Monthly Statement

[corrine025]

We need a monthly statement from Square that acts like a bank statement so we can reconcile.  My books never match correctly!!  There is a checking statement and statements for savings but what about other locations that do not have a checking?  Those just go up in the air.  Also how do we reflect our fees in the accounting software since our deposits are AFTER fees.  It would be great to have a statement that reads like this:

Total Sales

-fees

-cash sales

-discounts

-returns

=Total owed to us

then divide it out to checking, savings etc so it shows where it all goes.

I spend HOURS trying to make stuff balance!!!!

[TheRealChipA]

Hey @corrine025.  Before I tell you how and I almost everyone else do the daily reconciliation of deposits, I have to preface that with this statement.  Per the TOS of this Community, we can not give accounting advice.  I strongly suggest that you sit down with your accountant and have them give you step-by-step instructions for how they want you to book revenue and expenses, so that you are ready for tax time when it rolls around.  Now….

Some sellers — including me — use third-party apps that do our daily revenue accounting booking.  QuickBooks has such an app, and there are others like Bookkeep (the one I use) that makes such journal entries in many software apps (QuickBooks, Xero, Zoho Books, etc).  They all come with monthly subscription fees, but those fees are more than worth it so that you don’t “spend HOURS trying to make stuff balance!!!!!”  These apps book all sales revenue, discounts, returns, fees, etc, in order to balance you your daily deposits.

If you simply can not afford to have this done automatically, then there is a place in Square where you can find the information you need.  If you go to your Balance screen on your dashboard and click on your location, that will open a new page.  There is a Balance Overview section on that page that has a date selector at the top of the section.  Go to the date in question (probably yesterday).  You can open the line item “Payment Processing” and you will see a detail of card payments, fees, loan repayments if you have a Square Loan, savings transfers if you have a Square savings account with automated savings, and so forth.  It will even list the amount transferred out to your bank account.  You can use this screen to quickly and easily create your own journal entries to balance your daily sales and transfer.  I need to repeat myself, though, and say again that you should consult with your accountant about how they prefer you to record this information so that it is right for tax time.

Let me know if you have any other questions.