Quickbooks import with Summary only and Cash Transactions

[CColotti]

I have been playing with the QBO integration and I am using the "summary" Option.  The question I have is on "cash" transactions as those need to get deposited to a different bank account than the card ones.  I have not seen the summary import yet but the individual import seems tedious.

Can someone show me if the summary import allows us to separate out an amount in case sales to be transferred elsewhere?  Do you import all things into "undeposited" funds instead of sending it to a specific bank account and record a transfer from there manually from the summary import?

[Candlestore]

@CColotti ;

You should be able to setup multiple Bank accounts with QBO.  Just add another bank account that shows your business account where the cash deposits go.  Then you should be able to show send all CASH sales there or send them to Undeposited Funds and select them all and transfer them to that account.  I use Transaction Pro for this and I can Map my Cash sales to Automatically be sent to my Cash Deposits Bank account.   But I found out it is better to hold the cash in the Undeposited funds account till I actually make the Deposit.  This makes for easier bank reconciliations at the end of the month.  

If each Cash sale automatically  shows in QB's as a deposit to my Bank account, I may have 1 Deposit a day but actually only make one deposit a week on Fridays.  So QBs for me shows 20 deposits a month in cash where as my bank statement shows 4 cash deposits.  So by me keeping them in the Undeposited account until I make a deposit, keeps my QBs and Bank statement easier to reconcile and match the deposits of cash.

Anything I have with a CC sale I send to a "Fake" Bank account called Square-1 I believe.  Then when Square transfers the Money to my Business account, I have a Withdrawal of that amount from Square-1 and a Deposit to my Bank account.  The Reason I call Square-1 a Fake account is because it is acctually showing Square Getting the Money and Holding it for me till the next day or next banking day.  You do have to make sure that Squares fees and loan payments are deducted either inside of the Square-1 account or before they get put into that account to keep your numbers matching.  

What I have done is send CC to Square 1 Holding account, then I pay my Merchant Fees to square from that account and also make my Square Loan payments from that account.  So my Square account either shows a Balnce of $0.00 or a Balance of the amount of CC sales from that day.  My Square -1 account is all accesed by my csv imports from Square and my bank.  No manual entry on my part.  Only thing is I use QB Desktop, not QBO.  I am not sure how Squares Loan and CC fees are addressed there with the import process. 

[CColotti]

Thanks!  Yeah right now I think it all goes to what I call a "Square Holding Account" which is effectively undeposited funds then the CC auto transfers also get synced which "should" leave dollars showing in that account that are the cash sales.  I just have not see yet the summary imports and if cash is separate or it is truly lumped together.  The CC ones when I was testing individual were flawless "Deposit" into holding account and transfer to checking 

[Candlestore]

@CColotti ;

Since I am not sure what Summary report you are referring to I am not sure either.  I know on the Transacations page I can export Transactions Summary.csv, Transacations Details.csv and Items.csv.  I download Details and items and use power query to merge these 2 together which does have cash sales in one of them or both of them I forget.  I just know the final combined csv I create does have the cash sales in it.  I am not sure if there is a way to see what is actually imported by the integration you use.  Kinda of like when I export my bank statement for QBs, I can not oben the exported file to see what is in it but it just uploads/imports to my open QB file. 

[CColotti]

QBO import allows either Individual Transactions OR summary.  I was testing with individual but flipped it to Summary to see the difference...individual got rather lengthy 

[Candlestore]

Yes it is lengthy for individual, I use the Individual myself for all the Details I can see and to match the Quickbooks Sales Receipt to a Square Transaction.   If I did a daily summary it would be 1 record compared to 450 or more.  But my integration I use for Desktop I can map fields, so my Sales Receipt # is the first 10 digits of a transaction number or Payment Id, and the Memo is the Deposit ID so I know which transactions match with which sales.  I figure if I ever get an audit leave the auditors earn their $$$ buy matching each sale up, LOL   Too much information and detail is better than not enough, is my thought.  I know it is overkill.  

Again there is no right or wrong here, but what works best for you and your business.  🙂  Aslong as the #'s all work out in the end.