I run my business in pacific time. However, Square generates their 1099 based on GMT. This is so they can provide a consistent report for companies that have facilities in multiple timezones, understood, that makes sense. However, the reports they provide via Reports->Sales Summary default to the local timezone so when I enter my sales into my books my numbers in my P&L are different than theirs on their 1099. I figured the simple way to resolve this discrepancy this would be to enter my sales into my books in GMT and since they provide a feature to change the timezone of the reports this was going to be straightforward. The other benefit would be that I could change my bank deposit cutoff times and my bank deposits would then correspond to the values shown on the daily reports as well simplifying bank reconciliation. To explain this, 4:00pm PST is midnight GMT, so if I simply change my deposit cutoff time from 5:00pm to 4:00pm then my bank deposits will be cutoff at midnight GMT so they should also correspond to the Daily Summary report running on GMT. I would only have to remember to change this cutoff time twice a year when DST starts and ends. So then everything, bank deposit report, my P&L and the Squareup 1099 should all be the same. The only discrepancy would be deposits that occur on Monday from sales that happen over the weekend. All good so far.
However, when I created the custom reporting time period for GMT the detail from the report that I used to create the entry in my books is wrong. The summary in the graphs at the top of the report showed the correct dollar amount, but the detailed values at the bottom were wrong as you can see from my example report. My workaround is to use a report that I wrote from my order management system database that correctly cuts off the sales at midnight GMT and ignore the Summary report from Squareup since it is wrong. I only started doing this and have less than a week of data but it appears that it is working correctly.
