C O I N T A B

Square is a financial services platform developed by Block, Inc. It serves small and medium-sized businesses, allowing them to accept credit card payments and use phones or tablets as payment registers for a point-of-sale system. It is a POS (point-of-sale) and a payment processor with its own payment solution and offers a free online store feature that automatically connects to Square payments. 

As a business, verifying those transactions requires a lot of manual processing from the finance department and may still have inaccurate results. Utilizing automated software like Cointab Reconciliation Software helps you to, verify those transactions that are taking place with Square, and if any discrepancies arise, it will alert the business of those transactions.

Square Payment Gateway Reconciliation Results:

Square Settlement reports:

These are the reports of the orders, which have been placed and the payments for the same are done.

Square return reports:

It is the report of orders, for which payment has been refunded after an order has been cancelled.

Website report:

It provides data of customers’ order details placed through the website.

ERP report:

It acts like the internal report of an organization, in which information is presented item-wise.

Bank Statement:

It is the report of the transactions which the bank has received via Payment Gateway.

Square with Website Reconciliation:

Found on Website Report:

These transactions are found on Square settlement reports and the website reports.

Not found on the Website Report:

These transactions are found on the Square settlement report, but not on website reports.

Found and reconciled with Website Report:

These transactions are found and reconciled in both website reports and Square settlement reports.

Less amount recorded in Website Report:

Less amount is present on website reports as compared to Square settlement reports.

More amount recorded in Website Report:

More amount is present on website reports as compared to the Square settlement reports.

Website with Square Reconciliation:

Found and reconciled with Square settlement report:

The transactions are reconciled on the website reports and the Square settlement reports.

Less amount recorded on Square settlement report:

Less amount is present on the Square settlement reports as compared to the website reports.

More amount is recorded on the Square settlement report:

More amount is recorded on the Square settlement reports as compared to the website reports.

Cancelled Transactions:

The transactions are recorded on the website reports, but these orders were cancelled by the customers and hence were not recorded in the Square settlement reports.

Square Reconciliation with ERP:

Found and reconciled with ERP reports:

The transactions are found and reconciled on ERP reports and Square settlement reports.

Less amount recorded on ERP reports:

The amount recorded on ERP reports is less compared to the Square settlement reports.

More amount recorded on ERP reports:

The amount recorded on ERP reports is more compared to the Square settlement reports.

Not found on ERP reports:

The transactions are found on Square settlement reports but not on ERP reports.

ERP Reports with Square Reconciliation:

Found and reconciled with Square settlement report:

The transactions are matched on the ERP reports and also on the Square settlement reports.

Less amount recorded on Square settlement report:

The amount recorded on Square settlement reports is seen to be less as compared to ERP reports.

More amount recorded on Square settlement report:

The amount recorded on Square settlement reports is seen to be more than on ERP reports.

Not found on the Square settlement report:

The transactions are recorded on ERP reports but not on Square settlement reports.

Square with Bank reconciliation:

Found in bank statement:

The transactions are found on bank statements and also on Square settlement reports.

Not found on the bank statement:

These transactions are found on Square settlement reports, but not on the bank statement.

Bank reconciliation with Square:

Found and reconciled with Square settlement report:

The transactions are reconciled on the bank statement as well as on Square settlement reports.

More amount recorded on Square settlement report:

The amount recorded on Square settlement reports is seen to be more as compared to the bank statement.

Less amount recorded on Square settlement report:

The amount recorded on Square settlement reports is noticed to be less as compared to the amount on the bank statement.

Not found on the Square settlement report:

The transactions are found on Square settlement reports but not on the bank statement.

As seen above, Cointab Reconciliation software automates the process of verifying transactions that are taking place with Square and helps to verify various reports like settlement reports, return reports, website reports, ERP reports, Bank statements, etc. If the same process is carried out manually, it will be a hassle on the end of the finance team.

Using automated software helps to pinpoint the discrepancies that may arise in the transactions, and it notifies the business about the same. The results obtained will help the business to claim the same. Employing automated software further helps to save the valuable time of the finance department which results in increasing their efficiency.

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