Stipe transfers into checking automatically. How do those get moved to proper income item?

MMMBA · ‎September 20, 2024

Stripe funds are transferred to checking and get put into Stripe GL as asset. How do I move those to the proper income line (merchandise sales, membership, etc.)?

They appear in the trial balance as an asset for Stripe. For example they need to be reconciled or moved to a membership income line. How is this done? And can it be handled by bank rules at the beginning? There are very few items that come in via Stripe that don't all go to one income line item.

Ethel_A · ‎September 20, 2024

I'll help you categorize your transferred transactions properly in QuickBooks Online, @MMMBA.

The classification of certain income transactions as assets is attributable to your bank's regulations. This issue can be resolved by appropriately categorizing them.

Here's how:

From the left menu, hover your mouse over Transactions and choose Bank transactions.
Go to the Categorized tab.
Tick the check boxes of the transactions you want to correct and click Undo.
Go to the For review tab.
Open each transaction and select the correct account.
Click Add to move the transactions to the Categorized tab properly.

After correcting all transactions, it is advisable to review your bank rules to prevent similar issues from arising.

I am including this link to assist you in managing banking-related tasks: Banking.

I'll be here to continue helping if you have any other questions about bank transactions. Just leave a comment below. Keep safe!