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A
Alex DSPR
October 9, 2024
Question

Excluding Invoices from Profit and Loss Report Without Deleting Them

  • October 9, 2024
  • 1 reply
  • 0 views

Excluding Invoices from Profit and Loss Report Without Deleting Them

Good evening, I hope you are all doing well.

 

I am facing an issue with my QuickBooks account related to how income from Stripe is recorded. When I receive payments through Stripe, they deduct a percentage from each transaction, so the amount deposited in my account never matches the exact amount of the invoices I create in QuickBooks. For instance, if I issue an invoice for $1,000, Stripe deposits this amount in installments or in combination with other payments, rather than depositing the exact $1,000 in a single transaction. They deposit lump sums at different times, making it impossible for me to match the transactions one-to-one with the invoices.

 

As a workaround, I categorized all my Stripe transactions as "income" in QuickBooks. However, the issue is that these invoices still show up in the Profit and Loss report, creating duplicate income entries. I prefer to have these transactions recognized as Stripe payments only, without the invoices affecting the P&L report. I cannot delete the invoices because they serve as evidence for my clients.

 

Is there a way to categorize these invoices so they do not appear in the Profit and Loss report without having to delete them? What do you recommend as the best solution for this?

Thank you for your assistance.

 

Best regards,
Alexander [removed]

1 reply

R
RoseJillB
October 9, 2024

I appreciate the detailed information outlining your concern about matching deposits from Stripe to QuickBooks Online (QBO), Alex DSPR. I noticed that bank fees or charges were automatically deducted from the original transaction amount.

It's crucial to match your recorded entries with the deposits from your bank account. This will ensure our books remain balanced and accurate.

 

To resolve this, let's start fresh by uncategorizing those entries and re-matching the deposits to the invoices. This approach will help prevent your income from doubling and avoid deleting any invoices.

 

Please follow the steps below to uncategorized a transaction:

 
  1. Go to the Transactions menu and navigate to the Bank transactions tab.
  2. Tap the bank tile where you have categorized these entries.
  3. Click the Categorized tab and click Undo under the Action column.

 

Next, we'll record the payments for each invoice associated with the Stripe deposits. Here's how:
 
  1. Click + New and click Receive payment.
  2. Enter payment details and select the checkbox next to the invoice you want the payment to be applied.
  3. Choose Undeposited funds from Deposit to dropdown.
  4. Tap Save and close to record the transaction.

 

After that, create a bank deposit to transfer the funds into your receiving bank account and enter the bank charges or fees deducted from the original amount. This will ensure that your bank deposits match what has been recorded in QuickBooks.
 
  1. Select + New and then Bank deposit.
  2. You should see the payment you entered in the Select the payments included in this deposit section.
  3. Put a check to select the payment you want to deposit.
  4. Add the bank service fee as a negative amount under Add funds to this deposit.
  5. Choose the appropriate account for tracking bank fees.
  6. Verify that the deposit amount is correct and click Save and close.

 

Additionally, you can explore these articles on categorizing your transactions and reconciling your account. This will ensure that your transactions are placed in the correct category, helping to avoid any discrepancies in your books:
 

 

Feel free to reach out if you have more questions regarding banking issues or matching transactions in QuickBooks. Take care!
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