Square Balance Statement

[klous-1]

Hello,

As part of our annual accounts review, our accountants - (3rd party) - have requested a statement showing (i.e. proving) the Square balance at the end of our financial year.

I have seen reports for various things, including sales transactions, but nothing that shows our balance on a particular day.

How can we provide our accountants the required info?

[Breffni]

Hi there @klous-1, thanks for your post. 

As far as I know, we send out daily, monthly and annual sales summaries directly to your email address. 

You can check if you have this setting enabled in your Square Online Dashboard > Account & Settings > Business information > Email notifications. 

Here's an example of a monthly summary I received. 

Let me know if this type of report is what you are looking for. 

[klous-1]

Hi Alegra,

Thanks for the post.

The sales report doesn't detail when money was paid out of Square to our company bank, nor does it show a month end balance.  This balance exists of course because there is a delay between customers paying and Square transferring money to our company bank account. 

You can view the current balance, for example, here https://squareup.com/dashboard/balance 

But I can't find a historic balance figure.

Our accountants need a statement to prove/reconcile that the money is there (with Square) as we have stated at end of year (just as they'd expect to see our regular bank account statements).

We would expect that the Square statement would show:

• money coming in to Square (from sales transactions) and,
• money going out (to our bank, for fees, and potential refunds),
• a final month end balance (i.e. just like a bank).

For example, if in a given month, we take 10 transactions for £10.00  We would expect to see a list of £10.00 credits into the square account (i.e. a balance of £100.00), 10x fees as debits, and a number of transfers to the bank as debits (potentially less than 10 depending on timing e.g. 8x transfers, this would leave you with a credit balance with Square of £20.00 less the fees)

[Breffni]

Thanks for the clarification @klous-1 and apologies for the misunderstanding. 

In this case, the only option is to view your historical transfer records. 

Visit Balance in your online Square Dashboard.

If you have more than one location, choose which location you would like to view.

Click View All Transfers.

Use the date-selector tool to refine the date range of your transfer search. You can also click the middle of the date-selector tool to see a full calendar view.

Click on any transfer in the list to view details, including the transfer mechanism, the last three digits of the bank account where the transfer was sent, the individual card payments included in the transfer and related trace details.

You can select the required dates, export the file and share it with your accounting team.