Can I split my deposit to two accounts? One for sales tax and the other for general funds?

[CRBAUTZ]

For simplicity sake, there needs to be a way to split deposit your sales tax into a separate account. This would eliminate a step and automate my tax collection. I know there is the capability to split because that's how your fees are collected. I've also seen threads from a year ago that you'd look into it. Was it looked into? I'm getting ready to research other POS systems to see if this is a common capability, hopefully you'll tell me its possible....

thanks,

Clint

[#2]

Thanks for your post Clint. @RHatch is correct, there isn't away to split your deposits into separate bank accounts at this time. I wish had better news for you! I see how this would be really useful and I'll share your interest in this with the Product Team.

[RHatch]

This is not possible and I don't see it becoming a feature.  I have used multiple processors over the years and non of them offer this type of service.  

[Helen]

Thanks for your post Clint. @RHatch is correct, there isn't away to split your deposits into separate bank accounts at this time. I wish had better news for you! I see how this would be really useful and I'll share your interest in this with the Product Team.

[shawlery]

Hello Helen,

Is there any way to get this feature on the product road map? I think it could be a huge differentiator between Square and its competitors. Being able to have the sales tax collected from customers automatically deposit into a separate account would show that Square truly cares about the sellers on its platform. 

[Helen]

Hi @shawlery! I just checked in with our Product team and we are working on a way to separate tax collected from deposits. I can't share an exact timeline for when this will be available but we are working on it. Thanks so much for your support! 

[AaronM]

Hi @Helen any updates to this feature? Seems like it could be pretty straightforward in assigning different aspects of the Sales Summary to link to various bank accounts. This concept is essential in effective cash management strategies. @shawlery 

[Helen]

No updates yet @AaronM, thanks for checking in. We'll definitely announce it if you're able to split your deposit into two bank accounts in future— we'll udpate this thread too! 

Thanks for your patience in the meantime!

[rachel1990]

I'm really interested in this feature when it becomes available!

[dnirvine]

I too would love the ability to split a payment between two or more accounts; or at least two different users.  One example being the Tax and Net payments.

Another for two users would be I run a website and take a commission out of what people sell using the API.

[SnapdragonH]

soon!?

[KatieHollister]

Hello, I am very interested in having this feature available, too.  Any idea on when it will be available?  Thank you!

[KatieHollister]

Hello, I am very interested in having this feature available, too. Checking in to see if there is timeline for implementing this. Thank you!

[scottlyttle530]

I'm also very interested in this feature. Are there any updates on the timeline? 

[YNchick]

I am also interested in this feature. I have two businesses under the same roof & it would be nice to be able to split the daily deposit. 

[JJ_]

Your request is a little different than the above where Sellers are requesting their Sales Tax be deposited on a separate account. At this time this is still a feature request. 

Now in regards to your request @YNchick. Currently, you would have to create a second location under the same Square account to accomplish this need. I know this may not be ideal but would be the only way to separate both your sales and tag the transfers to be able to identify them in your bank statements.

I hope this information is helpful!

[dewdropsperch23]

any updates yet on splitting taxes into a separate account?

[Arie]

Heya @dewdropsperch23 👋
 

Thanks for checking on this feature request and welcome to our Seller Community. 

We don't have an update on this at the moment, and it doesn't look like this is currently in the works. We'll be sure to share an update if this becomes available. 

As always, feel free to stop by The Community with questions, concerns and even feature requests. We are more than happy to assist. ✨ 

[windpooh2]

Is the work around this square saving account thing that popped up on my account recently?

[Ellie_]

Hi there, @windpooh2,

Welcome to the Seller Community! 🥳 We are so happy to have you here. Are you able to provide more information about what you are trying to do?

While you are here, we recommend checking out our Orientation & Etiquette. Hope this helps! 😊

[windpooh2]

Hi. I was responding to the request to be able to separate collected taxes and sales I to different accounts. If there isn't a way to do it. I was wondering if the work.around it the square savings where you can move a specified percentage of your.sales to the savings account.   

I'll take some time to.read those documents.

Thanks

Jennifer

[mulberrythrill]

Did you find this strategy might work for you Jennifer?