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fragglereef
June 3, 2022
Question

How to match PayPal and stripe payments

  • June 3, 2022
  • 2 replies
  • 0 views

Hello,

 

How to match PayPal and stripe payments when the payments from them are different as they take the fees for example invoiced amount is £52.71 and £49.25 is put into the bank after they take the fees of £3.46

 

Thanks

 

Anthony

2 replies

R
RCV
June 3, 2022

Let me help you record and match the PayPal and stripe payments in QuickBooks Online (QBO), @fragglereef.

 

There may be times when the payment amount doesn’t for both PayPal and Stripe payments due to a small fee to process a sales transaction. When going to the Banking page to match the transactions, the amounts don’t quite add up, yet they’re the same transaction. In this case, we can enter an adjustment to resolve the difference. Before doing so, we'll have to create an expense account for bank fees if you don't have one already. Here's how: 

  1. Go to the Accounting menu.
  2. Select Chart of Accounts.
  3. Click New.
  4. Enter all the needed information on the Account page.
  5. Press Save and close.

 

Then, enter an adjustment to resolve the difference in a match:

  1. On the Banking page, find an item with an amount that doesn’t match the transaction you entered for it.
  2. Select the item, and once the row expands, click Find Match.
  3. On the MatchTtransactions page, select the transaction to match. If you don’t see it, enter the search criteria above the table to find it.
  4. Once you select the transaction, scroll to the bottom of the table and click Resolve difference on the right.
  5. Click Add new expense for money spent; click Add new deposit for money received. A second table appears.
  6. Complete the fields in the table to add the adjustment.
  7. Press Save when you’re through.

 

QuickBooks matches the transaction, bank item, and adjustment and moves it to the In QuickBooks tab on the Banking page. Also, QuickBooks will create an adjustment or journal entry when you use the Resolve difference feature. You usually do this when you're matching the same transactions, but their amounts don't quite add up. Let me also share these articles for additional reference when managing your banking transactions in QBO:

 

If you need further assistance with matching bank transactions or have other follow-up questions regarding this one, please let me know. I'll stick around to help you out. Have a great day ahead. 

Fiat Lux - ASIA
Fiat Lux - ASIA
June 3, 2022

@fragglereef 

Another option, utilize a 3rd party app to reconcile PayPal and Stripe transactions into QBO.

https://synder.grsm.io/quickbooks

 

F
fragglereefAuthor
June 3, 2022

I have looked into these but can't see how they will help as they just sync sales into QuickBooks I do this already.

C
ChristineJoieR
June 3, 2022

Hello, @fragglereef.

 

I'll share some insights about matching payments for Stripes and PayPal in QuickBooks Online.

 

To resolve the discrepancy, we can adjust. We'll need to create an expense account for bank fees first. The steps are provided by the colleague above.

 

In addition, when you use the Resolve Difference feature, QuickBooks will create a correction or journal entry. This is usually done when you're matching the same transactions, however the amounts don't quite add up.

 

I recommend contacting our Customer Care Team if you are still unable to match. They have the tools to access your account and investigate the source of the problem and why it keeps repeating. 

 

Here's how to contact them:

 

  1. Go to the top-right corner and click the Help button. 
  2. Select Contact Us to speak with a live agent. Check their support hours to see when agents are available.

 

I'm always here to help if you need anything else. Keep safe always, @fragglereef.

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