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kathy5
Level 1

Stripe Refunds

I use the Payout Reconciliation report in Stripe to manually enter my sales, fees & refunds once a month.  In January there were refunds issued on 1/29/21 that hit the bank on 2/1/21.  How do I account for these since they are in two different months?  I am trying to reconcile my bank account and I am out the amount of the refunds. TIA

1 Comment 1
JoesemM
Moderator

Stripe Refunds

Hello there, @kathy5.

 

Once you reconcile your account in QuickBooks it should match the transactions that clear your bank. In your case since the refunds fall in two different months, you can enter the January 29 transaction in the start date so it will be included once you reconcile the month of February.

 

Also, make sure the transactions should match. To reconcile your account here's how:

 

  1. Go to the Gear ⚙ icon and select Reconcile.
  2. From the Account drop-down menu, select the account you want to reconcile. Make sure it's the same one on your statement.
  3. Check the Last statement ending date link. Ensure your bank statement starts the day after your last reconciliation.
  4. Review the beginning balance. See to it that the beginning balance in QuickBooks matches the one on your bank statement. Here’s what to do if they don't match.
  5. Enter the ending balance and ending date as they're written on your bank statement.
  6. When you're ready to start, select Start reconciling.

 

Also, I'd recommend performing this process every month to effectively monitor the growth of business and make sure your data matches with the real-life transactions. You can refer to the article for the complete details: Reconcile an account in QuickBooks Online.

 

In case you encounter any errors or issues during this process, take a look at these articles. Here you'll find a step-by-step guide on how to finish a reconciliation, whenever you encounter an issue.

 

 

Know that I'm always here and ready to help if you need further assistance, so leave a comment. Have a good one!

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