The best way to ensure that all your Square transactions like fees, sales, and refunds on the square are accurately tracked and recorded, is by Reconciling Quickbooks with your Square deposits. In a layman's language, you need to sync all your Square deposits/transaction data, refunds on Square, and square invoices into your bookkeeping solution that is Quickbooks. 

In this article, We have explained in detail the related topics like how to reconcile bank statements in Quickbooks, how to record Square fees in QuickBooks, and how to reconcile Square in Quickbooks, connecting PayTraQer with Quickbooks, Connecting Square deposits with PayTraQer, matching square deposits in Quickbooks and more.

How to reconcile square in Quickbooks

Retailers use multiple cloud accounting solutions to aid them in reconciling Square statements and transaction data in Quickbooks Online. However, PayTraQer is known for its robust QuickBooks reconciliation features. Also, the easy user interface at SaasAnt PayTraQer makes it an ideal choice to reconcile Square in Quickbooks. Using SaasAnt PayTraQer, Quickbooks online automation, all income payment transactions including expenses and payout entries can be managed accurately, leading to a hassle-free Quickbooks Reconciliation. It further eliminates the necessity of manual data entry. Most of the brick and mortar companies opt for PayTraQer, as it is the industry's best approach to avoid any reconciliation mishaps.

Steps to Reconcile Square in QuickBooks

There are a few simple steps to be followed to reconcile Square deposits in Quickbooks.

First and foremost, you need to set up your bookkeeping solution for Reconciliation. And to do this, follow the below-mentioned steps.

• Create a bank account specifically to record your Square transactions, payments, statements, reports, sales, and fees. Create your bank account as 'My Square bank account' or any name of your choice.

• Note that your current account or checking account is not directly used to record your Square statements. If not, several issues based on reconciling the Square fees might appear in case of direct documentation.

• Upload your bank feeds/statements in Quickbooks. To set up the bank feeds, the transactional data are available in the bank review section.

Connecting PayTraQer with QuickBooks

Before getting started to sync PayTraQer with Quickbooks, there are certain prerequisites for PayTraQer are required.

To connect PayTraQer with your QuickBooks online, make sure to have it ready with the below-mentioned requirements.

• You need to have an active bank account for your payment processors (Square, Stripe, and Paypal). In this case, you need to have an active Square bank account to record all your Square sales. No Sandbox accounts are allowed to sync the payment processor in Quickbooks.

• Next, you will require a valid Quickbooks Online account. Make sure you are registered as the master admin or master accountant.

Now to add Quickbooks companies to PayTraQer, you can follow two methods:

• Intuit App Store

• QuickBooks Apps Menu

1) From Intuit App Store:

• In the Intuit app store, click on the 'Get App' button, type PAYTRAQER in the search bar.

• Authorize "PayTraQer" to connect with your QuickBooks Account.

2) From QuickBooks App Menu:

• Log in to your Quickbooks account.

• In the 'Apps' menu, click on the 'find apps' tab.

• Type 'PayTraQer' in the search tab.

• Select the PayTraQer option and authorize "PayTraQer" to connect with your QuickBooks Account.

Connecting Square with PayTraQer

You need to follow the below-mentioned steps to connect your Square with Quickbooks using PayTraQer.

1) Connect your Square company.

2) Once the Square company is added, you can find all the historic transaction data (30 days) automatically in the transaction dashboard. To add transaction data before 30 days, click on the 'Download Historical Transactions' button.

3) Turn on the 'Check Duplicate Transactions' to ensure that your transaction data isn't recurring with unnecessary duplicate files. This also helps you tabulate the transaction data accurately.

4) Head to the sync settings, where a plethora of comprehensive sets of settings are available to record your Square sales accurately. 

There are two ways to sync your Square Transactions in Quickbooks

• Auto-sync

• Manual-sync

Auto-sync: You can automate your on-going transactions without any manual intervention, and achieve error-free reports of your Square Transaction data anytime. Turn on the 'Sync automatically' to enable this automation feature.

Manual Sync:

Here you are required to import the historic or current Square Transaction data manually in the Transaction dashboard. In this method, you get complete authority in choosing the files that need to be synced. These synced files are then made available in the Synced/error tab with additional required information in the transaction dashboard.

In case of any issues or glitches, you can always withdraw or roll back your synced transactions.

Once you successfully synced your Square account into Quickbooks, PayTraQer automatically detects the Square fees in your transaction data and records them in QuickBooks Online.

There are a host of smart synchronization functions within PayTraQer to make your 'Sync' accurate and reconciliation ready. 

• Auto-Create function: This is to create Customers/ Items/ Vendors that are not available in your QuickBooks during sync.

• Tax Management: This function is to configure/ auto-detect QuickBooks tax rates to manage the tax during sync.

• Multi-Currency:  Here you can manage and record all your Sales/ Expense transactions associated with multiple currencies.

• Undo/ Rollback: If you would like to undo the sync partially/ completely, you can do so with a single click by clicking the "Undo Selected" button. This way you have complete control over your synced data. After clicking the Undo button, you can choose to undo either the synced transaction alone or transaction with the created list entity (Customer, Item, etc.. ) as well.

Configure the sync settings for Sales, Expense, Fees, Items &  square Payouts, and Record (Sync) the transactions from Square to QuickBooks.

Make sure to select the same bank account ("My Square Bank Account" or created Bank Account) for Sales, Expense, Fees, Items & square Payout while providing the setting information.

How to Record Square Transactions into Quickbooks

Once you configure the sync settings for Square fees, sales, Square payouts, and items, you will need to sync the respective information in Quickbooks.

• Open the square invoice and click on the 'Receive Payment' button.

• Enter the payment date and the payment method.

• Select Undeposited Funds in the Deposit to the field.

• Click Save and close.

• Click the + New button and select Bank deposit.

• Select the bank account in the Account field and enter the Date.

How to Record Square Fees in Quickbooks

Similarly, let's also learn how to record your Square fees in Quickbooks. Follow the below-mentioned steps to achieve sync.

• In your Quickbooks account, click on the accounting button situated on the left side of the panel.

• Select Chart of Accounts.

• Find the account under which you are recording your square fees (My square bank account) or Account Square Fees.

• Click on 'run report'.

• Click on any of the recorded QuickBooks square fees and go to the imported record.

Match Square Deposits in QuickBooks Online

To match the Square deposits in Quickbooks Online, you need to conduct a Quickbooks bank review. Follow the below-mentioned steps to achieve the same.

• Head to the Transfer-Transactions of Square bank account in the banking section, you will notice that the deposits match with the transfer transactions. Make sure to disable the Payout processing in PayTraQer to achieve these matched results. 

• Click the "Match" link to accept the transactions.

• In case the transfer transaction details are missing, you can create them in the Bank Review screen.

Reconcile Quickbooks | How to reconcile bank statements in Quickbooks?

Finally, complete the Quickbooks Reconcile procedure by following the below-mentioned steps.

• Head to the bank reconciliation page in QuickBooks.

• Submit a statement balance amount and statement date.

• Indicate if any finance charges exist.

• Start the Reconciliation Process.

When you are done with Quickbooks Reconcile, Quickbooks automatically matches the Square transfers and deposits and notifies you as reconciled. Now, Your current/checking account has matching records of Square fees, Square Invoices, Square Sales receipts, Square expenses as recorded in Quickbooks.