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Follow the steps to How to Record Stripe Fees in Quickbooks Online

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Follow the steps to How to Record Stripe Fees in Quickbooks Online

Follow the steps to How to Record Stripe Fees in Quickbooks Online

1) Set up Reconciliation in QuickBooks Online:

Step 1: In QuickBooks Online, create a bank account called "Stripe Bank Account" (or whatever name you like). This account is where you'll keep track of your Stripe sales and fees.

Step 2: DO NOT USE YOUR CHECKING ACCOUNT/CURRENT ACCOUNT TO RECORD YOUR STRIPE SALES, AS THIS WILL CAUSE MANY PROBLEMS IN RECONCILIATING YOUR STRIPE FEES.

Step 3: In QuickBooks Online, set up the bank feeds or upload the bank statement. The bank review area will have the downloaded transactions available.

2) Install PayTraQer.

Step 1: (How to?) Integrate PayTraQer with QuickBooks Online.

Step 2: Integrate PayTraQer with Stripe (How to?)

Step 3: (How to?) Set up the sync settings for Sales, Expenses, Fees, Items, and Payout.

Step 4: Record (Sync) your Stripe transactions in QuickBooks Online (How to?)

You must choose the same bank account ("Stripe Bank Account" or established Bank Account) for Sales, Expenses, Fees, Items, and Payout when supplying the settings.

Configure your Stripe Bank Account's Stripe Sales settings.

Set up your Stripe Fees with your Stripe Bank Account.

Using your Stripe Bank Account, configure Stripe Expenses settings.

Configure your transfer sales account's Stripe Payout options.

3) Conduct an online bank review with QuickBooks.

Step 1: Open QuickBooks Online and go to the Banking section. You'll notice that the TRANSFER transactions of "Stripe Bank Account'' are matched against your deposits. If you haven't enabled Payout processing in PayTraQer, these TRANSFER transactions won't be created.

Step 2: To accept the transactions, click the "Match" link.

If the Bank Review screen is not visible, you can also create TRANSFER transactions there.

4) Reconcile QuickBooks Online

Step 1: Open QuickBooks Online and go to the bank reconciliation page.

Step 2: Enter the amount of the statement balance and the date of the statement.

Step 3: Begin the Process of Reconciliation.

 

QuickBooks Online automatically reconciles the transactions by matching the transfers and deposits. Stripe sales (Invoices, Sales Receipts) and Stripe expenses (Fees, Expenses) are now properly matched with your checking account in QuickBooks Online.

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