Settlement Sync
Automated reconciliation of Square settlement transactions to the Westpac bank account. Settlement Sync ensures that daily Square deposits match the corresponding bank entries, providing a complete audit trail from point-of-sale through to banking.
Process
- Square batches daily transactions and settles funds to Westpac
- Settlement amounts appear as deposits in the Westpac account
- Xero’s bank reconciliation module matches Square settlement journals to Westpac transaction history
- Discrepancies (fees, holds, reversals) are flagged for investigation
Scope
Covers all deposit types: card payments, cash deposits, and Square Capital repayments. Settlement timing varies by transaction type and day of week.
Current Status
Settlement Sync is operational. Regular reconciliation occurs as part of the weekly cash float audit cycle. See Square POS and Clearing Account Cycle for related processes.
Related Pages
- Clearing Account Cycle — the underlying cycle and timing
- Square POS — source of settlement data
- Westpac — destination bank account
- Daily Sales Sync — upstream sales data integration