Cash Deposits and QBO

[Pandabear6]

We use QBO for our accounting software and Square exports all of our transactions to QBO. The credit card transactions are no problem, they reconcile without any problems. But the cash sales are sent each individually to QBO so when we are trying to reconcile it is impossible because we don't know which sales went into that cash deposit. I guess I am trying to find out if there is a way for me to make a deposit from the Square POS that will transfer to QBO as a total rather than each individual sale. It' s for a bakery so a lot of transactions.

[Tom]

Hey @Pandabear6, welcome to the Seller Community!

Thanks for bringing this up, and sorry to hear about the confusion with reconciling your cash sales in QuickBooks Online. I went to check for more details, but the information that we're able to assist with from our end is limited. I would recommend touching base with QuickBooks directly for next steps.

That being said, if any other sellers have experience or advice on what has worked well in this situation, please don't hesitate to weigh in.🙏

[Pandabear6]

I guess I am asking if there is something that can be done in the Square POS to record the cash that is being deposited.  

[Chad]

Hello @Pandabear6. 

Currently, cash sales are only recorded under Transactions. Are you looking for something similar to the deposit report, but just for your cash payments? 

[Rp3]

Hi, I know this is an old thread but might help someone reading it today.

For cash sales what I do is: Once a week in QBO I create a new bank deposit and select all of the cash sales within that 1 week date range, save the deposit, then make an actual physical deposit to a linked bank account for the exact amount of cash total I selected for that week. If your register is correct at the end of each night, you should have the funds to deposit. Then just match the deposit in the bank feed to the deposit you created in QBO with the imported  cash sales from square. You could do this daily, instead of weekly, on any schedule. You could also just record the cash being deposited into a petty cash account and keep it on hand.

Hope that helps.

I would like to do the same thing with third party delivery apps but Square sends all those sales to QBO as "CUSTOM", rather than "Cash" or "Credit Card", so I can't tell which sale was for which delivery app. It would be great to be able to create payment types that would be sent to QBO to differentiate where those sales are coming from.

Square?

[intoxibakes]

In doing a year-end review for us it was discovered we had to break out each of the Square transfers in Quickbooks into Gross Sales/Discounts/Refunds/Sales Tax/Square Fees/Square Capital payments.  This is for the deposits done for credit cards, but what about cash deposits? 

Are the taxes, fees, etc...included in the cash deposit that I take to the bank?  These are not automatically sent to Quickbooks through the terminal; rather, they are added as sales once I take them to the bank and deposit them.  Is there a report that breaks out my cash deposits similar to the Transfer Report?

Any help would be great - thank you!

[nika]

Hello @intoxibakes! The answer provided by @Rp3 on this thread may help you out. But there will never be any fees attached to any cash deposits that you take in. Let me know if you need any additional clarification aside from @Rp3's info above.

[intoxibakes]

Unfortunately the link to the thread isn't working........but what about taxes?  It is good to know Square does not charge fees on cash.  If I am putting in a cash deposit, it is safe to assume Square collected all of the fees and they were deposited with my card transactions?  Thanks for your help!!!

[Valentina]

Jumping in for @nika here - she was referring to the response above, and you can scroll up to see it!

To clarify, Square does not charge any fees at all when you accept cash, as you are simply recording the cash transaction using Square. You will be physically holding the cash, and we will not take any funds from the cash you receive. I hope this helps further clarify, but if you would like to learn more about accepting cash using the Square Point of Sale app, head to this page. Our fees are explained in detail here, if you'd like to gain a better understanding of when fees are deducted.

I'm not sure I understand what you mean when you say what about taxes, @intoxibakes. However, you can learn how to create and apply taxes for your Point of Sale app here, and Square Online website here.

[intoxibakes]

I appreciate the responses!  My question around the taxes is maybe better explained with an example.  😁

Let's say this is on the transfer report: 

Gross sales $540.21

Discounts   $-4.33

Tax              $40.13

Card total was $494.32

Gift card total was $25

Cash total was $56.69 -- for this total, are the sales taxes included or are they already covered in the $40.13 total above?

Hope this makes sense - thanks!

[Valentina]

This would be a better question for our team if you reach out by phone, as they can dig into your account and look at the report you are referring to along with you. It's a bit tougher to understand a transcription of the information included in the report, as provided above, @intoxibakes.

However - when looking at my own Sales Summary, it appears that sales tax is included in the Cash amount:

Net Sales $25
Taxes $3.75

Cash $28.75 = $25 + $3.75

[intoxibakes]

Thank you Valentina and everyone!😍

[Valentina]

Happy to be able to help @intoxibakes! 👏✨