- Square Balance is an account automatically created by the integration. It is used to track payments processed through Square payment gateways/devices and transfers made by Square to the business’ nominated bank account.
How it works
The integration creates the Square Balance account within Xero. This is then mapped to the Square Payment type.
The integration syncs the sales summary and the total payments received. All Square Payments received are initially allocated to the Square Balance account.
When Square transfers the payments to your bank account, the integration runs a Settlement Sync to record the transfer and Square fees. A bank transfer transaction from Square Balance to the business bank account is created so you can easily match this to the actual deposit on your bank feed.
Map the bank account linked to the Square account:
Open the integration settings.
On the left navigation panel, click Settings → Bank Accounts.
Each location will be listed for mapping. Select the bank account from the dropdown where Square deposits the payment.
Click Save + Continue.