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littlehouse-book
September 16, 2020
Question

Stripe USD Sales

  • September 16, 2020
  • 1 reply
  • 0 views

Hi, I am working with a Canadian client who processes USD sales through Stripe. The Stripe payout is to a USD bank account. Currently the payout is added as a bank deposit to the sales income account, but thee is no conversion to CDN. How do I enter the Stripe sale into QBO so the exchange from USD to CDN shows on the P&L?

1 reply

L
LauraAB
September 16, 2020

Hello littlehouse-book,

 

This is a great question! Having transactions entered in the correct currency is one of the staples of accuracy in numbers when running a business. It's awesome to hear that you're working with a client who uses Stripe as a way to accept customer payments. With QuickBooks Online, the option to connect with these kinds of services is a great way to enhance what the program has to offer. I'll help you figure this out.

 

In this scenario, the key is going to be knowing how the Stripe transactions are being entered into QuickBooks. For instance, if the client is using a third-party application to connect Stripe to QuickBooks Online to more easily enter transactions, they'll want to make sure that the program is set up to map the transactions to a USD account on the QuickBooks side of things. Additionally, the customer in the books that the transaction applies to would also need to be set up for USD in QuickBooks Online. Right now, it sounds like the data is simply going into a Canadian currency account in the Chart of Accounts, which would explain the lack of conversion rate.

 

I've got a couple articles that I'll share with you about setting up accounts and multi-currency in QuickBooks Online, but the bulk of this situation is something to address with the app provider, which may or may not be Stripe itself, depending on which your client went with. To check on that, your client can follow these steps in their account.

  1. Navigate to the Apps tab.
  2. Click My Apps.
  3. Select the app used to connect Stripe.
  4. Review the App information section for support options.

Here are the articles I mentioned for QuickBooks Online's side of things.

If you'd like to go over multicurrency and it's set up in more detail, feel free to contact QuickBooks Online support to connect with an agent.

 

Schedule a Callback or Chat: click (?)Help in the upper right > type and enter "Contact support" into the QB Assistant> click Contact Us > explain your situation > click Let's Talk > choose Get a callback or Start a Chat. Support is available from Monday to Friday between 9 a.m. and 8 p.m. ET.

Social Media: Facebook, Twitter, and Instagram.

 

I hope this has been helpful!

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