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September 13, 2024
Question

Tracking income from sales made via Stripe

  • September 13, 2024
  • 2 replies
  • 0 views

Hi Everyone,

 

First off, thank you everyone for your answers to my prior questions. They've all been answered and in the rush of getting things done I did not thank the folks who provided them.

 

Now I have a new question. I've been invoicing customers using Stripe. For this reason I created two accounts associated with it, as follows (a) Stripe and (b) Stripe Expenses

Whenever Stripe issued a payment, I entered that transaction on my Bank Account.

Whenever Stripe issued a charge, I reflected it on the same Bank Account.

 

Now I go to my P&L and only see the Stripe Expenses account and not the income.

On my Bank Account, the income transaction shows up as Transfer Funds type.

On my Stripe Account, each of this transactions show up as Payment from the Transfer Funds. I then perform a Deposit/Accounts Receivable to the same Stripe account.

 

I know I should use Sales Receipt when not using invoicing, so the question is how do I modify these inputs so that Stripe income shows up on the P&L?

Thank you!

Marty

 

 

 

2 replies

September 14, 2024

I appreciate the detailed information you've shared, @gnocchi. Allow me to help you figure out why the income account is missing from your Profit and Loss report.

There are several possible reasons why you're not seeing your sales income in the Profit and Loss report. Here are the following:

 

  • The transactions aren't added to QuickBooks
  • Sales were not categorized into their corresponding income accounts
     

With this, make sure to add the transactions in QuickBooks. If it's already added, you can review the associated account to see if you've used the correct income accounts. To do this, you can run the Transaction Detail by Account report and add the Account and Account Type column. I'll show you how.
 

  1. Go to the Reports menu and select Report Center.
  2. Search and Run the Transaction detail by Account report.
  3. Click Customize Report.
  4. From the Display tab, locate and put a checkmark on the Account and Account Type in the Columns section.
  5. Then hit OK to save changes.
     

You can also check the accounting basis set for the Profit and Loss report. The Cash and Accrual basis basis reporting differ in how income or expenses are determined for reporting. When generating the report, ensure the accounting method is set correctly.

Furthermore, I'm attaching these links for future reference in modifying your reports: Customize reports in QuickBooks Desktop.

You can always post your questions about tracking your income transactions in QBDT. Have a good one.

September 14, 2024

@gnocchi 

You may need a 3rd party paid connector app.