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Do I have to manually account for stripe transaction fees in quickbooks? The fees have already been taken out of when transferred to my bank account. If so, how?

 
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Established Community Backer ***

Re: Do I have to manually account for stripe transaction fees in quickbooks? The fees have already been taken out of when transferred to my bank account. If so, how?

yes, you book total income, and you book fees, on the P&L income is reduced by expenses

 

one of several ways, is use make deposits for the full amount, on the next line select the fee expense account and enter the fee as a negative number

 

the work flow is enter transactions/deposits, download banking, match

Super Explorer ***

Re: Do I have to manually account for stripe transaction fees in quickbooks? The fees have already been taken out of when transferred to my bank account. If so, how?

Hello @rademeyerkate ,

 

  Yes, right, your bank gets from Stripe only the net amount, as Stripe deducts fee before the payout. You can add an expense to your QuickBooks Online following these steps:

  1. Go to the Create button (Plus icon), and select Expense
  2. Fill in the amount of a fee and all the other necessry fields. 
  3. In the Account drop-down, pick the appropriate one (most likely something like Bank Charges).
  4. Click Save and Close

Another option I would personally prefer, is to use addon to sync your Stripe and QBO to automate all that and avoid manual work. Business Payments app for instance will create Sales Receipt (or Invoice accordingly) and the Expense which is a Stripe fee, so basically with that app all Stripe transactions should be accounted for properly and you are good to go for reconciliation.

Hope that helps!

 

Polina

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