Stripe can be useful for receiving both fees and payments. However, as per the concern of certain users, a record of these payments should be made. In QuickBooks Online, the users get the option of recording Stripe fees as well as payments. Using one of the methods, the payments can be manually entered. For this, the Receive Payment option is the most useful. In QBO, Expense can also be utilized when such fees or payments have to be added.
How to record Stripe fees in QuickBooks Online, or even the payments, can be possible when you understand the details involved. In this reading, we will be delivering such details. We will also add the complete methods to help you in executing them.
How to Record Stripe Fees in QuickBooks Online?
You can manually record or enter the Stripe fees in QuickBooks Online. You need access to the Receive Payment option in Stripe. In the process, you are also required to make one Expense account in QBO. In another method to enter Stripe fees or payments in the accounting software, you can directly proceed with the Expense option.
How to record Stripe fees in QuickBooks Online using these ways has been further elaborated in these sections.
Method 1: Manually Record Using Receive Payment Option
Several users can prefer to manually record the payments or fees of Stripe into QuickBooks Online. To manually enter them, first, make use of Receive Payment in Stripe. Then move to QBO and add an Expense account. After you add this account, the expense transactions need to be included in the software. Now, you need to enter the details asked to record the payments/fees received via Stripe.
Let us understand more on how to record Stripe payments in QuickBooks Online with the following directions:
- Go to “Stripe” as the beginning step.
- Access your invoice.
- Choose the “Receive Payment” option.
- Now fill in the total amount mentioned in the invoice in the “Amount Received” box.
Note: After this, you will have to make one Expense account in QBO. To learn the steps to create it, please read below.
- Open “QuickBooks Online”.
- Proceed with clicking on the “Accounting” tab.
- Select the “New” button.
- Then you need to hit “Account Type”.
- Pick the option of “Expenses”.
- Move to “Detail Type” in this step.
- Choose “Bank Charges”.
- Enter a name in the “Name” box.
- Tap on “Save and Close”.
Note: The users will now be required to establish their expense transactions in QuickBooks Online. Below, we have explained the process to do so.
- Ensure that “QuickBooks Online” is still running.
- Push the “+New” option.
- Leave the “Payee” box that you can see.
- Move ahead and opt for the “Category” column.
- Select the expense account that was previously made by you in “QBO”.
- Put in the bank expenses in the “Amount” column.
- Once done, press the option of “Save and Close”.
Method 2: Entering via Expense Option
One of the simple ways to record or add Stripe fees in QBO is by directly using the Expense option. Usually, this option can be found in the +New tab. On choosing this option, you will see Payee. Select it and then start the integration of the Stripe expense account with your QBO account. Within a few minutes, the process will be completed and your fees or payments will get recorded in the software.
Tip: In addition to syncing your Stripe Expense account, you can also integrate your main account. To get familiar with Stripe and QuickBooks Online integration, please see here.
How to record Stripe fees in QuickBooks Online via the Expense options has been outlined below:
- Go to the “QuickBooks Online” software.
- Tap on the option of “+New”.
- Look for “Expense”. Then select it.
- Pick the “Payee” option.
- In this step, integrate your “Stripe Expense” account with that of “QuickBooks Online”.
- Add the mandatory details and also check that they are correct.
- Correctly provide the amount.
- Use the following option to complete the method:
- “Save and Close”
Note: “Expense” can be a useful method if your accounts on QBO and Stripe are not automatically connected.
Different methods can be employed when you need to record Stripe fees or payments in QBO. Both automatic and manual ways can be preferred for this. With this post, we were able to supply you with both the ways along with their details. Prior to performing any of these ways, ensure that all the steps are well-understood by you.