Many applications have extensions that enable a one-way or two-way synchronization with QuickBooks Online and QuickBooks Desktop. Square is one such widely used sales solution that integrates with QuickBooks. Many extensions enable the direct flow of data from Square to QuickBooks. With these extensions, details about items, fees, transactions, and other data are automatically imported into QuickBooks accounts. Read on to explore what happens when Square integrates with QuickBooks.
What Happens When QuickBooks Syncs with Square?
When you synchronize Square with QuickBooks, the data in Square automatically flows into your files providing a solution in which you can review all the information you need in a single place. Here are some other capabilities of common extensions for Square integration for QuickBooks.
Automated sales data transfer
When you synchronize Square with QuickBooks, you can automatically move your sales data from Square to QuickBooks. In extensions like Commerce Sync, there are no limits on the number of transactions or the value for these transfers.
Sales Transaction Categorization
Information about the sales is automatically added to specific accounts that have been categorized in the Square application. This does not require any additional setup.
Sales Tax Computation
Extensions like Commerce Sync also compute the overall taxes on your sales regardless of single, multiple, or combined mode of calculation. This helps in cross-verifying tax information in QuickBooks.
Automated Settlements Reconciliation
Financial data added to Square such as payments, refunds, fees, and Square Capital are automatically recorded. The reconciliation process is simplified by synchronizing this data with QuickBooks accounts.
Summarization of Daily Sales
Information in Square such as sales for the entire day along with discounts, taxes, tips, and other data can be captured in a single invoice. These can then be recorded in various QuickBooks accounts as distinct line items. Some extensions also allow sales information from multiple locations to be transferred into QuickBooks accounts.
Consolidation of Transaction Data
Not only are different types of payment methods such as credit and debit cards, cash, and other modes of payment trackable as a part of sales activity, but also payments that are split between different modes can be recorded. Additionally, these extensions can work even offline. Synchronization between Square and QuickBooks is restored when the internet is enabled.
How to Integrate Square with QuickBooks Desktop?
While the exact steps to integrate and synchronize Square data with QuickBooks might vary with the extension, broadly the steps to be followed remain the same.
- Log in to your Square account.
- Navigate to the Apps tab on the homepage.
- Search for the extension you need. For QuickBooks Desktop, Commerce Sync is a reliable extension.
- Configure the installer for the extension you are using to synchronize your Square account with QuickBooks.
- Sign in to your QuickBooks account.
- Connect the company file with which the data has to be synchronized.
- Proceed with the selection of the items that have to be synchronized in QuickBooks.
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