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Overview

• Invoice payments are synced with a standard payment application through a bank account.
• A negative invoice is created for refunds and recorded in a payment account.
• Generate MYOB's GST report or BAS report seamlessly without manual adjustments.

Standard payment application for invoices

• Invoice payments will be synced and received through a bank account.
• The integration will use a single payment account (Undeposited Funds) for all transactions on invoices, acting as a temporary holding account.
• It will then generate a journal entry to clear this account and allocate payments based on their designated mappings.
• One journal entry will be created daily to account for both sales and refunds.

Standard payment application for refunds

• For refunds, a negative invoice will be automatically created to reverse a previous sales transaction.
• The integration will record the refund in the specified payment account according to the designated mapping. This ensures accurate tracking and reconciliation of refunds within the system.
• One journal entry will be created daily to account for both sales and refunds.

GST and BAS reports

• With this method of syncing invoices and refunds, you can use MYOB’s GST and BAS reports without having to make manual adjustments.
• Sales data will not be filtered out regardless of whether you’re using the cash basis or accrual accounting method.

Overview

• Learn how Square sales and payout transactions are synced into QuickBooks Online with the Square + QuickBooks Online integration.

Sales sync

On a daily basis, the Square + QuickBooks Online integration will sync an invoice for the summary of your previous day’s closed sales orders.