Stripe QuickBooks Integration

When it comes to processing a payment, any business doesn’t want to stick with the legacy platform that 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 the relevant information related to Integrating and synching the Stripe platform with your QuickBooks. So, continue reading this blog till the end.

What is Stripe?

Stripe is an online payment service provider. It allows the transfer of money from a customer's bank account to your business bank account through a credit card, debit card, and all alternative payment methods transaction. Stripe is a safe and efficient payment processing platform. Stripe is most commonly associated with e-commerce and online shopping. Stripe's main focus on it the merchant will not have trouble accepting and processing payments from all valued customers.

What is QuickBooks?

QuickBooks is the most popular software for accounting and managing expenses or keeping track of daily health. Its Full-featured financial and company management software, QuickBooks provides complete accounting solutions. In this, you can prepare invoices for customers, and pay bills, reports, and taxes. QuickBooks has three different versions of accounting software desktop, online, and cloud-based solutions for tracking all financial information and creating reports for every part of the business.

QuickBooks Software has various features like Electronic payment functions, mapping features, remote payroll assistance, remote access capabilities, and outsourcing, online banking and reconciliation, better mail functionality with Microsoft Outlook. QuickBooks, which was created by Intuit is popular among medium and small size businesses.

Advantages of Stripe QuickBooks Integration

When automatically data is imported from Stripe to QuickBooks, it gives you a clear view of the performance of your business.
You can set up sales, products/services, taxes, fees, application fees, costs, and payments when you integrate Stripe with QuickBooks Online.
You can easily reconcile your Stripe transactions, including fees, expenses, sales, and refunds.
Resolving data errors is made simpler by tracking the sync status at any time and reverting any action with one click.
You can make a group of your sales by non-taxable and taxable transactions, and apply the appropriate tax rate. by using features like default tax codes, generic tax codes, and zero-rated tax codes.
Multi-currency payments can be managed with the multi-currency feature.

Disadvantages of integration to QuickBooks

While you are using various payment methods and selling products and services on multiple platforms or markets then you need a solution that's According to the multichannel model.

For every type of payment gateway or sales channel individual online integration makes a group of different integrations. that can show different types of data in your QuickBooks. For Example, some software can sync only fees and Payments while others software can't sync this type of problem and can miss data for transfer from coming to a particular payment gateway. this error will make your report wrong in QuickBooks.

When you want to find an error from each app in reports, that work can be problematic. the same condition applies to duplicate detection and rollback Facilities. this is important for the solution process. many apps support these facilities, but some other apps don't and this can put a strain on your account accuracy, also this type of discrepancies and errors take a lot of time while you are fixing them manually.

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 at small and medium-sized businesses. Even though Stripe (by Intuit) interfaces with QuickBooks, this post will focus on the Stripe QuickBooks Integration.

How do Stripe + QuickBooks Integrations work?

Step One

Authenticate QuickBooks Online + Stripe

Step Two

Choose one of the applications to serve as a trigger for your automation

Step Three

Choose a resulting action from the other application

Step Four

Select the data that you want to send from one application to the other

Step Five

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 interface with PayPal and Square are available in some Stripe applications.

Application Integration

QuickBooks, 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.

Supported Triggers and Actions

Triggers

Canceled Subscription Triggers when a subscription is canceled (by a subscriber or due to the end of the billing period).	New Charge Triggers when someone's credit card is charged.
New Coupon Triggers when you add a new Stripe coupon.	New Customer Triggers when a new customer is added.
New Invoice Triggers when a new invoice is created (supports line items).	New Event Triggers when a new event like a dispute, subscription, or transfer is added.
New Order Triggers when a new order is created.	New Invoice Item Triggers when a new invoice item is listed.
New Refund Triggers when a new refund is created.	New Plan Triggers when you add a new Stripe plan.
New Payment Triggers when a new payment is completed.
New Account Triggered when you add a new account.	New Bill Triggers when a new bill is added.
New Customer Triggered when you add a new customer.	New Estimate Triggered when you add a new estimate.
New Expense Triggers when a new expense is added.	New Invoice Triggered when you add a new invoice.
New Invoice Triggered when you add a new invoice (with line item support).	New Sales Receipt Triggered when a new sales receipt is added (with line item support).
New Payment Triggered when a payment is received (with line item support).	New Purchase Order Triggers when a new purchase order is added.
New Sales Receipt Triggered when a new sales receipt is added.	Updated Customer Triggered when an existing customer is updated.
New Vendor Triggered when a new vendor is added.

Actions

Cancel Subscription Cancels an existing subscription.	Update Customer Updates a customer.
Create Customer Creates a new customer.	Create Subscription Creates a new subscription.
Find Charge Find an existing charge by its Stripe ID.	Find Subscription Find an existing subscription.
Create Expense Creates a new expense using a check, cash, or credit card.
Create Bill (Item Based) Create a new bill, optionally tied to a customer.	Create Bill (Account Based) Create a new bill, optionally tied to a customer (with line item support).
Create Bill (Item Based) Create a new bill, optionally tied to a customer (with line item support).	Create Credit Memo Creates a new credit memo.
Create Customer Adds a new customer.	Create Estimate Create a new estimate (with line item support).
Create Time Activity Creates a new single-time activity.	Create Product/Service Creates a new product or service.
Create Journal Entry Creates a new journal entry.	Create Invoice Adds a new invoice (with line item support).
Create Sales Receipt Adds a new sales receipt (with line item support).	Create Payment Creates a new payment, optionally linked to an invoice.
Create Purchase Order Creates a new purchase order.	Create Refund Receipt Creates a new refund receipt.
Send Invoice Send an existing invoice.	Send Sales Receipt Send an existing sales receipt.
Find or Create a Customer Finds or creates a specific customer v2.	Update Customer Updates an existing customer.
Update Invoice Updates an existing invoice (with line item support).	Create Vendor Adds a new vendor.
Find Account Find an account by name.	Find Customer Find a customer by name or email address.
Find Invoice Find an invoice by number.	Find Product(s) Find a product by name (with line item support)
Find Vendor Find a vendor by name.	Find or Create a Vendor Finds or creates a specific vendor.
Find or Create Vendor Finds or creates a specific vendor.

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 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 recording 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.

Winding Up!

Moreover, QuickBooks allows integration with many 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.

Stripe QuickBooks Integration