Manual entry of monthly sales data to Quickbooks online

[rla5]

I'm looking for a simple way to enter monthly sales data from Square to QBO without having to sync up the transactions, taking into account the fees, discounts, and taxes, and accounting for transfers to the bank.  Help!

[Candlestore]

Welcome to the Square Forums since I see this is your first post.

First of all I am not an accountant or Tax advisor and you may want to check with your accountant before doing this.  Your business accountant may want more details than just a Months summary of your sales in the below format.  The other thing is you may need better records of your sales depending on the Tax laws in your area and other business regulations.  

So you want to Create 2 Sales receipts at the end of the month, 1 for Sales (Cash) and Cash Taxes, 2 for Sales (CC), (CC) Taxes, Merchant Fees, Then the Total that would have been Deposited Less CC Returns?

The reason I say Two Sales Receipts in QBO, Is when you create one with Cash and CC sales together the bottom line for Total will not be what Square deposits for the Month.  The trick is to separate the Sales tax between Cash and CC sales, which creates other problems if you do Split Transactions.

You will want to export your Sales Transactions CSV from here: dashboard/sales/transactions 

Export your Sales Transactions for the Month (week, day) etc that you need to input into QBO, sort the csv file by the cash column.

Put a few new blank Rows after your Cash Sales.  Then you can Sum up the Gross Sales column for your Cash Sales, and the Tax Column.  You can enter those in QBO as a Sales Receipt.  The totals will be what you collected in Cash for the month including cash Sales Tax which you will have to pay to the tax man.

Now do the same for your CC sales, Sum your Gross Sales, Taxes, and Square Fees, the fees should be as Merchant Expense or something similar.  Your total at the bottom should be the Total Square Deposited for the Month.

As for Split Tender sales your own as how to do this manually since You need a Sales Receipt for the Cash transactions and the Taxes for the Cash part which Square does not Separate, and the the same type of information for CC sales.  I think you add the Taxes to ONLY the CC sales receipt for Split Transaction but monitor this for a few months and make sure the numbers all add up.  

Tip USE the Tax amounts Square gives you and DO NOT have QBO calculate your taxes for you.  Square and QuickBooks calculate taxes differently so you would get rounding errors of a penny or so.  Tip 2 do not just use the Sales Report from Square Dashboard for your taxes or gross sales etc since these totals will have Cash and CC totals combined and will mess up your amount total for Cash Deposits and for Square wire transfers. Tip 3, create a Bank account Called Square.  Have your Credit Card sales total get deposited there, and have your Bank account Transfer money from there to your actual Physical Bank account you get Square deposits wired to.  What this Square (fake) account is, is basically a Holding account.  Think of it as when you take a CC payment and Square holds your Money, until that deposit shows up in your account.  Therefore after you have ALL your deposits transferred from Fake account to your Real account, the fake account should be at $0.00 each month before putting new sales in, or might be negative if your Real checking account is automatically connected to your QBO account.  Reason it Could be Negative is your Real account transferred $$ from your Square Holding account that was not deposited by you Manually entering your sales Data yet.  Now the Negative amount should be close to your Square sales for the time frame, close if your sales were not deposited yet to your bank creating the Transfer from your holding account.  This is usually off by a days sale unless over the weekend or bank holidays.

You could always lump all your cash sales and CC sales together in one Sales Receipt but then I am not sure how to do the checks and balances of the correct deposit from Square to your account.  I use QuickBooks Desktop and an importing tool but was doing it manually for months before deciding to use an importer.  Now with QuickBooks Desktop I can have Multiple Company files, and I set a test file up trying the importer out first, I am not sure if you can do that in QBO.  Set up a dummy company file for two months of sales to see what works for you and see how you need to have these accounts for sales, taxes etc configured in QBO and the bank accounts.  Maybe setup for weeks instead of monthly, should work exactly the same.

There are others on here that just do a Summary of daily sales manually for better reporting by day instead of by month in QBO.  Shorter times depending on your type of business can give better data of sales over holidays or weekends for example.  

[rla5]

Thank you so much for your response!  Based on your response, I'm wondering if monthly entry is the best way to set this up.  Perhaps I need to report daily sales instead.  

[Candlestore]

@rla5 ,

I over do it with my importer and do Each transaction with Items and Squares Tracking and ID numbers.  The importer I use does have one for QBO also.  But has a monthly fee or a Yearly subscription like most importers for QBO.  Daily would probably be best to import your Sales data.    Just stay consistent and set up a time to do it so you do not try to play catch up when you miss a day or week etc.   That gets to be a nightmare looking and entering numbers repeatedly for too long playing catch up.  

Your welcome for the information.  

If you need a template how your sales receipt should look you can watch this video.  Now my actual Items are listed where you can just use Items like Cash Sales and CC sales for Income accounts, and how all my items are non taxed and the Tax is listed in with my Items and my Square fee is also an Item as a negative number.  My importer showing some screens of sales receipts   The video is about 20 min long but for you to see what needs to be set up to enter manually watch from 5 min to about 8 min.