How to Handle Stripe Payment Deposits in QuickBooks

The objective of this guide is to walk you through the process of properly recording and reconciling Stripe payments in QuickBooks to ensure accurate bookkeeping and financial records.

Key Steps

1. Review Stripe Deposit: Check your bank account for the Stripe deposit and note the amount.

2. Record Client Payment: Create a new deposit in QuickBooks matching the date of the Stripe deposit. Enter the client's payment amount.

3. Deduct Stripe Fees: Subtract the Stripe fees from the total payment amount. If Stripe is not set up as a vendor, set it up before proceeding.

4. Calculate Net Payment: Subtract the fees from the total payment to get the net payment amount.

5. Save and Refresh: Save the transaction in QuickBooks and refresh the screen to ensure the payment amount matches the deposit amount.

6. Match Payments: If the payment and deposit amounts match, simply select the option to match them in QuickBooks.

Cautionary Notes

• Ensure that you accurately deduct the Stripe fees from the client's payment to calculate the net payment amount.

• Double-check all calculations to avoid errors in recording payments and fees.

• Make sure to refresh the screen in QuickBooks after saving the transaction to ensure the payment matches the deposit.

Tips for Efficiency

• Consider setting up Stripe as a vendor in QuickBooks for easier tracking of fees.

• Use the math function in QuickBooks to calculate fees and net payments to avoid manual errors.

• Regularly reconcile Stripe payments with bank deposits to maintain accurate financial records.

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