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Melissant
Level 1

How To Process Stripe Fee's + GST within QuickBooks for an online store?

Hello,

I recently started receiving emails from Stripe letting me know about the Monthly Tax Invoice. I haven't been processing these Fee's + GST from Stripe in my QuickBooks up until now.

As I've connected my bank account to Quickbooks, I can process all the individual transactions and categorize them for GST.

But when it comes to Stripe, Stripe withdraws the Fee's + GST from the sales I've collected, so by the time the money reaches my bank account, it's already processed the Fee + GST and there's no way for me to categorize how much I'm spending every year in Stripe Fee's + GST they've collected that I need to declare.

My question then is, how can I process the Stripe Fee's + GST Stripe collects, from within my Quickbooks so I can declare this to the ATO?

Thank you
1 Comment 1
IntuitSheila
Level 8

How To Process Stripe Fee's + GST within QuickBooks for an online store?

Hi Melissant,

 

Thanks for posting in the Community!

 

You'll have to make sure to create an expense account to allocate the stripe fees. When you receive the stripe payments and gets downloaded in QBO, you can click on the resolve difference when matching transactions from your bank feeds.

 

To create an expense account:

 

  1. Click on the Transactions tab and select Chart of Accounts.
  2. Click on New.
  3. Under Account type choose Expenses.
  4. On Detail type you can select Bank charges or the closes category for fees.
  5. Enter a Name like Stripe fees or how you want to show on your report.
  6. Click on Save and close.

Then, let's got to the Bank transactions tab to categorise your stripe payments and fees. 

 

  1. Go to Transactions tab and choose Bank transactions.
  2. Choose the bank account to categorise transactions.
  3. Click on the transaction and click on Find Match.
  4. Click on Resolve difference to open Add resolving transactions.
  5. Select Add new transactions.
  6. Under Category field choose Bank/Stripe fees expense account created.
  7. Enter the Amount of the stripe fees.
  8. Click on Save and Close.

 

Feel free to ask if you have more questions or concerns about matching transactions. I'm here to help.