How to transfer square balance to bank account

Learn how to connect your Square account to QuickBooks Online so you can easily import your sales transactions.

Do you use Square to process payments? With the Connect to Square app, you can bring your sales transactions into QuickBooks automatically. QuickBooks then categorizes and matches them to your bank records. All you need to do is review and approve the work.

Here’s how to set up Connect to Square and start importing your transactions.

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Step 1: Set up QuickBooks

Before you get Connect to Square up and running, here are a couple things you can do to make QuickBooks handle your Square transactions exactly how you want it to.

Connect your bank account to QuickBooks

If you haven't already, connect the bank account Square uses to deposit money from your sales. QuickBooks can then download your bank transactions and match them to your Square transactions.

Import Square products and services

By default, the Connect to Square app enters “Square item” for product and service names in imported transactions. You just need to manually change a product or service name once, and the app remembers and uses it for the same item in future transactions. However, you can avoid this work altogether by importing your product and service items from Square:

This ensures the product and service names in QuickBooks match up exactly with what you have in Square.

Step 2: Set up the Connect to Square app

Once QuickBooks is set up the way you want, you’re ready to connect it to your Square account.

1. Sign in to your QuickBooks Online account.
2. Visit the Connect to Square page in the QuickBooks Online app store.
3. Select Get App Now.
4. Select Get started.
5. You’ll need to grant permission for QuickBooks and Square to share product details. Select Give permission.
6. In the new tab that opens, enter your Square account login credentials, then select Sign in.
7. Select the Square locations you want to sync with QuickBooks. Then, use the dropdown menu to select the bank account where you want to deposit that location’s sales. Select Next.
8. For each of the selected Square locations, choose whether you want the app to import sales individually, or as a summary of your daily sales. Select Next.
9. Use the dropdown menu to select a starting date for the transactions you want to bring in. Later, you’ll be able to choose which transactions you want to add into QuickBooks.
10. Select Finish.

Once you finish setting up the Connect to Square app, it begins downloading your Square transactions to QuickBooks. Depending on how many transactions you have, the first import may take up to 30 minutes.

Going forward, the app checks your Square account several times a day for the latest transactions.

Step 3: Review your Square transactions

When your Square transactions appear in QuickBooks, you’re ready to review and add them to your books.

1. Go to Bookkeeping, select Transactions, then select App transactions (Take me there).
2. Select For review. Your Square transactions appear in the list, with details like product description, quantity, purchase price, and fee breakdowns.
3. For each transaction, select an action, depending on the status:
   • Add or Match: This transaction is ready to add to your books. If QuickBooks is connected to the bank account you use to deposit Square payments, you can match it to a specific transaction that’s already in your books. Note: To ensure all your sales data from Square gets added to QuickBooks, we recommend you add transactions from the App transactions tab and then match them from the Banking tab.
   • Review: There are multiple transactions in the books that could be the same as the transaction from Square. Confirm which transaction it matches.
4. Once you’ve added transactions, you can review them by going to the Reviewed tab, then select the sales receipt or deposit under the Added/Matched column.

Manage your settings or disconnect the app

You can change the location, item, and customer settings for the Connect to Square app by going to the app settings. Here you’ll also find advanced settings, and where to go to disconnect the app.

1. Go to Bookkeeping, select Transactions, then select App transactions (Take me there).
2. Select App settings, then Square.
3. Select the tab for the type of setting you want to change. To disconnect the app, select Disconnect Square.
4. Select Done.

Change the income account for the default Square Item

By default, all imported sales transactions are added as “Square Item” in QuickBooks. This product or service item maps to a specific income account in your chart of accounts. To change the account the Square Item maps to:

1. Go to Get paid & pay or Sales, then select Products & services (Take me there).
2. In the Find products and services field, search for “Square Item".
3. Under the Action column, select Edit.
4. In the Income account dropdown menu, select the income account you want Square sales to record to.
5. Select Save and close.

Common questions about the Connect to Square app

Are there any transactions the app doesn’t import from Square?

The app doesn’t import “money out” transactions from a Square Card. To add these transactions to your books, you can download them in a CSV file from Square and upload the file to QuickBooks.

Also, the app doesn’t yet support disputed transactions. If you have any transactions that include disputes, QuickBooks prompts you to exclude them. You can add a disputed transaction to Quickbooks by manually entering the deposit or by adding the transaction from the Banking tab (if you linked the bank account where Square deposits your money).

I currently use the Sync with Square app. How do I switch to the Connect to Square app so my books stay accurate and up to date?

When you’re ready to start using the new Connect to Square app, we recommend you take the following steps:

First, disconnect the Sync with Square app in QuickBooks Online:

1. Go to Apps, then select My Apps.
2. Under the Sync with Square card, select the Actions dropdown and then Disconnect.
3. In the pop-up message, select your reason for disconnecting and then select Confirm disconnect.

Then set up the Connect to Square app using the steps above.

In the App transactions tab, if you have any transactions that were already sent to QuickBooks using the Sync with Square app, you can select those transactions and exclude them from Quickbooks.

Why are my transaction details for open sales not appearing in QuickBooks?

Connect to Square adds details to QuickBooks when an order is closed on the same day that the final payment is received. If you receive partial payments on an open order, those amounts will be reflected as a deposit adjustment to ensure that your books reflect the money that Square has deposited into your bank. QuickBooks will then adjust out that prior payment when the order is closed on the day the final payment is received and the sales details are added to QuickBooks.

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