Pay invoices online with Square
When you create an online invoice in Xero and email it out, you can now give customers the option to pay it instantly via Square. This makes it easy for your customers to settle their bills on the spot with a credit or debit card. Faster payment means better cash flow.
There’s no longer any need to create duplicate invoices in Xero and Square. And when the payment hits your bank account, it appears in your bank feed and is simultaneously recorded in Xero. Easy.
The new integration creates a daily sales-summary invoice in Xero that captures the previous day’s transactions in Square. You can choose to break down the imported data to transaction level. Simply set up your own rules, depending on how you’re accepting payments and how those payment records come in from the bank feed to Xero.
For example, you can customise and split the sync of data into specific Xero general ledger accounts (such as food sales to your Food Revenue account, beverage sales to your Beverage Revenue account, and so on).
The new integration also captures all point-of-sale transactions correctly including tips, surcharges and the relevant taxes. You’ll be able to easily report VAT. And if your business has multiple locations, Xero and Square can now separate transactions accordingly.
Better organised data gives you the ability to drill down into your sales and gain a better view of the business.
Payment processing integration
In addition to the daily sales invoice, Xero automatically creates bank rules when you connect your Square account. When Square deposits money into your bank account, you’re able to reconcile it quickly. Fees related to Square’s processing are assigned to a fees account.
With the new improved feed, it’s easier than ever to reconcile your transactions. You’ll get transaction-level detail exported from Square into Xero. It’s a feature that small businesses have been requesting, so we’re excited to make it available to you.
Giving you back time
All of these improvements reduce the need for manual data entry and time consuming reconciliation of data. This not only reduces errors but it also gives you back time – time that you can spend doing what you love.
You can seamlessly switch to the improved Square integration by Amaka, or sign up as a new user via the App Marketplace. If you’re using Square and Xero already, let us know what you think of the changes by leaving a review.