Square Loans and Quickbooks

[HeatherSweetD]

I have integrated Square with Quickbooks online and so far it's very good.  One issue though is that I was approved and received a Square loan.  To repay the loan there is a percentage taken from every day credit card transactions which is great, except there is no "payment" or fee shown in the data synced with quickbooks.  I can access the square loan payments on square but that information isn't being exported to quickbooks.  So, my question is why not? and secondly, what is the work around if other sellers have the same issue?  Do I create "liability account" and then manually enter payments in quickbooks?  That doesn't seemt right since i'm not receiving the money, rather it's being taken off the top prior to deposit.  Please help.

[HeatherSweetD · Accepted solution]

I figured this out.  Go to "banking" on quickbooks online, open the bank account that transactions are deposited in, open "register" for that account and double click on a Square deposit.  It will open up a list of all transactions except only the transactions associated with the specific deposit you opened will have a green check mark by them.  You then change the "payment method" to credit.  You may have to scroll through and open up another page to find all the check marked transactions.  After that the relevance to this topic appears.  Scroll to the very bottom of the deposit page and you will see "other fees" or something like that and there you will see the Square fees and the Square Payment fees.  So I created a liability account called Square Loan so I can change the category of those square payments to that liability account and it subtracts from that deposit automatically.  Does that make sense?

[Tom · Accepted solution]

Hey @pozitiveheating, thanks for checking in here. I went to look for updates on our end, but there aren't and developments that I can access and share out. If you haven't already, you may want to touch base with QuickBooks directly for additional advice. Apologies for any frustration, and thanks for your patience as we work with our partners to improve.

[ssebz9]

Has anyone received any updates on this? 

[Sammie_C]

Hi @ssebz9!

Thank you for your question!

For help with QuickBooks Desktop specific questions (QuickBooks Pro, Premier, Enterprise and Sync Manager), you’ll need to contact QuickBooks directly by calling 1-866-340-7237 or by visiting their Intuit’s Support Center.

You can also read about frequently asked questions with the QuickBooks Online and Square integration.

Because QuickBooks features and services are managed by them directly, you’ll need to work with QuickBooks support until the issue is resolved.

Let us know if you have any other questions!

[ssebz9 · Accepted solution]

We just went through this and with the Quickbooks experts we decided it was best to reconcile monthly with a journal entry. I just pull the report from the Square loan screen, export it to Excel, add it all up, and then deduct from an account that we created Loans. We also added the origination fees to the Loan account so it all adds up when we finish paying it all back. 

[Lou8]

Thanks for sharing your findings on this thread @ssebz9. This will be really helpful for other sellers who run into the same issue 🙂.