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rustyhfarris
Level 1

Processing Stripe Refunds on Quickbooks Online

I have a refund to complete in QB that was processed in Stripe and came off monies owed to us in our Stripe account and therefore don't show on the business bank account.

To be specific, I issued an invoice of $ 1,197.00 to a client and Stripe took their cut of $35.01, therefore I had an amount of $1,161.99 to be received from that client. The refund of $750.00 came out of this amount I would've received. So the net amount received in my bank account after the refund was $411.99. This is my very first time refunding a client and I'm unclear how to deal with these now in QB?

5 Comments 5
Catherine_B
QuickBooks Team

Processing Stripe Refunds on Quickbooks Online

We can manually create the refund and the Stripe fee, rustyhfarris. 

 

Let me show you how: 

 

Edit the invoice to enter the stripe fee

  1. Open the invoice.
  2. Enter another line for the stripe fee. 
  3. Then, enter the amount as negative (-35.01).
  4. Click Save.

Receive a payment on the invoice

  1. Click the Receive payment button at the upper-right of the opened invoice. 
  2. In the Deposit to drop-down select Undeposited funds. 
  3. Review the amount ($1,161.99). 
  4. Click Save and close. 

Create a bank deposit to add the refund

  1. Go to the +New button. 
  2. Click Bank deposit
  3. Select the Payment under the Select the payments included in this deposit section.
  4. In the Add funds to this deposit section, select the expense account for refunds. 
  5. Enter the amount also in negative ($-750.00).
  6. Click Save and close

Feel free to get back to me if you need anything else. Keep safe!

rustyhfarris
Level 1

Processing Stripe Refunds on Quickbooks Online

So, I do not issue invoices, but sales receipts instead, and they all come from Stripe, integrated to Quickbooks through Zapier. I have a sales receipt of $1,161.99, a Stripe fee expense of $35.01 and a bank deposit of $411.99. They already exist cause they were all integrated, I do not have to create it manually. I usually link the sales receipt, to the Stripe expense fee and the bank deposit, however since I had the refund, the amount does not match, and Quickbooks does not allow me to proceed.  Also, I do not show a receive payment button because again, I do not issue invoices, but sales receipts. I just wanted to clarify that information because it still does not sound right for me. Thanks.

Rejeil_O
QuickBooks Team

Processing Stripe Refunds on Quickbooks Online

Good day @rustyhfarris,

 

We can create a bank deposit and enter a negative amount to deduct the total of your sales receipt. You can follow these steps to get started:
 

Create a bank deposit to add the refund

  1. Click the +New button. 
  2. Under the Other menu, select Bank deposit
  3. In the Select the payments included in this deposit box, choose the Payment.
  4. Under the Add funds to this deposit section, select the expense account for refunds. 
  5. Enter the negative amount ($-750.00).
  6. Click Save and close. 

Also, in case you'll need to process a refund, you can read this article for the steps: Enter and apply credit memos and delayed credits in QuickBooks Online.
 

Please don't hesitate to leave a comment below for further assistance. I'm always here to help you out. Have a nice day!

rustyhfarris
Level 1

Processing Stripe Refunds on Quickbooks Online

Hi there!

No payment shows up under the Select the payments included in this deposit box in order for me to proceed with your recommendation.

Tori B
QuickBooks Team

Processing Stripe Refunds on Quickbooks Online

 

Hey there, @rustyhfarris

 

Thanks for following up with us. 

 

If you do not see the payment to select in the Select the payments included in this deposit box, it could be due to it not being in the undeposited funds account at the moment. It will not show in the undeposited funds account if you have already put the payment into the bank account, directly from the sales receipt or through another deposit. 

 

With that being said, you can create a negative line item on the sales receipt itself to have it be for the amount of the bank deposit so it will match. Or you could also exclude the bank transactions this one time and make sure you have manually recorded everything that's happened, so your books are correct. I've included the steps to do both below. I recommend having your account review the suggestions before recording to ensure that this is the best course of action for you and your business. 

 

Let's create a negative line item on the sales receipt:

 

  1. Open your sales receipt. 
  2. On the next clear line in the Amount box, type in the amount to have it equal the amount of the deposit. 

 

 

To exclude the bank transaction: 

 

  1. Click the Banking menu tab. 
  2. In the Banking page, click the For Review tab
  3. Choose the transaction to exclude by selecting the checkbox. 
  4. From the Batch actions drop-down, pick Exclude Selected

 

For more details, check out, Exclude expenses from downloaded bank transactions.

 

Please let me know if you have further questions or concerns. I'll be here every step of the way. You can always come to us here in the Community to help get you back to business. Take care!

 

 

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