When using SquareSpace (SS) as ecommerce platform with Stripe as payment gateway how do I get the sales details from SS and stripe fees to match up to Stripe payout?

Hi there, @Anette. 

When using SquareSpace as your ecommerce platform with Stripe as the payment gateway, it's essential to ensure that your sales details from SquareSpace and the fees charged by Stripe align with the actual Stripe payouts you receive. 

To reconcile this information accurately in QuickBooks Online (QBO), you can follow these steps:

SquareSpace Sales Details:

• Utilize the SquareSpace Connector to import your sales details into QBO. This connector can help you bring in your SquareSpace sales transactions, including order information, customer details, and sales amounts.

Stripe Fees:

• To account for the fees charged by Stripe for each transaction, create a separate expense account in QBO for Stripe fees. When recording your sales transactions from SquareSpace in QBO, ensure that you also include the corresponding Stripe fee as an expense.

Matching Transactions with Stripe Payouts:

• To match your transactions with the Stripe payouts you receive, you can reconcile your bank account in QBO with the actual Stripe deposits. Stripe payouts typically include the aggregated sales amounts minus fees, chargebacks, and refunds.

Reconciliation Process:

• Regularly reconcile your sales data from SquareSpace, fees from Stripe, and Stripe payouts in QBO to ensure accuracy. This process helps you verify that all sales transactions, fees, and payouts align correctly.

By following these steps and maintaining accurate records in QBO, you can effectively reconcile your SquareSpace sales details with Stripe fees and payouts. If you encounter any challenges or need further assistance in setting up this reconciliation process, feel free to reach out for additional guidance.

Feel free to reach out to us at anytime you have questions related to QuickBooks Online banking. Thanks.

Thanks Abigail,

This is very helpful. I am just missing one detail; how do the Stripe fees for each transaction come into QBO in a way so that I can match each one with the right SquareSpace transaction?

I don't assume the SquareSpace details will tell how much the Stripe fee for each transaction is.

Thanks

Anette

QuickBooks Online (QBO) relies on the transactions imported by Stripe and SquareSpace, Anette.

When matching the Stripe fees and SquareSpace transactions to the existing data in QBO, ensure they have the same amounts, dates, and currencies. However, if they don't, you can exclude them to avoid affecting your financial reports. 

After that, you can manually track Stripe fees by creating expenses and SquareSpace transactions by entering invoices and receiving their payments. 

Before you record an expense transaction for Stripe fees, make sure to add an expense account to track them. Here's how:

1. Go to Settings and select Chart of accounts.
2. Select New.
3. Enter an Account name.
4. Select Expenses as the Account type, then the Detail type (for example, Bank charges) from the dropdown.
5. (Optional) Add a Description to add extra information about this account.
6. Select Save.

Moreover, I'd recommend reconciling your accounts regularly (monthly) to ensure the accuracy of your financial data.

If you have other questions in mind about managing Stripe and SquareSpace transactions, post them below, and I'll make sure to get back to you.

Hi Rea,

Thanks. 

I know that QBO relies on the data imported/entered and I know how to post the fees.

So if the sales details are coming in via Connector from SquareSpace should we then create a similar connection for the Stripe details to come in? Surely that would create duplicate sales entries?

The payout from Stripe comes in as a lump sum e.g. weekly or even monthly with no details of which specific transactions they relate to. My question really is; how do I know which sales transactions a particular payout relate to? If the answer is "you need to check that directly in Stripe" then so be it - I was just wondering if there was a kind of easy automated way of doing it.

Thanks

Anette

Hi anette-premium-c There isn't a way for QuickBooks to identify which transactions a lump sum populated from Stripe relates to, in this instance you'd have to refer to Stripe.

@anette-premium-c 

Consider having a 3rd party connector app as the hub between SS, QBO and Stripe.

Thanks all

@Deity Alpha, any suggestions on an app that can do this?

For now the SS connector and pulling the rest from Stripe seems to be the best option.

Thanks

You can explore this one

https://partnerstack.synder.com/quickbooks