Online Sales income from paypal and stripe net of fees

Thanks for posting here, @albert200265.

You can create a sales receipt then deposit the amount to your Paypal and Stripe account. Here's how:

1. Click + New.
2. Choose Sales receipt.
3. Select the customer from the Customer dropdown. 
4. Input the sales info, such as the payment method.
5. Enter line items for the products and services you sold.
6. When you're done, hit Save and close. 

Another option is to make a deposit as long as you have VAT set up. If you don't have one, then, you first need to create a sales receipt and match it as a deposit as it will only appear to be added from the banking screen.  

I've also added this helpful link where you can browse articles that can guide you with your QBO tasks. To get started head to our QBO Help articles page. 

Feel free to leave a reply below if you need further assistance in recording your sales income. I'm always here to help. 

Thanks for your reply 

I have numerous transactions 

is it possible to import a wix sales report - dr undeposited funds / cr sales

from the PayPal bank do I transfer / update the net sales income and transfer to undeposited funds?

can I import from PayPal and wix their fees dr bank charges / cr undeposited funds 

WILL the transactions then MATCH from PayPal bank review screen?

is that a work around?? 

many thanks 

Hi there, @albert200265.

Welcome to the Community. I know that manually entering sales takes too much time so let me help you record them in QuickBooks.

Yes, it's possible to import your Wix sales report into the system. To use debits and credits, I recommend importing your data as journal entries.

Please note there's a specific format to upload the file successfully. You can use our sample file as a reference when you perform the process.

Here's how:

1. Click the Gear icon in the upper-right corner.
2. Select Import data under Tools.
3. Choose Journal Entries. 
4. Click Download an example. 

Once done, you can record a transfer between two accounts. The easiest way is to use the Transfer option available when you click the + New button from your dashboard. Check out this page to learn about transfers: Transfer funds between accounts.

Also, you have the option to match a transfer to the downloaded transactions on your bank feeds. You can follow these steps:

1. On the left navigation bar, click Banking.
2. Select the bank account that the transaction is coming from.
3. Find and select the transaction to open it.
4. Select the Record as transfer radio button. Then, from the Transfer account dropdown, select the account the money was transferred to.
5. Select Record transfer.
6. Choose the bank account to which you transferred the transaction.
7. Go to the For Review tab, then select the Recognised filter from the dropdown.
8. Find the transaction. From the Action column, select Match so the transaction is matched in both accounts.

This is a workaround you can use to handle the fees in QuickBooks. In case you're unsure which accounts to use when importing journal entries, it would be best to consult an accountant. They'll be able to provide expert advise on how to handle them and ensure your books are accurate. 

I've also attached an article that will help you create a bank deposit, as well as how to include processing fees in QuickBooks: Record and make bank deposits in QuickBooks Online.

Drop me a comment below if you have any other questions related to banking. I'll be happy to help you some more.

Hi

For MTD compliance I want to import the full sales receipt list from WIX including the VAT.   Can I match in the Undeposited Funds Account??

Thanks

Hello @albert200265,

As of the moment, there isn't an integrated way to import a list of your sales receipt directly into your Undeposited Funds account.

This is because manually importing a list of your transactions requires bank-related accounts and your undeposited fund's account is not one of those.

In the same manner, here's an article you can read to learn more about import a list of your sales receipt: How to import sales receipts in QuickBooks Online?

On top of that, I've also included this reference for a compilation of articles you can use while working with us: Sales and Customers for QuickBooks Online.

If you have any other questions, please let me know in the comments below. I'll be here to lend a hand.

So is it possible to csv upload “deposits” to undeposited funds bank Iro the PayPal and stripe fees?  

then from the PayPal bank match both the gross income and fees?

Hello there, @albert200265.

Let me share additional details on how you can manage your client's Wix transactions. 

Currently, the ability to import transactions to your Undeposited Funds is not available. 

However, you can import it as a journal entry, as shared by my colleague @AlcaeusF. You can follow the format of the sample file below:

Also, I'd recommend consulting with an accountant so you'd be guided in tracking your client's income transactions.

Get back to us here of you have other questions or concerns. I'm always here to help.

@albert200265 

You may utilize this free app to connect data from Wix to QBO.

https://www.onesaas.com/#start

However, you should explore this app to reconcile PayPal and Stripe transactions to your QBO account.

https://synder.grsm.io/quickbooks

Ok thanks

so I would need to do journals for the bank charges to undeposited funds then match through the PayPal account ?

you say onesaas is free but their website says free trial. 

I’m assuming I can test these in the sample company ? 

thanks

If I set up a bank account called wix I could then import all as income and expenses rather than journals as it would be a proper bank account couldn’t I ?

Hi there, Albert.

There are a lot of channels involve in your client's transactions and you also need to make sure you get the VAT. For these reasons, I would recommend contacting our QuickBooks Online team. That way, they can start a screen-sharing session to guide you in entering your transactions. Please do not do journal entries yet.

If you have other questions in mind, feel free to go back to this thread.

Hi - I have Wix and use Stripe and Paypal.  On another site I was advised to set ours up so that WIX sales goes to undeposited account and from there to relevant Stripe or PayPal account.  I then transfer net Stripe/PayPal amount to the bank and then charge the fee as an expense to the Stripe/PayPal account. 

I'm currently now figuring out how to match the net amount to the bank but maybe the above will help you get sorted. 

Btw, the OneSaaS app is really great and the support is very responsive.

@ymcgarry1 

For your reference

https:// quickbooks.intuit.com/learn-support/en-uk/transactions/double-counting-wix-e-commerce-stripe-and-paypal/01/903239/highlight/false#M13204