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How to Reconcile Square Deposits in QuickBooks 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


1) Setup QuickBooks for Reconciliation:


Step 1: Create a Bank Account named "Square Bank Account" (or name it as needed) in QuickBooks. 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 or upload the Bank Statement in QuickBooks. The downloaded transactions will be available in the bank review section.



2) PayTraQer Setup


Step 1:  Connect PayTraQer with your QuickBooks (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 (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 Bank Review


Step 1: Navigate to the Banking Section in QuickBooks, 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 Reconciliation

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


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


Step 3: Start the Reconciliation Process.



Reconcile Square account


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


PayTraQer Square Reconciliation


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