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How to Reconcile Square Deposits in QuickBooks Online using PayTraQer?

You can reconcile Square transactions/statement in minutes with QuickBooks Online using PayTraQer

It is always better to follow the industry's best approach to avoid the reconciliation nightmare.

Follow the steps to Reconcile Square Deposits in QuickBooks Online

1) Setup QuickBooks Online for Reconciliation:

Step 1: Create a Bank Account named "Square Bank Account" (or name it as needed) in QuickBooks Online. This account will be used to record your Square sales & Square fees.

Step 2: CHECKING ACCOUNT/CURRENT ACCOUNT should not be used directly to record your Square sales as it will create numerous issues in reconciling the Square fees.

Step 3: Setup the bank feeds in QuickBooks Online or upload the Bank Statement in QuickBooks Online. The downloaded transactions will be available in the bank review section.

2) PayTraQer Setup

Step 1:  Connect PayTraQer with your QuickBooks Online (How to?)

Step 2: Connect Square with PayTraQer (How to?)

Step 3: Configure the sync settings for Sales, Expense, Fees, Items & Payout (How to?).

Step 4: Record (Sync) the transactions from Square to QuickBooks Online (How to?).

While providing the settings, you need to select the same bank account ("Square Bank Account" or created Bank Account) for Sales, Expense, Fees, Items & Payout.

Configure Square Sales settings with your Square Bank Account 

paytraqer Square Sales settings

Configure Square Fees settings with your Square Bank Account

paytraqer Square Fees settings

Configure Square Expenses settings with your Square Bank Account

paytraqer Square Expenses settings

Configure Square Payout settings with your transfer sales account

paytraqer Square Payout settings

Step 3: QuickBooks Online Bank Review

Step 1: Navigate to the Banking Section in QuickBooks Online, you could see that the TRANSFER transactions of "Square Bank Account" is matched against your deposits. These TRANSFER transactions won't be created if you have not enabled Payout processing in PayTraQer.

Step 2: Click the "Match" link to accept the transactions.

You can also create TRANSFER transactions directly in the Bank Review screen if it is not available.

PayTraQer Square bank account

Step 4: QuickBooks Online Reconciliation

Step 1: Navigate to the bank reconciliation page in QuickBooks Online.

Step 2: Provide a statement balance amount and statement date.

Step 3: Start the Reconciliation Process.

Reconcile Square account

QuickBooks Online automatically matches the transfers and deposits and marks the transactions as reconciled. Now QuickBooks Online Square sales (Invoices, Sales Receipts) and Square Expenses (Fees, Expenses) are properly matched with your checking account.

PayTraQer Square Reconciliation

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