Square reconciliation software for deposits, fees and your bank
Reconciles is Square reconciliation software for businesses whose bank shows a Square deposit that never equals the sales in the ledger. You export the transfers or deposit report from Square, upload it with your bank statement, and Reconciles rebuilds each deposit from its card sales, tips, refunds and processing fees, matches it to the bank line and exports the fee and refund entries for QuickBooks, Xero or NetSuite. Multi-location retailers and restaurants can also see the wider flow on our credit card processing reconciliation software page.
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Why a Square deposit never matches your sales
Square settles card sales to your bank in batches. Each deposit is the total of the sales in the batch, minus Square's processing fees, minus refunds, and sometimes minus chargebacks or adjustments from earlier days. Your bank shows one line. Your point of sale shows hundreds of tickets at their full price.
- Fees come out of every deposit, so gross sales never equal the bank line.
- Refunds and disputes from earlier days are taken from a later deposit.
- Tips collected on cards are paid out in the same deposit as the sale.
- Weekend and holiday sales settle on the next banking day, so a deposit crosses the month end.
- Several locations or registers roll up into different deposits and bank accounts.
Doing this by hand means opening each transfer in the dashboard, adding up its sales and keying the difference into a spreadsheet, for every location, every month.
How to reconcile Square deposits with Reconciles, step by step
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01 Export the Square report
In the Square Dashboard, download the transfers report for the month, or the sales and deposit reports for each location. Choose CSV. Download your bank statement for the same period in CSV, OFX, QFX, MT940 or CAMT.053.
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02 Upload both files
Drop the bank statement in the first slot and the Square export in the second. Reconciles reads columns by content, so you do not map a template. It picks up the deposit date, gross amount, fee and net amount of every line.
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03 Review matches and exceptions
Each deposit is rebuilt from its sales and matched to the bank line with the reason "deposit net of fees". Deposits that do not add up, missing deposits and duplicate batches go to the exceptions queue with the exact difference shown.
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04 Export entries back to your ledger
Reconciles exports journal entries that book Square fees to their cost account, refunds against sales, and tips to their liability or payable line. Import them as CSV into QuickBooks, Xero or NetSuite after review.
What the Square report tells Reconciles
- Deposit or transfer date, used to tie each batch to one bank line.
- Gross sales, fees and net amount of every batch.
- Refunds and adjustments taken from the deposit.
- Location, so deposits to different accounts are matched separately.
If a column is missing from your export, Reconciles falls back on amount and date windows and tells you so in the match reason.
Square next to your other payment sources
Few businesses take cards through one provider only. On Growth and Scale, Square sits next to Stripe, PayPal, Adyen and Shopify Payments in the same workspace, each reconciled to the same bank account. See Stripe reconciliation, Shopify payout reconciliation and the payment reconciliation software page.
A Square deposit, line by line
Say $2,764 lands in your bank on a Tuesday. The Square report shows the deposit was made of $2,890 in card sales from Sunday and Monday, minus $84 in processing fees, minus a $42 refund. Reconciles adds those lines, confirms they equal the bank line and marks the match as "deposit net of fees" with a high confidence score. The $84 becomes a fee entry and the $42 a refund entry, ready for review. If the lines added up to $2,740 instead, the deposit would go to the exceptions queue as an amount difference of $24.
Square reconciliation questions
The transfers report, or the deposit and sales reports per location, exported as CSV. Any report that shows the gross amount, fees and net amount of each batch gives the best results.
No connector is needed. Reconciles reads CSV and XLSX exports, so you download the report from Square and upload it. The same flow works for other point-of-sale and merchant reports.
Yes. Growth covers every processor and up to 5 entities, and Scale covers up to 25. Deposits for each location are matched to the right bank account.
Yes. Starter covers your bank, your invoices and one payment processor, which can be Square. Growth covers all processors and marketplaces.
Reconcile a month of Square deposits
Upload your bank statement and the Square report. The first matched deposits appear before you create an account. See pricing for plan limits.