Running balance reports for business square account

[eilishs]

Is there a way to view the running balance for my business square account?

I made the switch from another online payment site a bit ago, and I haven't been able to find this or any comparable reports. I also attempted to create a custom report to no avail.  

Pic for reference

[AshleyK]

Hey! You should be able to view a running balance of your sales on the Square Dashboard under Sales Summary. Depending on your date settings, it should show you an accurate real-time balance of your sales.

[eilishs]

Thanks for your response! 

The sales summary is not quite what I'm looking for. 

For accounting purposes, I need basically a balancing of the checkbook type deal. Like in QuickBooks or previously Payal, I'd need each transaction that occurs to be listed in one place.  

So line items would be individual to each and every transaction that occurs (i.e. payment, refund, fee reversal from square, deduction from my account to cover refund, etc). 

Here are the example I'm looking for. I'm not sure they exist yet in Square. 

[AshleyK]

Ah, I see. I'm sorry I missed that earlier! While we don't have a running balance (like in your screenshot), we do sync up with Quickbooks. So, if you still have Quickbooks it may be worth investigating. 

[Allison-PNR]

Is there a way to sync square with Quickbooks DESKTOP?

[homeprogreen]

You can import the Square Sales data into Quickbooks Desktop but it’s a manual process. Not an option to have it automatically sync

https://quickbooks.intuit.com/learn-support/en-us/import-or-export-data-files/import-square-transact...

[homeprogreen · Accepted solution]

I use QuickBooks to get that type of report since I haven’t been able to get it from square itself. I use the commerce sync add-on from the Square App Store and it creates an invoice for each sale and breaks everything down in QuickBooks  like you appear to be wanting. It runs 19 a month but works much better than the square/QuickBooks sync and has literally saved me hours of book work every week 

[eilishs]

That sounds very promising! Thank you! 

Just to confirm, is this the app add-on you're referencing?

https://squareup.com/us/en/app-marketplace/app/commerce-sync

[homeprogreen]

Yep that’s the one. Been using it for a couple of years now and it works great. It only syncs once a day but it makes tax time a breeze since it creates the sub accounts in QuickBooks for all the different things it needs to report and makes all the entry’s. 

[Joe]

Thanks for stepping in to share your tips, @homeprogreen! We appreciate you! 🙏

[homeprogreen]

You’re welcome 

[Taglotn]

I, too, need this sort of report.  We don't use QuickBooks so that answer isn't helpful.  I can see easiliy enough what credit card payments we took from our customers, but I don't find a way to see the payouts you think you made to our bank account.  We run the Square Balance just like a bank account in our accounting system (NetSuite).  When your daily report says we accepted $450 in credit cards, we debit the Square Bank Account for $450.  When you send us $125 as a payout, we credit the Square Bank Account for $125.  Therefore at the end of the month we have a $325 balance in the Square Bank Account in our books and our auditor would like to see that you think you owe us as of end of the month that $325.  Other than being lucky enough to remember to take a screen shot of the Balance on that date, I don't see a way to get such a report.

[homeprogreen]

Probably be a lot more accurate if you looked at the daily report and entered the Square Fees as a debit to the Square Account that you have setup. As an example let’s use your figure of 450 dollars. So the daily report says you took 450 in card swipes so you credit the account the 450 like you do now. Then you look at the fees line on the daily report that you got your sales total from and you see that Square kept $11.43 in swipe fees so you enter the 11.43 as a debit to your expense line account “ Square Fees” or Bank Fees.   That’s going to leave you a balance in your “ Square account “ of 438.57 which should match what square actually deposited in your bank account overnight. So then you just debit or transfer that amount out of your square account into your regular bank account. If you offer discounts then you would also need a line item expense “ discounts “ that you would also need to debit from the square account. That amount is also available on your daily sales report. Much cleaner way of tracking it and I am sure that your accountant will appreciate the fact that all the amounts are accurate and easily matched up 

[Taglotn]

I am good with everything you said.  And am doing as you directed.  What I need for the auditors is a report from Square that I can say "what was the balance Square owes us as of February 28, 2023.  The only way I can get that report is to open the Balance screen on February 28th after all our transactions for that date are complete and take a screen shot.  Square has all the data necessary to create a dated balance report.  Toast does it.  Stripe does it.  Easy peasy.

[Candlestore]

@Taglotn ;

You can go to your Square Dashboard > Transactions - then select the date or date range.

The on the Right side of the Screen it has a Export button so you can Export your Transactions for that Date or Date Range.

So if you would Choose a Date Range of Feb 1st, 2023 till Feb 28th, 2023. You would have a report in a CSV file that will show you everything your Accountant would need.  

Here is a sample of 2 sales from 2-25-2023 I just opened 6-6-2023.  You will have to sum up the Net Total column to see what was Deposited to your account or what is owed to your account for the date range you entered.  I removed some identifying IDs in the sample below.

Date

Time

Time Zone

Gross Sales

Discounts

Service Charges

Net Sales

Gift Card Sales

Tax

Tip

Partial Refunds

Total Collected

Source

Card

Card Entry Methods

Cash

Square Gift Card

Other Tender

Other Tender Type

Other Tender Note

Fees

Net Total

Transaction ID

Payment ID

Card Brand

PAN Suffix

Device Name

Staff Name

Staff ID

Details

Description

Event Type

Location

Dining Option

Customer ID

Customer Name

Customer Reference ID

Initial Fees

Adjustment Fees

Device Nickname

Fee Plan

Number of Adjustments

Adjustment Date(s)

2/25/2023

17:00:34

Eastern Time (US & Canada)

$76.89

$0.00

$0.00

$76.89

$0.00

$4.61

$0.00

$0.00

$81.50

Point of Sale

$81.50

Tapped

$0.00

$0.00

$0.00

-$2.14

$79.36

RKvA

JceVwJ

Visa

iPad

1234

5 x Oils .5 oz (Regular), EB 470 Black (EB 470 Black) - BB 10 C, EB 470 Blue (EB 470 Blue) - BB 10 C, 4 x Miscellaneous (Regular)

Payment

-$2.14

$0.00

Cash and Credit Card

Blended Rate

0

2/25/2023

16:24:47

Eastern Time (US & Canada)

$110.00

-$25.00

$0.00

$85.00

$0.00

$5.10

$0.00

$0.00

$90.10

Point of Sale

$90.10

Dipped

$0.00

$0.00

$0.00

-$2.35

$87.75

ZUes8A

v9HGq

Visa

iPad

1234

Miscellaneous (Regular), Miscellaneous (Regular)

Payment

-$2.35

$0.00

Cash and Credit Card

Blended Rate

0

Another way is to go to your Dashboard > Balance -- Click on your Location - View ALL Transfers  Then enter the Date or date range and then Export.  Shows the Deposit Date and the Date the Sale was made plus the Gross (Collected) Square Fees (Fees) and how much for the Transaction was deposited (Deposited).  Now again you would have to sum up these columns to get a total for your date or date range.  

Deposit Date	Payment Date	Type	Transaction ID	Payment ID	Collected	Fees	Deposited	Deposit ID	Location
2/26/2023	2/25/2023	Payment	RKvA	JceVwJ	$81.50	($2.14)	$79.36	3Z4617
2/26/2023	2/25/2023	Payment	ZUes8A	v9HGq	$90.10	($2.35)	$87.75	3Z4617