Square deposit reconciliation
Group your Square transactions by Deposit ID and get one journal per bank deposit: gross sales, discounts, sales tax, tips, refunds, fees and cash kept apart. No spreadsheet pivots.
Why the deposit never matches your sales
Your processor doesn't send each sale to your bank. It nets a batch of sales against refunds, chargebacks and its own fees, then sends one payout. Your bank feed shows one lump sum; your books show dozens of gross sales. Bookkeepers fix this with a payout journal entry: debit the bank for the deposit, debit fees and refunds, credit gross sales. PayoutSplit writes that entry for every payout, from the export you already have.
Which Square export to use
In Square Dashboard go to Reports › Transactions, pick the date range and Export › Transactions CSV. PayoutSplit reads Gross Sales, Discounts, Tax, Tip, Partial Refunds, Fees, Net Total and Deposit ID. Cash payments never reach the bank, so they are booked to Undeposited Funds. The Transfers export (Balance › Transfers) also works if you only need the net figures.
Why this is painful by hand
Square's own community calls the usual approach — filtering the export by deposit date and summing columns in a spreadsheet — slow and error-prone. Sales tax and tips need their own liability lines, and refunds can land in a different deposit than the sale. PayoutSplit handles each row in the deposit it actually belongs to.
After importing
- Import the journal CSV (QuickBooks Online: New › Journal entry › Import, or the Xero manual journal import; IIF for QuickBooks Desktop).
- In your bank feed, match each processor deposit to the journal line on the bank account instead of adding it again.
- Your income now shows gross sales, fees appear as an expense, and the bank reconciles to the cent.
Already record each sale another way (an invoice app, Shopify connector, POS sync)? Point “Sales income” at your clearing or Undeposited Funds account so nothing is counted twice.
How it works
- Drop your processor export — Stripe payout reconciliation, PayPal activity, Square transactions or Shopify Payments transactions. Add your bank CSV if you want deposits matched.
- Check the payouts. Each one is split into gross sales, fees, refunds and more, and verified against the payout amount.
- Download journal entries for QuickBooks Online, QuickBooks Desktop or Xero and match them to the bank deposits.
FAQ
Is it really private?
Yes. Your files are read and processed by JavaScript running in your browser tab; their contents are never sent over the network. You don't connect PayoutSplit to Stripe, PayPal, Square, Shopify or your accounting software, so there's no access to revoke later.
Which processors are supported?
Stripe (payout reconciliation itemized and balance change from activity reports), PayPal (activity download, English headers), Square (Transactions CSV and Transfers CSV) and Shopify Payments (transactions export). Bank files from any bank can be added for deposit matching.
What does a payout journal entry look like?
Debit your bank for the deposit, debit processing fees, refunds and chargebacks, and credit gross sales (plus sales tax and tips payable when the export has them). The entry always balances, and the bank line equals the deposit to the cent.
I already record sales another way. Will this double count?
Only if you leave Sales income pointed at your real income account. If your POS or store already books each sale, set Sales income to the clearing or Undeposited Funds account under Your account names — the journal then just moves the net to the bank and records the fees.
What if a payout doesn't add up?
When the export includes the payout row (Stripe balance report, Shopify, PayPal withdrawals), PayoutSplit compares it with the sum of the transactions. A difference is flagged and booked to the clearing account so you can investigate instead of importing a wrong number.
What's free?
Every export format for up to 10 payouts per download, one processor file plus one bank file at a time. No account needed. Pro removes the limit and lets you combine several exports and processors in one go.