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October 23, 2024
Question

How to properly register a payment made through Stripe

  • October 23, 2024
  • 0 replies
  • 0 views

Hi QB Community! I come seeking your wisdom and advice -as usual.

 

Recently I received payment from a client through Stripe. The invoice was for $3,000 but as you are aware, Stripe charges a fee. In my Stripe account I see payment for $3,105. When I open the transaction details I see that the Stripe processing fee is $90.35 and the remaining $3,014.65 will be transferred to my bank account. There are $14.65 extra!

 

When payment is received through Stripe, QBO makes 2 entries automatically: 1) Registers a payment for $3,105 and 2) Makes a JE for $105. 

 

I'm trying to reconcile my Stripe balance in QBO but I don't know how to register the Stripe Processing fee since it has already been bundled in the JE for $105. Also, I need to register the processing fee for $90.35 and I need to account for the $14.65 extra (basically redo the JE for $105). Three months back these entries were done manually so I was able to make the proper entries as needed, but now I've been shying away from this task.

 

Thanks so much in advance for your guidance! You're the best!