Quickbooks Online and Square - matching cash deposit transactions

[themoose]

I'm using the QBO and Square native integration, and for the most part works pretty well.  One area that is very tedious in QBO is matching cash payments to deposits.  I'm hoping I'm just doing something wrong and someone can point me in the right direction!

I have QBO set up to automatically import transactions from my bank account.  In addition, the Square integration is also importing cash sales as individual payments.  When a bank transaction comes through that is a deposit of cash, in QBO I choose Review and then Find a Match.  This brings up the Deposit screen with a list of payments imported from Square.  This is where it gets tedious.  The only way I can see to match the payments to the deposit is to go through each one-by-one and check the box for each payment.  There isn't even a way to do a "select all" rows.  Once all the payments are selected, and the amount of the deposit matches up, you can save and everything is great.  However the process of going through each payment and having to check the box is very time consuming.  Has anyone found a better way?  Thanks!

[Candlestore]

@themoose ;

Sorry for the late response I just noticed your post.  I do not use QBO I use the Desktop Version, and for my Sales Receipts of CASH, my cash deposits were going into an account QuickBooks defines as Undeposited funds which was tedious to Check boxes one by one as you describe.  So what I did was created a Drawer Cash account, and have the cash deposited to that.  Then when I make a Cash Deposit to the Bank, I do a Transfer from Drawer Cash account to my Business Checking account.  This way I have a check and balance... If there is money in the Drawer Cash account that means I was short on my deposit, Since this is what I collected in cash.  Unless this is equal to my Starting drawer account, which means someone may have decided to count that as part of the Deposit which then would have my Drawer Account at a negative.  So when I make a Cash Deposit, I count the $$ do a transfer from Drawer Cash account to my Business Checking account, and then check the balance in my Cash Drawer account, which should now be $0.00.  By entering it before sending my bank statement to QuickBooks, when I import the bank statement it see the same dollar amount as a transfer of cash. The starting amount of Cash in the Cash Drawer is accounted for in the petty cash account which is the total of the starting Cash Drawers amount and some petty cash for miscellaneous expenses.  I set my accounts up like this to let the computer and QB's check my numbers and do the same with Square.  When my CC sales come in they go to a fake banking account called Square.  The amount that goes into Square Bank account is the Net sales amount after the Square fees, then when I import my bank deposits it automatically sets up a transfer from Square Bank account to my Business Checking, and then the Square Bank should = $0.00.  Sometimes this does not work and so far its because of a Split Payment on a transaction, but those are rare for me.

[themoose]

Thanks for the reply, that definitely gives me something to think about, and I might have to update my methods.  However just recently the QBO/Square integration was updated and looks a bit different now, so I'm trying to get that figured out. It does give a summary option which may help this process, but not sure yet.  But thanks again, good to know someone else out there at least understands my question!  🙂

[Candlestore]

@themoose ;

I do not have screen shots of my Cash deposits going into Drawer cash account but here is what my Sales Receipt look like and a screen shot of my bank account for the Fake Square account.  The Sales Receipt shows the Square fee which reduced the deposit, and then my Square Checking account basically shows The amount deposited by me after the fee, and then the withdrawal is the amount that Square sends to my account.  Another way to do this would be, have the sales receipt not include the Square Fee, to match sales in Square.  Then send the Full amount to Fake Square Account.  Create a Square Fee Expense and Pay that Expense through the Fake Square account.  Problem with this was I was having a lot of little expenses for Square Fees and could not find when I had the Split tender errors as easily.  So for the Cash Sales you would do basically the same thing that I have shown here since there are no Square Fees.  Into the Cash Drawer account would go the total at the bottom of the sales receipt, and then the Deposit by your bank gets setup as a Transfer from Cash Drawer to your Bank Account.  So even after a weeks worth of deposits to Cash Drawer, then 1 transfer (Cash Deposit) at the Bank; your Cash Drawer will still be $0.00.  Lets say for simplicity sake each day Saturday till Friday you took $100 in Cash Sales.  That would be $700.  In your Cash drawer account you would see 7 Deposits of $100 each.  Then Saturday morning you go to bank and deposit $700.  When you download your Bank account it shows 1 transfer of $700 from Cash Drawer to Bank account putting Cash Drawer back to $0.00.

This is what it would look like:

Just pretend Square Fee is another Discount for a Cash Transaction

Notice the Memo Field in the picture above is Squares Deposit ID which matches the Memo Field below.  In both Memo fields it is shortened in the view but its the full Deposit ID if I have a problem and need to contact Square or my Bank because of an error.  Deposit to is Checking at Square bank. Payment Id and Transaction ID are also listed on my receipt for information if an error occurs.  Template is Square.... you can make templates to match your sales from locations too.  I have Square as physical location and Online sales template for my Online.  Not sure if you can do something similar in QBO?

Bank account keeps going to $0.00 till new sales are imported

[blossombird]

Hello! I know this is an older post, but I wanted to chime in, so if you haven't found a solution, this may help.

I believe your issue may be due to the settings you chose when first setting up the native Square sync app to QBO. When you first set it up, you have an option to import transactions individually or as a summary. I've chosen the summary option and when I do the same steps as you to deposit the cash sales in QBO, I only have to select one row for each day, since it's displaying one single sum of money(a summary of cash sales for the day), rather than displaying each transaction. 

To change this, I think you have to disconnect your Square app in QBO and reconnect it, which will then prompt you to select individual transactions or summary transactions during setup. Just make sure you DO NOT interrupt the website while it is disconnecting or connecting. I can tell you that it is not a pleasant experience lol.

Well, I hope this helps.

[themoose]

A delayed response here for sure, but thank you for the tips.  When I originally started this thread, i was using the previous version of the integration, which I don't think had the "summary" option.  I have since switched over to the new sync and set it up as summary.  This does get rid of the tedious process I originally mentioned, but also introduced other issues like totally missing days of transactions.  Never a dull moment.