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Quanticangel
Level 1

Stripe payouts reconciliation

Hi!

 

So, long story short, we run online stores for our customers, their clients pay for their products and then when the store closes we provide the customer with the total sales for their store minus shipping costs, production costs and fees and the remaining money is their profit.

 

The problem arises when receiving the Stripe payouts, essentially our customer's clients are paying for these products and we received the money directly from them so there are no invoices to receive the money against, but we do get the money nevertheless and it has to be registered and reconciled. So my question is:

 

How may I register these payouts? should I create a customer named Stripe and then create a mock invoice and close out when we get the payout? is there a way to register these deposits without an invoice or AR entry?

 

Thanks

Solved
Best answer April 07, 2021

Best Answers
BettyJaneB
QuickBooks Team

Stripe payouts reconciliation

Hello there, @Quanticangel.

 

I've got the steps that you need so you can reconcile Stripe's payouts smoothly in QuickBooks Desktop.

 

You can deposit the amount that you received, so this will be posted on your income account. This way, you'll be able to reconcile the transaction without having an account's receivable entry.

 

To do that:

  1. Go to the Banking menu and select Make Deposits.
  2. In the Make Deposits window, select the account you want to put the deposit into from the Deposit to drop-down.
  3. Check the deposit total. Make sure the account and selected payments match the deposit slip from your bank. Use your deposit slip as a reference.
  4. Enter the date you made the deposit at your bank.
  5. Add a memo as needed.
  6. When you're done, select Save & Close

You can also refer to this article for more details about the process: Record and make bank deposits in QuickBooks Desktop.

 

I’ve also added this link that you can use to guide you in effectively reconciling your accounts in QBDT: Reconcile an account in QuickBooks Desktop.

 

Please let me know if you have any additional questions or concerns. I'm more than willing to help. Have a great day!

View solution in original post

12 Comments 12
BettyJaneB
QuickBooks Team

Stripe payouts reconciliation

Hello there, @Quanticangel.

 

I've got the steps that you need so you can reconcile Stripe's payouts smoothly in QuickBooks Desktop.

 

You can deposit the amount that you received, so this will be posted on your income account. This way, you'll be able to reconcile the transaction without having an account's receivable entry.

 

To do that:

  1. Go to the Banking menu and select Make Deposits.
  2. In the Make Deposits window, select the account you want to put the deposit into from the Deposit to drop-down.
  3. Check the deposit total. Make sure the account and selected payments match the deposit slip from your bank. Use your deposit slip as a reference.
  4. Enter the date you made the deposit at your bank.
  5. Add a memo as needed.
  6. When you're done, select Save & Close

You can also refer to this article for more details about the process: Record and make bank deposits in QuickBooks Desktop.

 

I’ve also added this link that you can use to guide you in effectively reconciling your accounts in QBDT: Reconcile an account in QuickBooks Desktop.

 

Please let me know if you have any additional questions or concerns. I'm more than willing to help. Have a great day!

Fiat Lux - ASIA
Level 15

Stripe payouts reconciliation

@Quanticangel 

As an additional option, explore the trial version of this app to reconcile your Stripe transactions into your QB Desktop.

https:// synder.grsm.io/quickbooks

 

BkprKaren
Level 1

Stripe payouts reconciliation

This does work to enter the income from Stripe, however, but doesn't take into consideration the fees being charged so you would need to add a line in the deposit to expense those.  As an example, let's say your Stripe deposit is $90.00. If the sales were $104.50 this would be recorded on a line to an income account. This leaves the Stripe fees $14.50 to be recorded on another line but as a negative amount so it deducts from the amount of the sales to make the deposit amount match.  Doing it this way allows the true sales $ amount to be recorded as well as the additional expense amount. (This also doesn't take into consideration if there are any refunds or disputes during that time period either, but maybe you don't have those.)

GG6
Level 1

Stripe payouts reconciliation

DESKTOP Pro Query

I NEED HELP. Hoping for a MORE macro resolution.

With nearly 5000 transactions and most of the 2021 bank deposits reconciled this suggestion is not a 'workable' solution. 

Recognizing that the actual deposit is already understating INCOME is there some GJ action to adjust SALES and record the FEE as an EXPENSE.

The example:

Payout to bank 35534 [Amount reported as SALES& reconciled in bank account]

Fees captured    1212 [Remain to be recorded as EXPENSE]    

Gross sales        36746 [Stripe income BUT not YET captured in QB]

 

What would a GJ entry look like to record additional INCOME/Sales of 1212 and 1212 of EXPENSE? Would that be allowed or acceptable?   

REALLY need some guidance!   Thanks to all who burn some brain cells to help me.

Cheers

Rec'd prompt and thorough answer from yesterday BUT looks like a QBO solution!

Candice C
QuickBooks Team

Stripe payouts reconciliation

Hey there, @GG6

 

Thanks for chiming in on this thread. Let me point you in the right direction. 

 

To be sure of this information and what steps need to be taken, I recommend consulting with your accountant. They'll be able to give you the best advice for your business. 

 

Keep us updated on how it goes. We want to ensure that you get this taken care of today. Have a good one! 

Learner9
Level 1

Stripe payouts reconciliation

Stripe payouts show up on QBO via my business bank account. Normally, click on the line item and categorize the gross to the income account and then I just add a line on the same screen to put the portion of the Stripe service fee directly into the bank fee accounts. I do this for each "payout" received from Stripe is this the correct method?

Or am I missing another step?

ChristieAnn
QuickBooks Team

Stripe payouts reconciliation

Thank you for visiting the QuickBooks Community, Learner9. I'll ensure you can record your Stripe entries in QuickBooks Online smoothly by following the steps below.

 

If the transactions you're referring to show on the Banking page, and you manage the payouts and service fees by splitting them, then yes, the method you've performed is correct.

 

Additionally, if you see any difference in your Stripe transactions, you can use the Resolve Difference option to fix the discrepancy. This helps match your entries through its difference until it will be equal to zero. Let me walk you through the steps.

 

  1. Click Banking on the left pane, then choose the For Review tab.
  2. Select the transactions to open.
  3. Choose the Find other records or Find Match button to open the Match transactions window.
  4. By default, the Match transactions window lists All transactions within the date range, but you can narrow the results.
  5. Use options on the Show drop-down menu to specify the type of transaction you're looking for.
  6. If the transaction you're looking for is outside the default date range, select the From and To date fields to change the dates.
  7. If the amounts are different, you can locate additional matched transactions, or select Resolve Difference to open the Add resolving transaction fields to add the Category and Amount (and, optionally, Payee) of a resolving transaction until the difference equals zero.
  8. If needed, you can use the Add new transaction button to add multiple resolving transactions.
  9. Click Save.

 

If you mean that Stripe payouts show up on the Bank Deposit screen via a business bank account, you're right that the payout or gross categorize to the income account. Then, add a line on the same screen to put the portion of the Stripe service fee directly into the bank fee accounts. Please enter the fee amount as a negative number while doing this. For example, if the fee was US $.50, enter -.50. This is to ensure that the fee is properly recorded in your account. You can open this article to see extra details: Record and make bank deposits in QuickBooks Online.

 

Lastly, you may refer to this article to see steps on how you can reconcile your accounts so you can avoid discrepancies: Reconcile an account in QuickBooks Online.

 

Keep me in the loop if you have other concerns or questions about managing Stripe transactions or QuickBooks related. You’re always welcome in the Community space, Learner9. Keep safe!

Maria106
Level 1

Stripe payouts reconciliation

Hello, thank you very much for all your answers and help.
In relation to this topic... I see that you don't mention anything about taxes, for example the GST 5%.
When I go through the steps you indicate, the numbers in the profit and loss report do not add up.

Example:

Total of the sale in Stripe : 480.38
Stripe commission: 14.53
Amount received from Stripe : 465.85
Amount that should appear in profit and loss, net profit: 465.85 -5% (22.18)=443.67

However, the amount that I get to profit and loss is 457.50

When I make the posit bank I enter the 480.38 with the GST 5% and in negative the 14.53 GST 0%, so I get the total of 465.85 and I can match with the transaction, but as I said, then I get a higher amount as net profit, when the amount as net profit after taxes should be 443.67.....

If someone could help me it would be a great help

Best regards

Henock K
QuickBooks Team

Stripe payouts reconciliation

Hi Maria106,

 

Thanks for joining this thread. Properly recording your bank deposit in your QuickBooks Online account is essential to keeping your books up to date. I'd be happy to help.

 

I encourage you to consult an accountant to ensure that your bank deposit is correctly recorded to keep your books balanced. If you don't have an accountant, you can find one near you by clicking on My Accountant on the left navigation menu> and then Find a pro to help.

 

You can also reach out to our customer support team. They'll have the ability to do a screenshare with you to record your bank deposit.

 

  • Phone: Call us at 1-855-253-1536 from Monday to Friday between the hours of 9 AM and 8 PM EST.
  • Schedule a Callback or start a Chat: click (?)Help in the upper right in QuickBooks Online > type and enter "Contact support" into the QB Assistant > click Contact Us > explain your situation > click Let's Talk > choose Get a callback or Start a Chat.

 

Let me know if you have questions, I'll be happy to help.

eastsider
Level 1

Stripe payouts reconciliation

Are there any services that would automate breaking out the gross payment and Stripe fee?  This can be awfully time consuming when working on numerous payouts that include numerous transactions.

Archie_B
QuickBooks Team

Stripe payouts reconciliation

Hi there, eastsider.

 

I'll share some information to address your concerns about Stripe payments in QuickBooks Online.

 

Yes, QuickBooks Online provides services that can automate the process of deducting the gross payment and the Stripe fee. One such service is the Stripe Sync with QuickBooks Online integration. This integration automatically imports your Stripe transactions into QuickBooks Online and breaks down the gross payment and Stripe fee for each transaction.

 

To set up the Stripe Sync integration, you can follow these steps:
 

  1. Log in to your QuickBooks Online account.
  2. Go to the Apps section and search Stripe sync
  3. Click on the integration and follow the instructions to connect your Stripe account.

 

Once connected, the integration will automatically import your Stripe transactions into QuickBooks Online.

 

Furthermore, if your Stripe payments are deposited into your bank account and you connect it to QuickBooks Online. You can use the banking feeds feature to automatically categorize those payments and fees.

I'm adding this article as a resource for reconciling these transactions: Reconcile an account in QuickBooks Online.

 

Feel free to let me know if you have other concerns about payments. I'd be glad to help. Keep safe!

Fiat Lux - ASIA
Level 15

Stripe payouts reconciliation

@eastsider 

Explore a 3rd party connector app to reconcile your Stripe payments.

https://partnerstack.synder.com/quickbooks

 

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