When it comes to processing a payment, any business doesn’t want to stick with the legacy platform which they are currently using. They must look for advanced and automated processes for their accounting activities. The right software allows an organization to integrate old programs with new ones. This is the case when users want Stripe QuickBooks Integration for some specific features. This blog helps out by giving you all relevant information related to Integrating and synching the Stripe platform with your QuickBooks. So, continue reading this blog till the end.
- Let’s know first about the Stripe and QuickBooks Platform
- How do Stripe + QuickBooks Integrations work?
- How do I add stripes to QuickBooks?
- Steps to record Stripe Payments in QuickBooks
- Reconcile stripe payments in QuickBooks
Let’s know first about the Stripe and QuickBooks Platform
For digital payments, Stripe and QuickBooks are prominent AP tools. Stripe payment processing is essential for any organization that conducts business online. Users may pay bills and automate Stripe transactions in QuickBooks with the Stripe and QuickBooks Integration.
Stripe has a wide range of customers, from small enterprises to large corporations. QuickBooks is largely targeted for small and medium-sized businesses. Despite the fact that Stripe (by Intuit) interfaces with QuickBooks, this post will focus on the Stripe QuickBooks Integration.
How do Stripe + QuickBooks Integrations work?
The entire integration is a 5 step procedure:
Total Time: 5 minutes
Authenticate QuickBooks Online + Stripe
Choose one of the applications to serve as a trigger for your automation
Choose a resulting action from the other application
Select the data that you want to send from one application to the other
Finally, more time to work on other things.
How do I add stripes to QuickBooks?
Before you can integrate the software products, you must first create a Stripe account and a QuickBooks account. Stripe does not own or control the third-party QBO Stripe connection apps. QuickBooks interfaces with PayPal and Square are available in some Stripe applications.
QuickBooks, and QuickBooks Accountant (for each client), and the QuickBooks App Center are all places where a company can find apps. To connect Stripe to a QB account, follow the instructions provided by the third-party app you choose.
- On the left-side navigation menu, select the “Apps” button
- Find the Stripe apps
- Now, click each tile to look at features and reviews for the app and then choose the right one for your business.
When looking for Stripe third-party apps in QuickBooks, you’ll come across platforms from a variety of organizations. Before making a purchase, always read the user reviews. There will be a lot of favorable feedback if it’s a good brand.
Steps to record Stripe Payments in QuickBooks
Although you may manually record Stripe transactions in QuickBooks without using third-party software, the method is completely not efficient.
The additional SaaS subscription expenses for Stripe QuickBooks integration are well worth it. You save time by not having to manually enter data when you automate recording Stripe transactions in QBO via app integration.
A line item for sales tax appears on receipts. Stripe data will account for sales tax on sales transactions performed through Stripe using credit card payments. Only Excel and CSV files can be imported into QuickBooks without the Stripe to QB interface. Stripe uses the iif file type.
Importing data into QuickBooks without the Stripe to QB interface is limited to Excel and CSV files. Stripe uses the iif file format. If you don’t utilize a third-party integration program, QuickBooks support recommends exporting Stripe data in CSV format or copying Stripe data to Excel and then importing it into QuickBooks.
Reconcile stripe payments in QuickBooks
Reconcile the Stripe funds received with the Stripe processing fees deducted for each successful credit card transaction after you’ve synced from Stripe to QuickBooks.
Synder, a QuickBooks Online third-party program that usually solves QB common issues, provides these linked step-by-step instructions for reconciling Stripe transactions in QuickBooks.
Steps to reconcile stripe payments in QuickBooks:
Syncing everything into a “clearing” account in the QB Chart of Accounts is the most precise approach to record all Stripe sales, fees, and refunds. The software will first create a “Stripe Bank account.” When you withdraw money from your Stripe account to your bank account, the app will record a transfer from your Stripe Bank account to your Checking account, allowing you to see the actual money flow. When funds are initially received in your Stripe account and then moved to your bank account using Stripe QuickBooks integration.
- Create a QuickBooks Online “Stripe” checking account or let Synder do it for you
- In the Synder dropdown menu for Transfer Payments to enable payouts and select your checking account for depositing funds from Stripe payouts
- Manually sync Stripe transactions or set up an auto-sync
- Click “Match,” which is next to each Stripe payout in the For Review list in the QuickBooks Banking menu
- According to Synder, money may take 3-7 days to arrive in your bank account after Stripe completes the transaction
- Reconcile your Stripe checking account with your QuickBooks transactions that were automatically logged by Stripe.
Moreover, QuickBooks allows integration with a number of third-party apps and software as well. You can search for the app from the App Center to verify if Stripe integrates with QB. Integrating Stripe and QuickBooks is very simple. With the connection of QuickBooks and Stripe easily and automate your bookkeeping. Syncing Stripe payments into current QuickBooks invoices or automatically creating invoices. Additionally, you can create your custom integration workflows between payments, accounting, and other apps.