration as it creates new customer cards rather than using existing cards which already exist and match word for word in both systems. It would be great to know when advanced aspects will be added to the integration that allow you to have more control on how the invoices get created in MYOB. 

[Amaka]

Thanks for the question, @Sarah8! 

Currently, the integration is designed to capture the total sales amount for the day of trade on a dollar value. A dedicated inventory management module is on our list of feature requests and is currently being evaluated by our Technical Product team.

[vanityfur]

Why doesn't Amaka integrate the Square time details for employees timesheets?

[Amaka]

Great question, @vanityfur! This is something we’ve been asked quite a lot in recent times.

In the past, we have found some technical limitations associated with building a solution that will automatically integrate timesheets to the various accounting software.

We’re currently exploring ways around the limitations that could see this rolled out in the near future. Stay tuned!

[stacey27]

Is there a feature to pull a report on all the fees we have paid over the financial year?  

[Amaka]

Of course, @stacey27.

This can be done within Square through the Sales Summary Reports with all your Square fees incurred in the financial year should appearing within the ‘Breakdown of Payments’. 

Alternatively, this can also be done within your accounting software. Assuming you have a dedicated account for your fees (i.e. Square Fees), you can easily depict this figure when running a ‘Profit & Loss Report’ or ‘Account Transactions Report’ (in Xero).

Feel free to schedule some time in with one of our Integration Specialists for assistance, using this link. 

[DShipp]

Can you please post some clear instructions for reconciling Square instructions in Xero? My bookeeper struggled because I had some transactions that were paid with the Square terminal and others that I invoiced clients for. My balances were all out last year and it was quite complicated to resolve. 

[Amaka]

Definitely, @DShipp. 

This is actually something that our team of Integration Specialists assist sellers with on a frequent basis. We’ve actually prepared an FAQ sheet focussed on the topic of reconciliation within Xero, outlining exactly how to close out all your Square transactions (there’s also a dedicated video on this page too). 

Feel free to schedule a personalised 30-minute session with one of our Integrations Specialists for further assistance using this link. 

[BigDaves]

We had our square and xero accounts linked before and had to unlink due to duplicate transactions. If we link again how are square loans recorded in xero?

[Amaka]

@BigDaves - we’re sorry to hear about the duplication of transactions, this could have occurred if you had the legacy integration and our integration operating simultaneously. To avoid this and ensure that your integration is activated to your liking, feel free to book a Guided Setup with one of our Integrations Specialists using this link. 

Regarding the Square Loans, these are captured by our integration and allocated to the ‘Square Balance Adjustments’ account within Xero - which is automatically created as a default destination. Alternatively, you can customise and allocate these amounts to an account of your liking through the account mapping as part of our Advanced Setup.

[GL-6721]

Hi.

Is there a flow chart available of the Xero-Square integration process, clearly showing what gets posted where? I've had a look at the FAQ and video however they are very generic and don't provide enough specifics.

Thanks.

[Amaka]

Hey @GL-6721, thanks for the question. 

For a visual representation of how integration captures Square sales transactions into Xero can be seen in the diagram on our Square + Xero landing page. 

Regarding the account mapping, our Setup Guide highlights the default chart of accounts used in our Express Setup for both the sales sync and payment modules. As seen on this page, under the Advanced Setup, you'll have complete flexibility to map all Square sales, payment and tax information to the default or already existing accounts within Xero. 

Our team of Integration Specialists are always happy to assist with the account mapping and activation of the integration (available 24/7). Feel free to schedule a 30-minute session using this link. 

[Seamus · Accepted solution]

Hi everyone!

This Q&A has now ended. Thanks to all our sellers who asked questions for the event, and thanks to the team from Amaka for taking the time to respond!

Amaka will continue to respond to future questions as they are able, and keep on the lookout for future Q&As with the Square Team and our partners 🙏