Square Balance

[lostislandwine]

Hello,

I recently switched to using square balance and have a question on the journal entries I'm receiving from Shogo (3rd party Square Vendor) that I import into Quickbooks. There are two new items that I'm not sure how they should get mapped:

INITIAL_BALANCE_TRANSFER

XFER TO SQUARE BALANCE DEBIT

My 1st instinct is credit card receivables but they don't balance out. I've mapped of them to each to separate "other asset accounts" and neither balance out when set up that way. I've also noticed that the same balance transfer amount will show up 4 to 5 times on consecutive days so the asset account continues to accumulate resulting in very large values. If someone could please help me understand how to map these, I would greatly appreciate it!

[JJ_]

Hey there @lostislamdwine

While I don't have much expertise on Shogo or Quickbooks I wanted to make sure your question did not fall through the cracks. My understanding here is that INITIAL_BALANCE_TRANFER is the amount found in the Square balance at the beginning of the day and XFER (Transfer) TO SQUARE BALANCE means when X amount of transactions are moved from our ledger (when transactions are completed) to your Square balance. 

An important thing to note is that when you use Square Balance (Manual Transfers) the balance will not correlate to the daily sales as we aren't sending you transfers at the close of the day but whenever you request the transfers to be completed.

I hope this information is helpful and hope that other Sellers offer their input on this.

P.S. Welcome to the Seller Community