Skip to main content
T
Tomacina
January 25, 2021
Question

Stripe and Quickbooks

  • January 25, 2021
  • 2 replies
  • 0 views

My BIG question! :) I am currently setting up QuickBooks starting 1/1/21. Our company takes payment via Paypal, Stripe, and cash. However I do not want to use a third party to link anything into QuickBooks. Currently our bank is connected and our stripe deposits are brought in that way. My question is should I be creating invoices for my clients and if so how to I attach those stripe payments to them? I have went though the community but so far everything wants you to connect stripe to QuickBooks, because we are not a large company have yet another app is not right now necessary. 

    2 replies

    Rustler
    Rustler
    January 25, 2021

    Either an invoice or a sales receipt, then deposit the money

    download banking and match

    KlentB
    KlentB
    January 25, 2021

    Thanks for choosing QuickBooks as one of your partners in building your business, Tomacina.

     

    I agree with Rustler. Ideally, it's recommended to utilize a third-party app to automatically record the transactions and close open invoices in your books. Since you don't want to use another app, you'll have to manually record the invoices and payments in QuickBooks Online. Here's how:

     

    1. Click the + New button.
    2. Choose Invoice.
    3. From the Customer drop-down menu, pick a customer.
    4. Set the terms and invoice date.
    5. From the Product/Service column, select a product or service. 
    6. Enter a quantity, rate, and amount.
    7. Click Save and send.

    Once your customer pays you, record the invoice payments in QuickBooks Online to mark the invoices as paid. If you entered the payments in the Undeposited Funds account, you'll have to combine multiple transactions into a single record so it reflects your real-life bank activity. Then, categorize and match your online banking transactions with the payments you've already created in QuickBooks.

     

    Lastly, I recommend visiting our Get Started page to help speed up the process of setting up one's own business in the program.

     

    You can always visit the Community if you need additional assistance in accomplishing your other tasks.

    M
    MrsK01
    March 22, 2021

    Hi - That is my BIG Question too !!

     

    Very similar set up - small business taking online product and service payments through stripe ( some paypal and cash too).  HOWEVER I manually transfer my balance periodically from Stripe to my current business account.  This works well ( I think? ) regards the Stripe fees as I can then just record the Stripe fees each end of month as an expense.  

     

    However I am just trying to set everything up also from 1/1/21

    ( I have a lot of BIG questions !!! ) 

     

    I run a weekly sales report in Stripe for my sales....How do I then input these batch end of week sales into QB ? I just can't figure this out - do I set up Stripe like a bank account, with the sale of the item fee deposited into that account ?  How to do this without making any duplications when I do a manual balance transfer also, this really has me baffled, I'd appreciate any help! Thanks :) 

    R
    Ryan_M
    March 22, 2021

    Hi @MrsK01,

     

    The easiest way you can do this in QuickBooks Online (QBO) is to sync third-party apps for Stripe and/or PayPal.

     

    With this, your transactions are automatically imported to QBO. This includes the charges, so you no longer have to worry about it. Check out this page: QuickBooks Apps Store. 

     

    From the Apps Store, you can search for a third-party app that works best for you and your company. 

     

    The option to upload reports is unavailable in QBO. What you can do is generate a custom Sales by Customer Detail report. Given that all sales transactions for the week have been imported already, then you can follow the steps below:

     

    1. Go to the Reports menu.
    2. Search for Sales by Customer Detail.
    3. Change the date range to This Week. 

    In case you need additional customization for your QBO reports, open this article: Customize reports in QuickBooks Online. 

     

    Post a reply if you need anything else about managing third-party transactions in QBO. I'll handle them for you. 

    L
    lblogger
    January 16, 2023

    Hello, Will you get charged any transactions fees in QuickBooks from Stripe transactions into your bank account and then into QuickBooks?

     

    Thank you!

     

    Terms & ConditionsAccessibility statement