Item details in bank transfers

[bhistory]

My bank transfer summary lists gross Product sales but does not breakdown by item type. Yes, I can do a separate report for the period since the previous bank transfer to work out what the items are. It is driving my accountant crazy. Can I set up a custom report to show Gross Sales broken down by item type, Square fees, nett balance to my account?  Better still it seems a no brainer that this information should be provided automatically.

[lawnbrook]

Hi There BHistory,

Here's what I do.

First and foremost it's important to put your items into categories that relate to how you'd like to account for them.

I use the 'category sales' report to classify the income for each category. So for us, we're a winery/distillery/restaurant and hence have things like:

Food - Kitchen

Food  - Counter (i split these two more for reporting/tracking reasons)

Coffee

Other Beverages

Wine Dine-in

Spirits Dine-in

Wine - Cellar

Spirits - Cellar

So this report gives me totals for each of these categories (gst inc)

You can then look at the payment methods report and this gives you the total fees for the period

The difference between the category totals minus the fees vs the balance transfer is any cash you took over the period.

I have a template invoice setup in quickbooks with all these line items pre-created and I just transpose these numbers from the report to the line items in the invoice (with the fees as a negtive value).

The bank deposit is then matched against this invoice with the cash deposit making up the difference.

With the introduction of the custom reporting I built a custom report that has all the info on one page.

If you build a similar custom report you should be able to give all the info on one page to the accountant.

I hope that makes sense.

Happy to discuss further if I can help.

Bruce

[bhistory]

Thanks Bruce for the info. That makes sense. I sort of have been doing what you suggest. After I posted my question I contacted the Square help desk and confirmed as I thought that we have to do an item report (for our instance). This requires me to check when the previous transfer was sent and juggle the reporting period dates from then to the latest transfer. This brings up the gross individual item sales, but no fees. It is of course simple arithmetic to work out the fees -but confusing for my treasurer. I put it to the help agent would it not be simpler to automatically email this detailed information every time a transfer is made, or at least be an option to choose. Currently there is no way to customise such a report or request transfer details (as opposed to summary). He thought it a great idea and would alert the product team for review. I shan't hold my breathe.

[lawnbrook]

Yeah, they are a bit short on resources...

there are a couple of square integrations with the more popular accounting packages if you are using one so be sure to check out the app marketplace.

I remember looking the Amaka offering and it pretty much did what i was doing, but automatically however hard to justify the cost for my volume.

App Integrations for Your Business | Square App Marketplace (squareup.com)

Driving it from the balance transfer is quite involved because the balance only consists of transactions, you then need to retrieve each transaction and break it down to items (and categorize if necessary) so i kind of understand why there's not a balance transfer driven itemised report.