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Shinobi
Level 1

Should STRIPE (Payment Collection Service) be setup as VENDOR or CUSTOMER ?

I have customers on  subscription memberships. Their dues are paid through STRIPE.

STRIPE deduct their fees for processing, then deposit, in my bank, the amount collected by a specified time i.e. the middle of the month, end of the month , etc. 

 

   I pay STRIPE for their great service, and they process payments from my customers. STRIPE deposits those funds in my bank.  How do I classify STRIPE in Quickbooks Online?  Should they be classified as a Vendor or a Customer?

 

"If they are working for you and you are paying them then they would be vendors. Customers are for people who you do work for and who pay you."  -aj4fluentbiz

 

Thank you,

 

Shinobi

Solved
Best answer May 13, 2020

Best Answers
JamesDuanT
Moderator

Should STRIPE (Payment Collection Service) be setup as VENDOR or CUSTOMER ?

Hello Shinobi,

 

The Stripe is likely to be your vendor since you're paying for their service. As well as they deduct fees from every customer transactions.

 

Just like aj4fluentbiz said, vendors are the ones you pay for their services while customers pay you.
You can use these links for reference:

You might also want to know more on how to create a bank deposit when receiving customer payments: Record and make Bank Deposits in QuickBooks Online.

 

We'll be right here if you need anything when managing customer or vendor transactions.

View solution in original post

1 Comment
JamesDuanT
Moderator

Should STRIPE (Payment Collection Service) be setup as VENDOR or CUSTOMER ?

Hello Shinobi,

 

The Stripe is likely to be your vendor since you're paying for their service. As well as they deduct fees from every customer transactions.

 

Just like aj4fluentbiz said, vendors are the ones you pay for their services while customers pay you.
You can use these links for reference:

You might also want to know more on how to create a bank deposit when receiving customer payments: Record and make Bank Deposits in QuickBooks Online.

 

We'll be right here if you need anything when managing customer or vendor transactions.

View solution in original post

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