Overview:
After you connect your Square online store to QuickBooks or Xero, the next step is to adjust your Square settings. With Synder, you can configure the whole workflow flexibly, so let’s walk through how it works.
To start configuring your Square settings, follow these steps. First, select the organization you need at the top left of the page, then click the Settings button on the left menu of Synder, and finally choose the Square integration from the dropdown. Alternatively, click the Person icon in the upper-right corner, hit Organization settings, and then click Sync settings under Square.
By default, these settings work for all types of transactions from your Square online store, except for the ones Synder adds automatically for cash payments, cash refunds, check payments, and check refunds. Therefore, be sure to review the additional settings as well.
1. General settings
1. Auto-sync
When “ON”, Synder automatically synchronizes the Square data that arrives after you enable this setting. When “OFF”, however, you choose the transactions to sync manually. For more detail, learn how to set up automatic synchronization of online payments in auto-sync mode.
2. Skip synchronization for duplicated transactions
When “ON”, Synder skips any transaction that already exists in your accounting company, so it never syncs the same one twice.
3. Process transactions in multiple currencies
When “ON”, Synder synchronizes transactions in your home currency as well as other currencies. When “OFF”, however, Synder skips the transactions in other currencies.
4. Shipping item name
Whenever Synder encounters this name in one of your invoice line items, it treats that line as the shipping item and accounts for it accordingly.
5. Apply location
When “ON”, you select the location tied to the payment, and Synder then applies that location to every synced transaction. Note that you should first enable location tracking on the accounting software side.
2. Sales
1. Clearing account: first, this is a buffer account where Synder deposits your QuickBooks sales receipts, refund receipts, and payments. In other words, it holds the funds before they reach your real accounts.
2. Enable QuickBooks Doc Numbers: once you turn this on, your transactions follow the standard QuickBooks Doc Number sequence.
3. Apply generic customer: next, this setting assigns a single generic customer name to all of your transactions. For convenience, you can either pick an existing name or type a custom one.
4. Payment Method: here you choose a payment method (cash, check, credit card, or Square), which Synder then stamps on your QuickBooks sales receipts, refund receipts, payments, and expenses.
5. Payment method mapping – finally, map the payment methods you use in Square to those available in QuickBooks Online.
3. Invoices
1. Apply payments to unpaid Invoice transactions: when “ON”, Synder automatically applies a payment as soon as it matches an unpaid invoice.
2. Cancel sync if there is no matching open invoice found for a payment: if no open invoice can be closed with a Square payment, then Synder cancels the synchronization of that payment.
3. Sync sales transactions as Invoices: when “ON”, Synder syncs your Square sales transactions as invoices rather than sales receipts.
4. Products and Services tab
1. Record transactions with Original/Common product/service name and SKU (if any): first, choose whether Synder records transactions with the original product name. In that case, Synder either maps the product to an existing one by item name or SKU, or creates a new one when it does not exist. Alternatively, you can record them with a common product name, and Synder then logs all further transactions under the specific name you select below.
2. If the original product is missing in the sales platform, use the item name/SKU instead: Synder creates this product whenever no matching one is available.
3. If the matching product is NOT found in accounting, you can either let Synder create a new product or cancel the synchronization of your transaction.
4. Next, select the type of the newly created product – either non-inventory or service – and choose the income account that Synder assigns to it.
5. Gift Card Liability Account: also choose an account for gift cards and certificates. For more info, see accounting for Square Gift Card sales.
6. Product mapping: finally, Synder can identify existing products in your accounting company and apply them to transactions. If the product names in your payment system and accounting company do not match exactly, then fill in the payment-platform product names on the right to map them to your QuickBooks names on the left. For details, check the additional guide about the product mapping feature.
Note: please also check the plans where the product mapping feature is available by following this link.
5. Taxes tab settings
1. Apply taxes: when “ON”, Synder searches for a matching tax code and applies it.
2. Sales Tax settings. Default tax code: next, choose a tax code that Synder uses for all Sales transactions marked as “taxable” in your payment system whenever it cannot find the actual tax rate, without changing the tax amount.
3. Sales tax settings. Zero-rated tax code: similarly, choose a zero-rated tax code that Synder applies to every item (line) or shipping line that contains no other tax rate in the original transaction.
4. Sales tax settings. Apply generic tax code: when “ON”, Synder applies the tax rate you specify to both taxable and non-taxable Sales transactions you sync.
5. Expense tax settings. Default tax code: likewise, choose a tax code that Synder uses for all Expense transactions marked as “taxable” whenever it cannot find the actual tax rate, without changing the tax amount.
6. Expense tax settings. Zero-rated tax code: again, choose a zero-rated tax code that Synder applies to every item (line) that contains no other tax rate in the original transaction.
7. Expense tax settings. Apply generic tax code: finally, when “ON”, Synder applies the tax rate you specify to both taxable and non-taxable Expense transactions you sync.
*Note that this screen looks slightly different for US and Non-US companies. For more detail, see how sales tax works in Synder.
6. Fees tab settings
1. Clearing account: this setting specifies the clearing account where Synder applies the Square fees. As a best practice, use the same account as in Sales – Clearing account.
2. Vendor: next, Synder uses this QuickBooks Vendor to store your Square fees, so either select an existing one or type a custom name.
3. Category: finally, this setting specifies the category where Synder applies the Square fees.
7. Application fees tab settings
1. Clearing account: first, this setting specifies the clearing account where Synder applies the application fees. Again, we recommend the same account as in Sales – Clearing account.
2. Generic Vendor: next, Synder uses the QuickBooks Vendor you select to store your application fees, so either pick an existing one or type a custom name.
3. Category: then this setting specifies the category where Synder applies the application fees.
4. Default Vendor name: finally, choose or type a default name that Synder uses whenever a transaction has no vendor name.
8. Payouts
This tab lets you track the settlements that Square deposits to your checking account, also known as Square Payouts. Specifically, Synder records them in your QuickBooks or Xero company, so you can easily match your actual deposits from Square. Importantly, Synder does not duplicate your income; instead, it simply creates a matching record for easy reconciliation. You then find this record under the For Review tab in QuickBooks Banking.
- Process settlements: when “ON”, Synder tracks and creates the transfers that reflect your Square payouts, moving funds from your “Square (required for Synder)” account to your checking account.
- Transfer Funds To: finally, choose the checking account where you actually receive your Square funds, for example “Checking” or “Business Checking”.
9. Multicurrency
Finally, you can customize multiple currencies in the Multicurrency tab of your Square settings. For more details, see how to enable multicurrency in QuickBooks.
Learn more about Square integrations that Synder offers::
Square QuickBooks integration
Square QuickBooks Desktop integration
Square Xero integration
Reach out to the Synder team via online support chat, phone, or email with any questions you have – we’re always happy to help you!
