While the pandemic continues to short-circuit the global economy, businesses and individuals are finding more practical methods to meet their financial obligations. There was a significant increase in the use of the internet for shopping after the epidemic. So, the transition to cashless, contactless, and digital transactions has sped up. Here is where you may gain an edge through the use of integrated systems like Square and QuickBooks.
Square is a service that facilitates the creation of a free e-commerce website. Whether you’re running a retail store, scheduling appointments, or running a restaurant, Square can help you process your transactions. However, QuickBooks is Accounting Software that centralizes financial tasks like bookkeeping, tax preparation, managing accounts receivable and payable, etc. Using Square with QuickBooks together improves these capabilities and allows you more leeway in monitoring your financial activities.
Both Square and QuickBooks are covered in this article. It also provides an overview of their salient qualities and explains why they matter to your company. With the addition, a detailed handbook is provided to import square into quickbooks desktop with automation in the accounting industry.
The Origins of the Square
One of the most downloaded apps for both the iPhone and Android is Square, which can be used to make purchases, make and receive trades, and send and receive payments. Those who sign up for Square may take use of not one, but three free smartphone apps: Square Register, Square Wallet, and Square Cash. Each of these programs has been developed to make it easier for local establishments to take credit cards and other forms of electronic payment. As a result, customers are increasingly adopting a cashless culture.
Square is a major player in the expanding market for mobile payments. More than 200 million people in 2012 used their mobile phones to pay for goods and services by swiping them through specially designed readers or by making in-app transactions using services like Square Wallet and PayPal, according to a survey by research firm Gartner. Deloitte reports that in 2015, that figure increased to 384 million. Nicole’s IE Market Research report adds that in 2016, the mobile payment industry brought in almost $998 billion. These figures seem to be growing daily.
Key Features of Square
Here are a few of Square’s most notable characteristics
- Customers may pay with a variety of methods all through the Square Reader.
- When your consumers make a purchase with Square, they can be certain that their information will be safe. Protocols for protecting financial transactions are adhered to. These include Dispute Management, Fraud Prevention & Monitoring, Secured Payments, the Payment Card Industry Data Security Standard (PCI DSS), and more.
- Square’s flexible platform also allows you to tailor your store’s checkout experience to better align with your unique marketing initiatives. This is good for keeping the line moving and the consumers satisfied. Features like Categories, Item Import, Item Modifiers, Item Grid Customization, and Itemized Refunds are all available.
How to Quickly Import Square into QuickBooks Desktop?
Consider integrating your Square transactions into QuickBooks Desktop if you use that program to manage your money. Learn how to quickly and efficiently import your Square transactions into QuickBooks.
- To do this, launch QuickBooks Desktop and go to File > Open Transactions.
- Import may be accessed via the “File” menu.
- Choose the “Square” button on the “Import Transactions” screen.
- Choose your banking service of choice and sign in.
- Select “Next” to proceed.
- Select “QFX/OFX” from the drop-down menu labeled “Data Format” in the “Configure Import Options” window.
- Repeatedly hit the Next button to proceed.
- Select “Finish” from the “Review and Import Transactions” window.
- Click “Fix Errors” and try importing the transactions again if there were any problems.
- To dismiss the import window, use the button labeled “Close.”
Having done so, your Square purchases will appear in your QuickBooks Desktop account.
Importing Square into QuickBooks Desktop: What to Expect
Square merchants will be pleased to learn that their data can be easily imported into QuickBooks Desktop. The following is what you may anticipate after importing your Square data:
As usual, QuickBooks will import your transactions.
Names, addresses, transactions, and balances for each and every one of your clients will be at your fingertips.
Square’s stellar customer support will still be available if you ever have any questions about your QuickBooks records.
It won’t take long for your accounts receivable and payable to match up, allowing you to begin managing your funds. Payment status is updated automatically when invoices are added. Square also makes it simple to combine financial information from several companies into a single QuickBooks Desktop file.
Integrating Square and QuickBooks has several benefits
What follows is a rundown of some of the benefits of combining Square with QuickBooks:
- You can easily and automatically integrate your Square taxes, tips, sales invoices, and discounts into QuickBooks using the Square and QuickBooks Integration.
- Integrating Square with QuickBooks allows you to check your bank statement alongside your deposits, payments, refunds, and fees. All of your financial dealings may now be monitored in one convenient location.
- With the help of QuickBooks and Square, you can easily create invoices for your business’s dealings with customers. In addition, you may easily access and review past transaction and inventory data whenever you choose.
Hope you learned about how to import square into quickbooks desktop from this article. Our intent was to give an overview of their salient characteristics and offer you two options for combining Square with QuickBooks.