@bktb25 ,
If you go here on your Square Dashboard:
sales-summary
This will bring up your sales Summary for the time period you specify. If you scroll down to payments you will see:
Total Collected - This is the total amount you collected through Square
Cash - actual Cash sales
Card - Total Credit card sales
Gift Card - Gift Cards that were used
Other - Check Money order for example that does not fall into the above categories.
So when you say Cash Sales do you mean Cash or the Total collected for the month?
Because from this quote of yours:
"Say for the month of March, Square says I brought in $10,000 in cash.
When reviewing my Quickbooks synced with my business checking, I only show $7,000 in cash deposited.
That's a difference of $3,000 in cash."
This would mean to me that your cash drawer is missing $3000. meaning you sold items and received a cash payment but the cash never made it to your bank. This would not be Squares fault but that someone is taking cash out of your drawer and pocketing it.
Square deposits all funds from Credit card sales minus their fees.
If your numbers look like this , then the cash was not deposited from your cash drawer.
Payments Total Collected $10,000
Net Total $9750.00
Your deposit from Square would be Card 7,000 - Fees 250.00 = 6,750.00
This is why you might be confusing us as Saying Cash sales were $10,000 and $3000 was missing, cash sales do not go through Square except to show on reports there are no fees for a cash sale either.
Now if they look like this:
Payments Total Collected $10,000
Net Total $7,000
This would be a problem!!!
Since I do not know what you are paying on your Square Loan or how to see a Square loan payment Schedule, that could be where the difference is also since I know Square Loans take a % of your net daily Credit Card sales as a payment. So if you have no Credit Card Sales your loan payment for that day is $0.00, but for the month your payment varies by the % net deposit to you. Meaning say in February you had $20,000 credit card sales you may have paid in towards the loan $6000, ie double your March payment since you only did $10,000 in Credit card sales and $3000.00 went to the loan.
The last thing is, how are you importing your Sales to Quickbooks? Do all cash sales get imported too? Is your Loan automatically deducted too? Are you manually entering them? Are the Square Fees being calculated and entered in QuickBooks? This could be a source of the problem also. I am not sure what Square automatically enters in to QuickBooks but i have read that it only imports this or that and not enough information. This missing information could be your issue too.
Keith
Owner
Pocono Candle
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