faxabely nelwinah jaidan

[Karon Howey]

I have integrated Square with Quickbooks online and so far it's very good. One issue though is that I was approved and received a Square loan. To repay the loan there is a percentage taken from every day credit card transactions which is great, except there is no "payment" or fee shown in the data synced with quickbooks. I can access the square loan payments on square but that information isn't being exported to quickbooks. So, my question is why not? and secondly, what is the work around if other sellers have the same issue? Do I create "liability account" and then manually enter payments in quickbooks? That doesn't seemt right since i'm not receiving the money, rather it's being taken off the top prior to deposit. Please help.

I figured this out. Go to "banking" on quickbooks online, open the bank account that transactions are deposited in, open "register" for that account and double click on a Square deposit. It will open up a list of all transactions except only the transactions associated with the specific deposit you opened will have a green check mark by them. You then change the "payment method" to credit. You may have to scroll through and open up another page to find all the check marked transactions. After that the relevance to this topic appears. Scroll to the very bottom of the deposit page and you will see "other fees" or something like that and there you will see the Square fees and the Square Payment fees. So I created a liability account called Square Loan so I can change the category of those square payments to that liability account and it subtracts from that deposit automatically. Does that make sense?

Hey @pozitiveheating, thanks for checking in here. I went to look for updates on our end, but there aren't and developments that I can access and share out. If you haven't already, you may want to touch base with QuickBooks directly for additional advice. Apologies for any frustration, and thanks for your patience as we work with our partners to improve.

We just went through this and with the Quickbooks experts we decided it was best to reconcile monthly with a journal entry. I just pull the report from the Square loan screen, export it to Excel, add it all up, and then deduct from an account that we created Loans. We also added the origination fees to the Loan account so it all adds up when we finish paying it all back.

Although Square integrates with Quickbooks, all API functions (including what information is extracted from Square) are operated and managed by Quickbooks. It seems as though they only provide information based on what is actually deposited into your account.

I don't think you understand the problem. It would make more sense for square to take a payment and then charge a fee for Square Loans repayments in exactly the same way that you would with transaction fees. There is no data trail. Does that make sense? When transactions are imported to Quickbooks, the transaction fees too are imported. If square loans payments were treated the same way it would too be imported. The solution now is that I have to get creative with my accounting to show that the money deposited from Square is a loan and then create income that is being taken off the top for repayment and then create a new expense to balance that out and then a separate expense for interest. That is doable but not efficient.

So to clarify, you'd rather see the Loans repayment removed in the same way that the transaction fee is removed on a per-payment basis, which would lead to easier import into Quickbooks rather than the way that it's currently set up with daily percentage of sales?

Sort of. It doesn't matter when or how it's taken out but that it is reflected in the sales report that it is a payment being made. If you open the daily sales report it breaks down everything, discounts, refunds, sales tax, each payment method, transaction fees and in a perfect world for me it would also include "Square Loan Payment" and that data would be exported to any accounting software and then linked to the original loan deposit. Does that make sense?

Hi there, @KaeMc I can step in here for Helen and Tom. Based on Tom's answer above, it sounds like he wasn't able to find any helpful resource to share here. We would suggest you reach out to Quickbooks directly for more support.

I created a liability account with the amount of the square loan. When a square deposit comes through you select edit. Scroll down through all the transactions and you will see all the square fees and square payments. Change each of the square payments to link to the liability account you created. Once the balance was paid I then changed the remaining interest payment to "interest paid". It's a lot of work but it does work.

I am taking over the books for a business from another bookkeeper. It looks like the Square Loan Payment has already been assigned to an EXPENSE account (incorrectly), and daily automatic transfers are taking place with each loan payment going to this expense account in Quickbooks. I tried to figure out how to change that assignment into a liability account, but to no avail. Does anyone know know where that assignment is done and how to edit the assignment?

I am trying to figure out this square syncing with quickbooks thing and it is driving me nuts. I can't seem to figure out what it is doing. I did like you said. Went to banking, double clicked on the deposit that "matched" and the "transactions" that are supposed to be associated with this does not pop up. If I click on Edit then then "Deposit" page pops up and there are transactions checked under deposits that do not match up to the amount ... but it "matches". Then if you scroll down there are some "other" transactions but done of those have like the tax amount or the payment amount. I have tried calling quickbooks and Square but each one is no help and tell me I need to call the other one. Very frustrating.

To begin with, I have marked "exclude" on the loan deposit in Quickbooks, so the program doesn't count it as income. (Depending on the version of Quickbooks you have, it may allow a more elegant way of designating the loan money so as not to count as taxable income.)

I then create an expense transaction in Quickbooks, under cash accounting, for the amount of the loan fee. I name it "Square Loan Fee", and upload a copy of the loan agreement as the "receipt" to prove the expense.

After that, I just use the amounts deposited to my bank - exactly as Quickbooks sees them - to calculate my business revenue/proft. Although this doesn't track the amount spent on fees, that amount would be tax deductable and subtracted from your revenue anyway. I personally don't think it's worth creating separate accounts to "do it right", since the numbers work out the same and records exist for regulatory agencies to peruse if they were to raise questions.

The only thing special I do is related to sales tax (assuming you have to collect them in your location). Using the amount deposited in the account to calculate sales taxes owed would shortchange the government (since the deposits are less than the actual sales). So instead, I just download a CSV file showing a summary of transactions, which easily provides the sales tax total.

I'm having a hard time to reconcile my loan in Quickbooks.

I took a couple loans last year. What is the best way to record these loans?

know that when I imported the Transactions >> Sales Receipts, they were all added accordantly to QB. However, when Square deposits the sales of each day it deducts the payment accordantly towards the loan. So when I try to reconcile the month the money that goes towards loan payments is missing.

> If there isnt already an existing integration, how do you get around it to sync with each other?

Are you able to export CSV files from QB Online Plus? If so, you could then import that data into your Airtable base.

After that you could use a third party automation tool like Zapier or Make to keep the data in sync by identifying each piece of data's unique ID and using that to identify their respective records in Airtable

Here's a link to the Zapier QB Online Plus page that has some examples of the triggers and actions

Just an FYI that I try to get everybody off of Zapier and onto Make's advanced automations & integrations, because Make is a tiny fraction of the cost of Zapier and yet it is infinitely more powerful & customizable than Zapier.

Even more importantly in your situation, using QuickBooks with Zapier is much more difficult and much more limited than using Make. Just as one example, it is extremely difficult to create invoice line items in QuickBooks with Zapier, whereas it is built into the product & very easy to do in Make's QuickBooks automations. Make offers about 50% more functionality with QuickBooks than Zapier.

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