Hello,
I am a new user of Manager and I have a question in regards to Square Credit Card payments transferring into bank account.
Many of my customers are paying with credit card through my Square terminal. Each payment is itemized at Square side but then they transfer as a lump sum into my bank account.
Is there a way to automatically reconcile this in Manager and, if not, how do I account for these automated transfers from Square into my bank account?
Thank you!
There is not a way to automatically reconcile; you will have to do some work, but it may not be that bad.
I’m not too familiar with Square from a seller’s side, but I believe they have the ability to let you download your itemized transactions list as a CSV file. If so, one approach could be to setup Square as a bank account (Set up a bank or cash account | Manager), then import a CSV list of transactions at periodic intervals that match their deposit schedule (e.g. if they deposit once a week, import the transactions once a week). (Import bank statements | Manager)
You can then use receipt and payment rules to help automate posting the itemized lines to income statement accounts (Use receipt rules to categorize imported transactions | Manager, Use payment rules to categorize imported transactions | Manager).
Provided you’re able to set it up so the timing works out, the amount of “cash” in the Square bank account will end up as the lump sum they transfer to your traditional bank account. Once they deposit it, you can simply move the amount from the Square bank account to your traditional bank account using an inter-account transfer (Transfer money between bank and cash accounts | Manager).
Bear in mind there is not really a right or wrong answer to your situation; try searching the forum for “point-of-sale” and you should find many other users who have come up with other solutions for using Manager with a POS system; it’s possible one of those may be better for your situation, and/or can give you different perspectives on how to approach.
Hope this helps!
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Sorry, I would advise when using Square Post to use any of the accounting software that does so. Manager does not. Search Google on “square pos integration with accounting software” and you quickly will found a whole range of accounting software that does. Yes Manager is great but if you want automation and integration look at the alternatives even if maybe costly.
Thank you! That helps.