I am still using QB Prem 2020
This is more a question to other people importing Square transaction data in QB and having some rounding issues with item sales tax.
We recently opened our store and use a Square register for our sales transactions. On a daily basis I download the Item Detail CSV and the transaction CSV from Square, merge both files then import them as sales receipts into QB.
I just wanted to find out here if other QB users have the same or similar problem with Square sales tax rounding and what you do in QB to fix rounding differences.
My problem is how square does the sales tax rounding (or lack of) for items that use sales tax. One of our items sells for $6.00. We charge 8.75% sales tax, which should be $0.525. Square does not round it to $0.53 but rather shows $0.52 in the tax column of the item detail CSV. When I import the sales receipts, QB round the sales tax for this item to $0.53, thus, causing a difference of $0.01.
Strangely enough, when I display all those items in the Square item download since we opened our store beginning of November, I find about 2/3 of the rows with sales tax amount of $0.52 and about 1/3 of the rows with sales tax of $0.53. which is what I would need and want.
I have other taxable items with the same rounding issues.
I created a support ticket with Square, but their support help so far is rather disappointing, as some of the replies I received did not even know what export/download from Square I was talking about.
I currently use the QB calculated sales tax for my tax liability, but add a rounding item to the sales receipt to match the QB total amount with the Square total amount.
Thanks for any comments or suggestions.
