Bank account reconciliation is difficult with Square

[Unitech]

The title of this thread has been edited from the original: bank account reconciliation

why are my deposits funded with your fee already deducted? its very difficult to reconcile

[VanKalkerFarms]

that is how the transactions occur.  Square takes their percentage at transaction time and keeps it depositing your 97.25% into your account.

[Agent929]

That's how many of the processors like Square and Quickbooks Payments work. If you want it to be different then you would need something else like authorize.net or Flagship. Keep in mind it's strictly credit card processing only and has no other features and sometimes requires a lot of work on your part to get things running.

[SignGuyMark]

That's not how QBO works! They deposit full amount (matching invoice amount) THEN

takes their fee separately from bank account making it easy to reconcile!

[Joe]

Thanks for adding your voice here, @SignGuyMark!

[Tom]

Welcome to the seller community, @Unitech. Thanks for helping to clear this up @VanKalkerFarms and @Agent929!

We've also created this resource for reconciling deposits with payments: Match Deposits To Sales. Hope that helps with more visibility.

[LHH]

Square has the worst user interface ever for reconciling a bank account. What took about 20 minutes to do on PayPal, takes about 5 hours to do on Square. I am seriously ready to switch back to PayPal just for that reason.

[Helen]

@LHH Thank you for your feedback, we really appreciate it - good or bad! 

Can you reply here with specific information about what you'd like to see or how other processors help you to reconcile your accounts faster? That will help the various teams know where to make improvements. 

[Shanta]

It would be so helpful to reconcile if I could pull an item sales summary report that included fees as a column and as part of the "net sales" calculation. Without that, what you are referring to as "net sales" is not actually *our* net sales.

[LHH]

Yes, sorry for the delay in my response, I am still working on reconciling my accounts. As Shanta said before, it would be really nice if there were columns with the sale amount, the fees, and the deposit amount listed on a line. I have to click through about 6 screens per transaction just to try to piece together what has happend. I have partial refunds on a lot of my orders, some come the same day as the sale, but some come several days later, and can even fall on a different month. Some of the refunds are taken out of my deposits, while others are refunded out of my bank account. The refunds don't seem to have a good identifying name or transaction listed. So whenever there is a refund, i have to try to figure out what sale that matches up to, and what month is was from, and if it was refunded from the deposit or taken out of the bank account. Then at the end, when it is time to reconcile, I don't really have a total to reconcile against. I was trying to get my months to all end in 0, but some deposits and refunds go over to the next month. 

The easiest way for me, would also be the way that PayPal does it, and that is by treating it more like a bank account. You have daily transactions, sells, refunds, and fees in a spreadsheet form.  Each one is listed on a line and has a running balance for each day. Then I could transfer money as needed for any amount that is available. Then most of my refunds would come out of my Square account, and there would be a good total for me to match up with my Quickbooks and bank account. I try to rely on my bank account to fill in any of the mysteries left by SQUARE, but even that doesnt always work. 

I made my own spreadsheet for April, with the Columns for Sales | Fees | Net Sales.... then more columns for Refunds | Fees | Net Refunds.   Total Sales Match,   and subtracting refunds (3 of the refunds, I think I found about 5), i get the Total Collected. So far so average, but then i have to fill in the fees for each transaction. I am not sure where the best place to find the total fees, so I added them up, but they dont really zero out my balances. I am about $57  off at the end of the month. I have no idea as of right now if that is something from the next month, or if it was something left over for the previous month. There needs to be some kind of daily total to compare it to. And then let me make my own deposits 1 or 2 times a month. I think the spreadsheet should be something faily easy to make, but I dont know if most people would like the manual transfers once or twice a month. 

But really, I have been working on this for two weeks and i am still not caught up. I could have easily dones this in one afternoon with PayPal's system. 

[Dvalleyassoc]

Any update? I am just starting with square and this is my issue too.

[Chad]

Hey @Dvalleyassoc! I just replied to you on another thread with a similar topic. It's the same case for this feature request as well. 🙂

[LHH]

Hi Helen, were you fired because I never heard back after replying to your response. I have never figured out a way to make reconciling easier, and I sure haven't gotten any kind of feedback from you or any other Square employee. It has been months since I responded, but since I am still trying to reconcile that same month, any help would be appreciated. 

[LHH]

How am I supposed to reconcile the credit card transactions with Quickbooks? It takes forever to try to figure the transactions out, and even then, there is no way to tell if they are correct. How do I get a total for the transactions, the deposits, the fees, or a starting or ending balance? Why can't I download a spreadsheet with numbers instead of text? Using PayPal's spreadsheet, I was able to reconcile the account quickly and accurately in less than 15 minutes. Now it takes 5 to 6 hours, and I still don't have it finished. And even if I do finish, there is no way to even know if it is right. I just have to round things up and down and move on. There is not one good thing I can say about the setup for the transactions and deposits list. I do partial refunds on a lot of my transactions, and sometimes they come out of the deposit, and sometimes they come out of the bank account, it is hard to tell which is which. Why isn't there just a spreadsheet that shows each individual transaction with each fee taken out and a net total? And something that shows a starting and ending total so that I have something to reconcile with? I guess maybe it is just time to switch back to PayPal if I can ever get the account reconciled. 

[Helen]

@LHH I'm really sorry for the frustrating reconciling your deposits is causing and I'm sorry to hear it's taking up so much of your time.

First, I'm not a Quickbooks expert so for help navigating Quickbooks I suggest calling Quickbooks support directly.

But as for Square Dashboard reporting, we haven't added any new reports recently but it sounds like the Transaction CSV report could have most of the information you're looking for. When you export this report you can view columns for Net Total, Partial Refunds, Square's fees, and the Deposit Date and Details. 

Thanks for your posts and for sharing your feedback about this, it definitely sounds like an area we can improve. If we have any new reports we'll announce it and update this thread to let everyone know. 

[TinaKscape]

I am attempting to balance my checking account and have run into a transaction that resulted in an error at my bank.

I had a transaction that resulted in a sale or $14.22.

The customer paid with a check and the top line amount was $14.22

The second line amount {unbeknownst to me) was Fourteen and 00/00.

My bank caught the error and only credited me the lower value of $14.22.

Square up loaded the transactions as I entered them to my QuickBooks Online account.  

How do I correct or modify the sale to match the actual sale?  

Can I reduce the sale to match $14.00?

Can I reduce the payment received to $14.00?

Suggestions?  The target is to correct the checking account balance to reconcile.. 

Tina

[ashc]

Hi @TinaKscape!
 

I moved your post to a relevant thread in the Community around Quickbooks and Square.

It'd be best to reach out to Quickbooks about this as we aren't trained on it to know why this could be occuring. 

Helen posted a link above where you can contact them. 

[Ralla]

You are missing her point entirely.  This is not a Quickbooks centric issue.  

We need a report that simply helps us reconcile at the end of the month.

We don't want to mess around with an Excel cvs format. 

Just a simple report that every other processor provides.

A report that starts with beginning-month balance.

All transfers from Square up to our acct.

All deposit items with as much detail as we can get like the customer's name, gross amount paid, Square up's fees, and net deposit.

End of the month balance, if any. 

[joshmonteith10]

We are having issues with Square communicating with QBO.  QBO will reflect our Square transactions, however, QBO does not break down the product price, sales tax, shipping, etc.  It lump sums the entire transaction together and records it that way.   We need to be able to track everything individually.  Is this something that we need to create a 2nd sales receipt or invoice once the transaction from square reflects in QBO?  Any guidance on this matter will be very helpful, as I have reached out to QBO customer support and they told me they believe it is a Square issue and that I should reach out to their customer support.  

Any help would be very much appreciated.  

[ashc]

Hey @joshmonteith10,

I moved your post to one of the existing threads for Quickbooks issues you can reference.

You'll need to reach out to Quickbooks for assistance with this since they're a third party with us and we aren't trained in their software.

[joshmonteith10]

I reached out to QB prior to contacting Square.  QB indicated this was a Square issue as they can't control 3rd party uploads.  Can you recommend another resource to help solve my issue.  We really like the ease and convenience of the square solution, but if the accounting issue cant be resolved I'm afraid we are going to have to source another solution.