splitting an inbound payment

Tim1969 · ‎August 09, 2022

Hi,

we do business with companies some if which are EU VAT registered and some are not. When our stripe account makes transfers to our connected bank account, it makes 1 transfer per day which can include VAT exempt and non exempt bundled together.

How can I split the payment in quickbooks to the appropriate list?

Thx

Ashleigh1 · ‎August 10, 2022

Hi Tim, you would create an expense instead via the + new as the fees would have already been deducted from the income before they hit the bank, add the stripe fee/bank charges account under 'catergory 'on the expense then match it top the transaction.

If you go to transactions> banking>click on a transaction> bottom right of the transaction you will see the add button in green and next to that you will see the split button to select.

View solution in original post

Ashleigh1 · ‎August 09, 2022

Hello Tim1969,

Welcome to the Community page,

If the payments are for multiple invoices you can record the invoice payments to undeposited funds, then when you receive the money from Stripe, you can make the bank deposit. No Vat needs to be included on the deposit as it will be accounted for on the invoices.

Tim1969 · ‎August 10, 2022

Many thanks. Is there a quick way to do this as it may be an ongoing issue?

GeorgiaC · ‎August 10, 2022

Hi Tim1969, if there are no charges (such as Stripe fees) needing to be accounted for on the income, then you can add this directly from the bank feed using the split button - a box will then appear with multiple lines to split the transaction between, each with it's own VAT field.

Tim1969 · ‎August 10, 2022

HI,

Thanks for your info, sadly yes there are stripe fees to consider as well.....how do I allocate them? (I also have a currency conversion issue, but that is for another day!)

Tim1969 · ‎August 10, 2022

Also can you tell me where I can find the Split button in the bank feed please?

Ashleigh1 · ‎August 10, 2022

Hi Tim, you would create an expense instead via the + new as the fees would have already been deducted from the income before they hit the bank, add the stripe fee/bank charges account under 'catergory 'on the expense then match it top the transaction.

If you go to transactions> banking>click on a transaction> bottom right of the transaction you will see the add button in green and next to that you will see the split button to select.

Tim1969 · ‎August 11, 2022

duplicate post

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splitting an inbound payment