Friday and Saturday sales not recognized separately on Monday bank deposit

[AndyatStax]

Recently my Friday and Saturday deposits started depositing into my bank on Monday morning as a single deposit (Friday+Saturday sales - Square fees). My bank says they are unable to separate the deposits because they show up at the exact same time with the exact same "ID". Has anyone else had this issue or give any advice on how to resolve this problem? My end of day is 5 pm (business closes at 3 pm Mon-Sat) so it's not a deposit scheduling issue, and like I mentioned, it just recently started happening.

I use a 3rd party app to connect my square account to my Quickbooks account, which matches Square sales for any given day to the expected deposit amount once that value populates in Quickbooks, and having 2 sales days show up as one deposit is causing all sorts of havoc in my Quickbooks workflow.

Any help is greatly appreciated!

[ryanwanner]

Hello @AndyatStax 

Okay, that's really odd. All my weekend deposits show in my account as

Square Inc 190916P2 L20.... where the 190916 part is the date of the deposit. The L20 (followed by a string of numbers) is different per deposit. All my deposits show as individual, not lumped together due to weekend sales.

I'm wondering if for some reason your bank isn't looking at the L20 part. Although what's odd about this is that Square sends each deposit individually. I'm not aware of any way where multiple deposits are lumped into one.

I'd say look at your bank statement and see if the bank is seeing the last part of the deposit tag. You can check your deposits on the Deposits-> Deposit Reports page on your dashboard and match up numbers.

If your bank is only posting one deposit for the two days, I'd definitely get customer service both at Square and your bank involved in trying to figure this one out.

Good luck!

[AndyatStax]

Thank you for the response, @ryanwanner! I've started the conversation with my bank but it's slow going at the moment as I try to explain my normal workflow to them, and they try to get me up to speed on how their internal accounting processing normally works so we can both start speaking the same language. 🙂

You are absolutely correct that Square is still sending 2 separate deposits though. There are 2 separate deposits showing up, like usual, but because they are being delivered at the same time from the same origin "ID" (bank's term), my understanding is the bank's internal accounting software has mapped it as a single deposit and then attaches a 2 number descriptor. Digging into the numbers I found it's just an extended date plus the number value for each deposit (so for 9/21 sales deposit of 345.67 it's 0921201934567). I asked the bank to investigate whether they could split the deposits out again since they are showing up with identifying info for each day, but seems unlikely as the system is processing 10's of thousands of these type transactions per day.

So, I was hoping maybe someone on the Square sellers forum had run into a similar thing and found a solution. I believe I could have my Friday deposit set to an Instant Deposit which would push Friday out early and then just leave Saturday as the only Monday morning deposit, but I really don't want to pay an extra 1% for something that used to work just fine. I'll try to reach out to Square support directly and see if they might be able to stagger the deposits, but again, they are also processing 10's of thousands of transactions via an automated system on any given day. Maybe at least they can point me at something to have the bank try.

Thanks again for the feedback and suggestions!