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Quanticangel
April 7, 2021
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Stripe payouts reconciliation

  • April 7, 2021
  • 3 replies
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Hi!

 

So, long story short, we run online stores for our customers, their clients pay for their products and then when the store closes we provide the customer with the total sales for their store minus shipping costs, production costs and fees and the remaining money is their profit.

 

The problem arises when receiving the Stripe payouts, essentially our customer's clients are paying for these products and we received the money directly from them so there are no invoices to receive the money against, but we do get the money nevertheless and it has to be registered and reconciled. So my question is:

 

How may I register these payouts? should I create a customer named Stripe and then create a mock invoice and close out when we get the payout? is there a way to register these deposits without an invoice or AR entry?

 

Thanks

Best answer by BettyJaneB

Hello there, @Quanticangel.

 

I've got the steps that you need so you can reconcile Stripe's payouts smoothly in QuickBooks Desktop.

 

You can deposit the amount that you received, so this will be posted on your income account. This way, you'll be able to reconcile the transaction without having an account's receivable entry.

 

To do that:

  1. Go to the Banking menu and select Make Deposits.
  2. In the Make Deposits window, select the account you want to put the deposit into from the Deposit to drop-down.
  3. Check the deposit total. Make sure the account and selected payments match the deposit slip from your bank. Use your deposit slip as a reference.
  4. Enter the date you made the deposit at your bank.
  5. Add a memo as needed.
  6. When you're done, select Save & Close

You can also refer to this article for more details about the process: Record and make bank deposits in QuickBooks Desktop.

 

I’ve also added this link that you can use to guide you in effectively reconciling your accounts in QBDT: Reconcile an account in QuickBooks Desktop.

 

Please let me know if you have any additional questions or concerns. I'm more than willing to help. Have a great day!

3 replies

BettyJaneB
BettyJaneBAnswer
April 7, 2021

Hello there, @Quanticangel.

 

I've got the steps that you need so you can reconcile Stripe's payouts smoothly in QuickBooks Desktop.

 

You can deposit the amount that you received, so this will be posted on your income account. This way, you'll be able to reconcile the transaction without having an account's receivable entry.

 

To do that:

  1. Go to the Banking menu and select Make Deposits.
  2. In the Make Deposits window, select the account you want to put the deposit into from the Deposit to drop-down.
  3. Check the deposit total. Make sure the account and selected payments match the deposit slip from your bank. Use your deposit slip as a reference.
  4. Enter the date you made the deposit at your bank.
  5. Add a memo as needed.
  6. When you're done, select Save & Close

You can also refer to this article for more details about the process: Record and make bank deposits in QuickBooks Desktop.

 

I’ve also added this link that you can use to guide you in effectively reconciling your accounts in QBDT: Reconcile an account in QuickBooks Desktop.

 

Please let me know if you have any additional questions or concerns. I'm more than willing to help. Have a great day!

    B
    BkprKaren
    July 28, 2021

    This does work to enter the income from Stripe, however, but doesn't take into consideration the fees being charged so you would need to add a line in the deposit to expense those.  As an example, let's say your Stripe deposit is $90.00. If the sales were $104.50 this would be recorded on a line to an income account. This leaves the Stripe fees $14.50 to be recorded on another line but as a negative amount so it deducts from the amount of the sales to make the deposit amount match.  Doing it this way allows the true sales $ amount to be recorded as well as the additional expense amount. (This also doesn't take into consideration if there are any refunds or disputes during that time period either, but maybe you don't have those.)

      Fiat Lux - ASIA
      Fiat Lux - ASIA
      April 8, 2021

      @Quanticangel 

      As an additional option, explore the trial version of this app to reconcile your Stripe transactions into your QB Desktop.

      https:// synder.grsm.io/quickbooks

       

      G
      GG6
      February 7, 2022

      DESKTOP Pro Query

      I NEED HELP. Hoping for a MORE macro resolution.

      With nearly 5000 transactions and most of the 2021 bank deposits reconciled this suggestion is not a 'workable' solution. 

      Recognizing that the actual deposit is already understating INCOME is there some GJ action to adjust SALES and record the FEE as an EXPENSE.

      The example:

      Payout to bank 35534 [Amount reported as SALES& reconciled in bank account]

      Fees captured    1212 [Remain to be recorded as EXPENSE]    

      Gross sales        36746 [Stripe income BUT not YET captured in QB]

       

      What would a GJ entry look like to record additional INCOME/Sales of 1212 and 1212 of EXPENSE? Would that be allowed or acceptable?   

      REALLY need some guidance!   Thanks to all who burn some brain cells to help me.

      Cheers

      Rec'd prompt and thorough answer from yesterday BUT looks like a QBO solution!

      Candice C
      Candice C
      February 7, 2022

      Hey there, @GG6. 

       

      Thanks for chiming in on this thread. Let me point you in the right direction. 

       

      To be sure of this information and what steps need to be taken, I recommend consulting with your accountant. They'll be able to give you the best advice for your business. 

       

      Keep us updated on how it goes. We want to ensure that you get this taken care of today. Have a good one! 

      L
      Learner9
      April 10, 2023

      Stripe payouts show up on QBO via my business bank account. Normally, click on the line item and categorize the gross to the income account and then I just add a line on the same screen to put the portion of the Stripe service fee directly into the bank fee accounts. I do this for each "payout" received from Stripe is this the correct method?

      Or am I missing another step?

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