Square QuickBooks Integration

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.

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.

Comparison of Square Vs QuickBooks

	Square	QuickBooks
Base Monthly Pricing	$0/month with advanced tiers and add-ons available	$30-$200/month
Products Offered	Square for Restaurants Square for Retail Square Appointments Square Payroll Square Online Store Square Cash App	QuickBooks Desktop Intuit Online Payroll QuickBooks POS QuickBooks Self-Employed QuickBooks Payments
Disadvantages	The fund holds, Some features lacking	No eCommerce, Sketchy customer support, High per-transaction fees
Advantages	Free, Intuitive interface, All-in-one platform, App Marketplace	Simple pricing, Robust features, Intuitive card reader
Ideal For	Small-to mid-sized businesses	Businesses with strong accounting needs
Payment Processing Cost	2.6% + $0.10 for contactless $3.5% + $0.15 for manually-entered payments	2.4% + $0.25 for swiped transactions, 2.9% + $0.25 for invoiced transactions 3.4% + $0.25 for keyed-in transactions

Key Features of Square and QuickBooks

Features of Square

Multiple Payment Options: You can accept all payment methods from whom your customer wants to pay like Credit Card, Apple Pay, Google Pay, Cards on File, Plastic Gift Cards, and Invoices, etc.

Customized Checkout: Square even allows you to customize your checkout as per your marketing strategies. It helps you to keep your queue moving and your customers happy. It offers customization features like customizable item Grids, Item Modifiers, Itemized Refunds, Categories, Item Import, etc.

Secure Payment: From a security payment point of view, The Square is very particular, about payments made by your customers. Because it follows the payment protection protocols like Fraud protection, Dispute management, & Monitoring, Encrypted payment, Payment Card Industry Data Security Standard (PCI DSS), 2-Step Verification, etc.

Key Features of QuickBooks

Record Financial Transactions: For budgeting purposes, QuickBooks enables you to enter recurring expenses like rent and wages as well as predict your upcoming revenue. Additionally, you may also connect QuickBooks to Online banking software to immediately reflect actual balance changes and transactions. It uses predefined templates like profit and loss spreadsheets or double-entry ledgers for financial records.

Reporting: QuickBooks' key advantage is how simple it is to create reports and graphs. You can create reports like profits and losses, balance sheets, and cash flow statements based on the data which you currently have. Additionally, you can also split and augment using graphs to identify items like your largest expenses.

Intuit Marketplace: Over 1,000 desktop and web-based programs that interact with QuickBooks are available on the Intuit marketplace. This allows users to share data rapidly and avoid duplicating data entry. these apps are also a great method for your company to save time and money.

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.

Get QuickBooks Arranged for Point of Sale Integration

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.

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Integrate Square and QuickBooks with an easy Step by step procedure

Step 1: Set up your QuickBooks

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 appear 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 the 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 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.

Integrate Square and QuickBooks by Importing/Exporting Transactions

Follow the steps below to export all your transactions from Square:

Step 1: Export all your Transactions from Square

Enter your Square login information.
Go to Sales > Transactions on the left menu.
The transactions that you wish to export (to your QuickBooks account) should all be selected.
Once all relevant transactions have been chosen, select Export > Transactions CSV.

Step 2: Import your Transactions to QuickBooks

Follow the steps below to import your transactions:

Enter your QuickBooks account credentials.
Select Import > Transactions > Sales Receipts from the "Files" menu.
Choose "Import from Square" under "Import Sales Receipts" to import Square receipts.
Choose the bank connected to the specific Square account, then choose the file you exported from Square (in the previous step).
Make sure the tax rates you choose match the tax rates you've set up in your Square account for the transactions you've just chosen.
When you're finished, select "Import" after clicking the "OK" button.

Alternative Methods to sync Square with QuickBooks Online (Commerce Sync)

First, sign in to your QBO account and then select “My Apps”
Under 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 the 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 the 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.

FAQs

Does Square QuickBooks integration work with QuickBooks Desktop?

No, Square QuickBooks integration is specifically designed for QuickBooks Online. If you're using QuickBooks Desktop, you may need to explore other third-party integration options such as Connex.

Note: Connex for QuickBooks Desktop is a SaaS (software-as-a-service) order syncing tool that enables small business owners and accountants to automatically sync orders from our supported integrations to desktop versions of QuickBooks.

How can I troubleshoot issues with Square QuickBooks integration?

In case, you encounter any issues, you can our QuickBooks integration expert team for a troubleshooting guide. They will assist you in resolving your problem.

What is Square QuickBooks integration?

This is a process to connect Square account with QuickBooks, and it allows seamless synchronization of sales, transactions, and other financial data between Square and QuickBooks.

Does QuickBooks integrate with Square?

QuickBooks Online empowers you to manage your business seamlessly from a single platform. You can effortlessly monitor your sales and expenses, handle payroll for your employees, and much more. By utilizing the free Connect to Square app, you can seamlessly integrate your Square account with QuickBooks Online, streamlining your accounting tasks. For additional details, please visit the QuickBooks Online Connect to Square website.

How does Square payroll integrate with QuickBooks?

Integrate Square Payroll with QuickBooks Online
1. Log in to your online Square Dashboard and navigate to Staff > Payroll.
2. Click on Settings > Intuit QuickBooks Online.
3. Select Connect.
4. Click Authorize.
5. Map each Square Payroll category to its corresponding QuickBooks Online category.
6. After mapping all the categories, click Save.

What payroll provider does Square use?

Square collaborates with AP Intego to offer pay-as-you-go workers' compensation coverage to employers using Square Payroll.

Square QuickBooks Integration