Integrating QuickBooks with Square is very easy and is just a few clicks away. It lets you synchronize Square data with QuickBooks Online.
Also, it synchronizes Square Customers, Payouts, Sales, Taxes, Fees, etc., with your QuickBooks Online, keeping books accurate and precise is easy without manual data entry annoyances.
You can import expenses and sales from your Square payments, view historical data, sync Square Payroll Reports, etc.
Steps for Integrating QuickBooks Online and Square
Follow the mention steps to connect QuickBooks online to Square
Total Time: 25 minutes
Step 1: Set up QuickBooks
First of all setup your QuickBooks Account.
Step 2: Connect your Bank Account
Now, connect your Bank Account. Create new accounts in QuickBooks, if you haven’t previously.
Step 3: Sync with Square
Go to Sync with Square landing page on the App Centre. Now, select Get App Now.
Step 4: Intuit and Sync with Square
A pop up will emerge to authorize your data sharing between Intuit and Sync with Square. Now, select Authorize.
Step 5: Login with Square Credentials
Sign in using your Square credentials, and if you do not have a Square account, select Sign up.
Step 6: Change Settings on Import Square Transactions Page
From the Import Square Transactions Page, you can open transactions, import, or change settings. Select Settings to change the accounts you would like to be affected by this import at the bottom of the page.
QuickBooks Online views for the last day you processed transactions. It will provide you a day’s worth of transactions so you can test drive the imports.
If you have not processed anything in over 15 days, you will not see transactions till the day you process a transaction using your Square account.
QuickBooks and Square Integration Features/Advantages
- No further manual data entry. Sales, taxes, tips, fees, and discounts are imported into QuickBooks accounts overnight.
- Automatically update your inventory when you add stock to your QuickBooks.
- Automatically update your inventory in QuickBooks with each Square sale.
- You can record your Square related fees as a separate bill transaction.
- You can handle refunds & cancellations and create credit memos against the original sale for accurate transaction-level accounting.
- You can update prices once in QuickBooks and use automated rules to keep prices updated on your Square.
- Map sales tax to particular items in QuickBooks for proper sales tax filing.
- It allows multi-user with customized permissions.
- It lets you easily handle products between QuickBooks and your Square store.
- Significant customization are also available off-the-shelf.
Frequently Asked Questions
How can I Export from Square to QuickBooks?
Step 1: Sign in to your QuickBooks Online, and select My Apps.
Step 2: Select Settings under Sync with Square.
Step 3: Select Run next to Manual Import.
Step 4: Select a date range for the transactions you need to import. But don’t select dates you already have transactions for.
How are the transactions imported? Select Run.
How are the Transactions Imported?
Every day, all sales recorded inside Square are brought over to QuickBooks as an invoice, with the pertinent details including item name and quantity sold, shipping charges, discounts, and taxes.
How do I Enter a Square Payment in QuickBooks?
Step 1: Open the invoice and click on the Receive Payment button.
Step 2: Now enter the payment date and the payment method.
Step 3: Select Undeposited Funds in the Deposit to the field.
Step 4: Now, click Save and close.
Step 5: Click the + New button and choose Bank deposit.
Step 6: Now, select the bank account in the Account field and enter the Date.
How do I Reconcile my Square in QuickBooks?
Step 1: Create an invoice for the customer.
Step 2: Now, click on the receive payment button.
Step 3: Then go in and add an expense that matches the fees in Square.
Step 4: Next, match the transaction for the deposit and create a “transfer.”