Bank Reconciliation

[CocoaDev]

The various reports in Square are filtered by calendar month.  A calendar month report from Square should correspond to to my banks  monthly statement. The Transaction Report (CSV version) is the reference document for actual events. Because of the latency in converting transactions into Bank Deposits it follows that -

- Bank Deposits as shown on my Bank Statement differ from the Tax Report

- The Transaction Summary report differs from the Tax Invoice Total Collected (There is a difference in Nov 2019)

- The Tax Report is not strictly correct for all transactions in the period
- The Tax report is not strictly correct for Bank Deposits in the period

The simplicity that should be here is absent. Month end reconciliation is made the more difficult.  The nature of bank reconciliation means it is resolved to the cent. Approximation has no place here. 

Don't know if i'm missing the obvious but there seem to be some short comings in the system. Happy to be corrected here

[Seamus]

Hey @CocoaDev,

Thanks for getting in touch and sorry to hear you're having trouble reconciling sales for tax purposes.

Square's online sales reporting figures are intended to accurately reflect the time and date you've taken transactions, while our monthly tax invoices should reflect when we sent those funds to your linked bank account.

There is a slight delay between when you process a transaction and when we deposit funds into your linked bank account. Because of this we recommend using the monthly tax invoices when doing your tax (that reflect when money is sent from Square to your bank account) and sales reports for when you want to view transaction history as recorded on the POS app and view sales trends by day/week/month/items etc. 

If you think your tax invoices are inaccurate, I recommend getting in touch with our support team with figures and examples - while we're not able to discuss private account information via this forum, you can email or call support on 1800 760 137 for further assistance!

[CocoaDev]

Thanks @Seamus 

Thanks for the contacts to take this offline.

I will take this up when I get more time. 

(Bushfires to put out!)

[Seamus]

Please let us know if we can do anything else to help @CocoaDev!

All the best ❤️️