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M
MrsK01
February 23, 2021
Question

How do I record a stripe balance transfer to my bank account? I do not want to duplicate it as income when I pull in my sales woocommerce (paid through stripe) ?

  • February 23, 2021
  • 1 reply
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1 reply

Fiat Lux - ASIA
Fiat Lux - ASIA
February 23, 2021

Explore another connector to reconcile Stripe transactions into QBO.

https://synder.grsm.io/quickbooks

 

M
MrsK01Author
March 28, 2021

Thank you for your reply.

 

I do not want to connect an app.

 

What I wish to achieve is as follows:

 

I want to add my online payments for a variety of products & services as sales at end of week ( from a report I run ) 

 

So to do this I have set up a customer " ONLINE SALES" where I create an invoice dated end of each week and add my detailed product / services sales.  They are paid by stripe BUT I manually deposit funds from my Stripe to my Bank Account .  I want to continue to do this to save a lot of transactions which have deducted stripe fees causing confusion.

 

I then drawdown from stripe periodically set amounts ( how do I document this in QB ) 

 

Then I enter Stripe Fees as an expense from the tax document stripe issues me with details of fees.

 

Please instruct me how to set up Stripe this way - so that I can say the payment is received through Stripe and that when I drawdown eg: €100 from my stripe balance to my bank account it is recorded as a transfer and not income.  Is this possible.  Really finding it difficult to get an answer to this.

 

Hope I get some help here.

Thanks.

 

 

Jen_D
Jen_D
March 28, 2021

It's good to have you back here in our forum, @MrsK01,

 

I can share the detailed steps on how to handle your income along with the Stripe fees that comes with it. To manually document the process, use the detailed steps in order.

 

Step 1: Create the customer invoice with the full sale amount.

 

  1. Click the Plus (+) icon.
  2. Select Invoice.
  3. Enter the exact amount to be invoiced. (Refer to this sample screenshot below)

 

Step 2: Receive the payment and deposit it to the Undeposited Funds.

 

  1. On the invoice, click the Receive Payment button.
  2. Select the correct invoice on the Receive Payment screen.
  3. In the Deposit to field, choose Undeposited Funds.
  4. Click Save and close. (See screenshot attached)

 

Step 3: Create a bank deposit and add the Stripe fee to get the amount after deductions. (See screenshot)

 

  1. Click the QuickBooks Plus (+) icon.
  2. Select Bank Deposit.
  3. For the Account, use the bank account where you receive the payments. This way it is easier to match transactions when you're connected for online banking.
  4. Mark the invoice payment you received previously from the Select the payments included in this deposit section.
  5. Expand the Add funds to this deposit section to add a new line item.
  6. In the Received From column, enter Stripe as a vendor name.
  7. In the Account column, add an expense account for the fee.
  8. In the Amount field, enter a negative fee amount. 
  9. Make sure the deposit matches the net bank deposit amount.
  10. Press Save and close.

 

For your reference, see the following link for the steps: Record and make bank deposits in QuickBooks Online 

 

If you need to do transfers, use the Bank Transfer option in the + New icon.

 

Let me know if you have further question or concerns about the steps. I'll be right here to guide you if you need additional assistance. Have a good one!

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