Intuit introduced QuickBooks, an outstanding accounting solution to make accountancy fast, easy, and error-free for small and mid-sized businesses. Every year with the latest releases, it comes up with new and advanced tools containing various features to deal with day-to-day accounting issues.
In simple terms, QuickBooks plays a major role in running and managing your business and keeping it hassle-free. Apart from that, an integration feature also plays an important role in your business to make your workflow more effortless. Handling two applications at a time can be time-consuming and burdensome at some point in time.
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That’s why we have come up with this article to discuss one such robust integration called “Square QuickBooks Integration”. This powerful integration allows you to manage your finances more efficiently, ensures the accuracy of the books, and saves time on reconciliation. Continue reading this article till the end to know everything about this integration.
What is a Square?
Square is a company that helps people with their payments and business management. In 2009 two entrepreneurs Jack Dorsey and Jim McKelvey created. Square has a unique app called Square Point-of-Sale. In 2021 Square changed its name to Block, Inc. Square’s stock price has grown a lot since it first became a public company. It grew more than 2844% within just six years of its initial public offering (IPO).
What is QuickBooks
QuickBooks is the most popular software for accounting and managing expenses or keeping track of daily health. In this, you can prepare invoices for customers, and pay bills, reports, and taxes. Multiple solutions are available to support a variety of business requirements, including in QuickBooks Product List: QuickBooks Online, QuickBooks Desktop, QuickBooks Payroll, QuickBooks Time, or QuickBooks Checking.
Syncing Square with QuickBooks
It’s a one-way connection that categorizes sales and expenses and imports sales transactions from Square into QuickBooks, but not the other way around.
Advantages of integrating QB and Square:
- All Square payment processing fees are synced in the form of a QuickBooks custom report.
- Automatically update inventory when you add stock to your QB.
- Each product’s sales, taxes, discounts, and offers automatically get updated in QuickBooks overnight, providing you with a comprehensive view of your previous day’s sales as well as prospective monthly and yearly sales.
- No further manual data entry is required.
- Ability to record fees associated with Square as a separate bill transaction.
- It keeps your book up to date by comparing all of your transactions, whether refunds or payments to your bank statements, ensuring that your business is error-free.
- Map sales tax to particular items in QB for proper sales tax filing.
- Significant customizations are also available off-the-shelf.
- When you make a sale, the product and transaction information get automatically saved in the form of an invoice so you can refer to them in the future.
- Easy to handle products between your QuickBooks and Square store.
Disadvantages of Integrating Square and QuickBooks
Here are the listed disadvantages of integrating Square and QuickBooks:
- Before integration between Square and QuickBooks, you can’t analyze your transactions. Especially when you urgently need to generate a report.
- You can’t import any customer’s personal details like Email addresses, etc. when during Square QuickBooks Integration.
- Sales appear as payments/invoices rather than being specific to the payment platform.
Important points to keep in consideration before you integrate
- You must log in as an Administrator and use single-user mode in QuickBooks.
- Make sure QuickBooks is installed on your computer.
- It is recommended that you reboot your computer before running the software.
- The corporate files that you want to sync should be available during installation.
- This integration requires Windows 7, 8, or 10 on your system.
Supported Triggers and Actions
Triggers
| New Customer Triggers when a new customer is created. | New Order Triggers when a new order is processed. |
| New Account Triggered when you add a new account. | New Bill Triggers when a new bill is added. |
| New Customer Triggered when you add a new customer. | New Estimate Triggered when you add a new estimate. |
| New Expense Triggers when a new expense is added. | New Invoice Triggered when you add a new invoice. |
| New Invoice Triggered when you add a new invoice (with line item support). | New Sales Receipt Triggered when a new sales receipt is added (with line item support). |
| New Payment Triggered when a payment is received (with line item support). | New Purchase Order Triggers when a new purchase order is added. |
| New Sales Receipt Triggered when a new sales receipt is added. | Updated Customer Triggered when an existing customer is updated. |
| New Vendor Triggered when a new vendor is added. |
Actions
| Create Customer Creates a customer. | |
| Create Bill (Item Based) Create a new bill, optionally tied to a customer. | Create Bill (Account Based) Create a new bill, optionally tied to a customer (with line item support). |
| Create Bill (Item Based) Create a new bill, optionally tied to a customer (with line item support). | Create Credit Memo Creates a new credit memo. |
| Create Customer Adds a new customer. | Create Estimate Create a new estimate (with line item support). |
| Create Expense Creates a new expense using check, cash, or credit card. | Create Product/Service Creates a new product or service. |
| Create Journal Entry Creates a new journal entry. | Create Invoice Adds a new invoice (with line item support). |
| Create Sales Receipt Adds a new sales receipt (with line item support). | Create Payment Creates a new payment, optionally linked to an invoice. |
| Create Purchase Order Creates a new purchase order. | Create Refund Receipt Creates a new refund receipt. |
| Send Invoice Send an existing invoice. | Send Sales Receipt Send an existing sales receipt. |
| Create Time Activity Creates a new single time activity. | Update Customer Updates an existing customer. |
| Update Invoice Updates an existing invoice (with line item support). | Create Vendor Adds a new vendor. |
| Find Account Find an account by name. | Find Customer Find a customer by name or email address. |
| Find Invoice Find an invoice by number. | Find Product(s) Find a product by name (with line item support) |
| Find Vendor Find a vendor by name. | Find or Create Customer Finds or creates a specific customer v2. |
| Find or Create Vendor Finds or creates a specific vendor. |
Few Restrictions: Square QuickBooks Integration
As you are already aware that QuickBooks and Square integration is a powerful integration, it’s also important to analyze a few drawbacks of this integration.
Let’s check out the below listed points:
- There isn’t a regular transaction report to be found.
- With the help of Square, a QuickBooks invoice cannot be charged.
- The information about a buyer, such as their name or email address, cannot be imported.
- It is not possible to assess transactions prior to their import.
- Invoices and transfers to QuickBooks are used to import square sails.
Integrate Square and QuickBooks with easy Step by step procedure
Step 1: Set up your QB
Before you download the Sync with Square app, you need to set up a few things in QuickBooks:
A. Connect your Bank Account
Connect your bank account Square uses to deposit money from your sales, if you haven’t already:
- Go to the Banking section
- Select the option “Add account”
- And then perform the steps to connect your account which you use to process Square Sales payments.
B. Turn on the Sales Tax Center
Turn on the Sales Tax Center option if you haven’t already. The feature must be turned on even if you don’t collect sales tax for the sync to work.
It’s not necessary to select a sales tax rate. When you download fresh transactions, QuickBooks takes care of everything.
- Go to the Taxes menu and then select the tab called “Sales Tax”
- Next, select the “Set up Sales Tax”
- And then follow the instructions that appears on your screen to set up the future
- Make sure that you add the same sales tax agencies that you use for Square transactions.
C. Create a new account in QuickBooks
Follow the steps to create new accounts in QuickBooks if you don’t already have them. These are where you’ll keep track of your Square sales, expenses, and fees. You can use the default account settings and names.
D. Import Square products and services
You can import your Square product and service items into QB if you want it to use them. Open Square and save as a .csv file with your items and services. Then return to QB. Import the list from the Products and Services menu.
Keep in mind that until you import your existing Square product and service items, everything will be labeled as a “Square item.” You’ll have to do it manually.
Step 2: Get the app
You can download the Sync with Square app once everything in QuickBooks is set up:
- Go to the App Centre >>> Sync with Square landing page
- And then choose the option “Get App Now”
- With this integration will start
- From the drop-down, choose the company file that you want to connect
- Sign into your Square account with the same sign-in that you use for www.squareup.com
- Now, go to the Basic Settings window, select the Bank and Expenses account that you use to process your payments in Square
- Next, select the default Payment Method
- Create these accounts in step 1: Setup QuickBooks
- Once you’re done then select the “Save Changes”
- Change the settings that you require on your next screen
- When you are ready, select the “Continue” tab.
Step 3: Get the transactions
QuickBooks downloads your Square transactions automatically after you connect the app. In QB, you don’t have to manually generate new Square transactions. Square automatically downloads everything for you. At the end of every day, QuickBooks downloads fresh/new transactions.
Step 4: Manage the Settings
Change the settings once you connect the app, if required:
- First, sign in to your QuickBooks company and then select the “My Apps” tab
- Under the Sync with Square tab, select the Settings
- Next to Basic Settings, select the Edit to change the default bank and expenses account or the payment method
- Now, select the “Edit” tab which is next to Defaults for unmatched items to update your income account and sales tax code
- At last, select the “Save changes” button.
After you save your changes, all future transactions will use your new settings. Old transactions won’t use the new settings.
Alternative methods to sync Square with QuickBooks Online (Commerce Sync)
- First, sign in to your QBO account and then select “My Apps”
- Under the Sync with Square, select the Settings
- Next, click “Run” which is next to the manual report
- Choose a date range for transactions that you want to import manually
- At last, click “Run”.
Steps to Install Commerce Sync
- Initially, sign-in to Square account
- Go to the Apps option which is available in your account
- Find the Commerce Sync app and select the option to get started or start the app
- To give permission, click “Allow”
- To each location, you have to connect to “Commerce Sync”
- After that, download and then run the Commerce Sync Installer
- When the installation is completed then open it and hit “Run”
- Once done with that then you have to log in to your Square account
- Also, make sure that QB is open with correct company file
- To continue, hit “Yes” followed by “Done”
- Now, enter your billing details and your 15-day trial will start
- Once again open it in order to review the Settings, after the sync is complete.
Conclusion
With Square QuickBooks Integration, you can get a smart and simple way to bring your Square transactions into QuickBooks. This seamless integration automates complex business workflows within minutes and makes your entire workflow effortless.
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