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May 26, 2022
Question

How do I expense Stripe Card fees automatically?

  • May 26, 2022
  • 1 reply
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1 reply

May 27, 2022

Welcome to the Community space, @contact-amssurve.

 

Currently, the option to automatically expense the bank card fees is unavailable in QuickBooks Online (QBO). What we can do is manually enter them into an expense account. 

 

If you sync your Stripe bank account to QBO, invoices and their corresponding payments will be created from Stripe automatically and imported to it. Also, Bank fees have already been deducted from those payments. To track these in QBO, you'll need to exclude the Stripe deposits and create them manually within the system.

 

Here's how:

 

  1. Open the invoice created from Stripe.
  2. Click the More actions button, then choose Receive payment.
  3. Input the entire amount of the invoice on the Payment field.

 

Next, we'll need to create an expense account to track these bank fees. Here's how:

 

  1. Click the Accounting menu, and choose the Chart of Accounts tab.
  2. Tap the New button.
  3. Set the Account Type to Expenses.
  4. Set the Detail Type to Bank Charges.
  5. Enter the name you want on the Name field.
  6. Click Save and close when done.

 

Once done, you can then create an expense transaction by following the steps below:

 

  1. Click the + New button.
  2. Select Expense.
  3. You can leave the Payee field blank.
  4. Under the Category column, select the expense account created earlier.
  5. Enter the bank fee under the Amount column.
  6. Press Save and close when you're done.

 

By following these steps, you've ensured that you've received the full amount on any given invoice, as well as recorded the bank fees as an expense, ensuring that your bank balance is accurate.

 

Don’t hesitate to add a comment, if you have clarifications about expense transactions. The Community always has your back. Have a good one!