Registering Square fees or payments in QuickBooks has a great advantage for a business. Not only does it assists the users to sync the particular transactions, but also helps the users to put the details manually in case doing it automatically is not possible. Recording of fees and payments is doable in QuickBooks Desktop and QuickBooks Online. All you need to know is the right steps to do it.
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We will highlight the steps showing how to record square fees in QuickBooks. Not to mention, you will learn how to record the Square payments in the software and its other versions too. This blog will show the benefits of recording the square payments in this accounting software too.
What are the Benefits of Recording Square Payments in QuickBooks?
The three benefits of recording Square payments in QuickBooks. Such benefits include:
- The software syncs your transactions like deposits, payments, and the refunds with your particular bank account.
- It is possible for you to import your square sales automatically. Such square sales include discounts, tips, taxes, invoices, etc.
- To see the data conveniently, the product, sales, and items-related information are saved in QuickBooks.
How to Record the Particular Square Payments in QuickBooks Online Manually?
It is possible to record your Square Payments in QuickBooks Online manually. The refunds, sales, and deposits can be added manually. This, in turn, will assist you in remembering all the transactions.
Steps to Record the Square Payments in QuickBooks Online
Step 1: Choose the Gear icon.
Step 2: Press on Chart of Accounts.
Step 3: Click on New for making a new account.
Step 4: From the given drop-down in the Account Type, choose an account type.
Step 5: A drop-down that says Detail Type will show up.
Step 6: Select the right-fitted detail type for your particular transactions that you need to track.
Step 7: Give a name to your particular account.
Step 8: Add a description.
Note: Make sure the account is sub-account, choose “Is sub-account”. No, you need to add the parent account
Step 9: Wait for a particular drop-down box to come up that will state, “When you wish to Start Tracking your Finances from this particular account in QuickBooks?“.
Step 10: From the particular drop-down, search for Today and press on it, if you wish to begin tracking the transactions.
Step 11: If you wish to begin it on a different day, click on Other.
Step 12: Add the date you wish the tracking of transactions to begin from the option, Select a Date.
Step 13: Now, you need to complete the Account Balance in the remaining field of the dialog box.
Step 14: Press on Save.
Step 15: Now, Close the particular box.
Steps to Record the Square Payments in QuickBooks Desktop
The method of recording the Square fees in QuickBooks Desktop is easy. You need to do as per the steps given once you have synced the Square account with your particular QuickBooks Desktop account.
You need to add the details like the date of payment and the process to pay the particular invoice. Post this, the fees will be added.
The steps given below will make you learn how to record the particular square payments in QuickBooks Desktop:
Step 1: Navigate to the QuickBooks Home page. Press on New.
Step 2: Choose Receive Payment.
Step 3: A drop-down will come up naming Customer. Check it.
Step 4: Choose the Customer Name from the given drop-down.
Step 5: Choose the Payment Date and the particular Payment Method.
Step 6: You will need to locate a drop-down list, Deposit to.
Step 7: Now, from this position, press on Undeposited funds.
Step 8: In the particular Outstanding Transaction box, you will need to add a checkmark on the particular invoice that is needed to be paid.
Step 9: Choose Save and Close.
Can you now record square fees in QuickBooks?
Recording Square payments in QuickBooks Online is perhaps the best way to record any given transactions. It assists you to create an invoice for the customers. Also, it offers many advantages to your business. We have talked about the steps to record the particular square payments in QuickBooks here, along with its versions.
Still, if you are having any doubts or if you think you need help in understanding the steps, just connect with Dancing Numbers experts via LIVE CHAT.
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How to Record the Particular Square Payments in QuickBooks with Invoice?
Recording Square payments in QuickBooks with invoices aid companies to make an invoice for customers. QuickBooks gets the details of the Square Transactions by downloading it. The transactions are synced automatically hence making an invoice will not consume a lot of time. Once the invoice is being made, Square payment can be added to it respectively.
Here are the steps to record the particular square payments in QuickBooks with the invoice. Please follow them:
Step 1: On the left side of the QuickBooks Home screen, choose Banking.
Step 2: After choosing banking, you will get a tab that says, For review. Press on it.
Step 3: Below that, the information of the square payments will be shared.
Step 4: See if the particular transactions are right or not.
Step 5: Once it is all checked, press on Match on the right side of that row.
What are the two Processes Present to Sync your Particular Square Transaction in QuickBooks?
The two methods that are available to sync your Square Transaction in QuickBooks are as follows:
In this type of method, you can easily monitor the transactions that are ongoing minus any manual intrusion. Hence, you receive error-free reports of the Square Transactions data absolute on time without late. To allow its automated feature, kindly turn on the button that says Sync Automatically.
In this type of method, the user is required to send the historic or the present Square Transaction data via the transaction dashboard manually. Here the user has the benefit of selecting the files that are needed to be synced.