How To Reconcile Stripe Payments in QuickBooks using PayTraQer?

Support Team

Modified on: Mon, 2 Nov, 2020 at 11:27 AM

You can reconcile Stripe transactions/statement in minutes with QuickBooks Online using PayTraQer.

It is always better to follow the industry's best approach to avoid the reconciliation nightmare.

Follow the steps to Reconcile Stripe Payments in QuickBooks

1) Setup QuickBooks for Reconciliation:

Step 1: Create a Bank Account named "Stripe Bank Account" (or name it as needed) in QuickBooks. This account will be used to record your Stripe sales & Stripe fees.

Step 2: CHECKING ACCOUNT/CURRENT ACCOUNT should not be used directly to record your Stripe sales as it will create numerous issues in reconciling the Stripe fees.

Step 3: Setup the bank feeds in QuickBooks or upload the Bank Statement in QuickBooks. The downloaded transactions will be available in the bank review section.

2) Setup PayTraQer

Step 1: Connect PayTraQer with your QuickBooks (How to?)

Step 2: Connect Stripe with PayTraQer (How to?)

Step 3: Configure the sync settings for Sales, Expense, Fees, Items & Payout (How to?)

Step 4: Record ( Sync) the transactions from Stripe to QuickBooks (How to?)

While providing the settings, you need to select the same bank account ("Stripe Bank Account" or created Bank Account) for Sales, Expense, Fees, Items & Payout.

Configure Stripe Sales settings with your Stripe Bank Account

paytraqer Stripe Sales settings

Configure Stripe Fees settings with your Stripe Bank Account

paytraqer Stripe fees

Configure Stripe Expenses settings with your Stripe Bank Account

paytraqer stripe expenses

Configure Stripe Payout settings with your transfer sales account

paytraqer stripe payout

Step 3: QuickBooks Bank Review

Step 1: Navigate to the Banking Section in QuickBooks, you could see that the TRANSFER transactions of "Stripe Bank Account" is matched against your deposits. These TRANSFER transactions won't be created if you have not enabled Payout processing in PayTraQer.

Step 2: Click the "Match" link to accept the transactions.

You can also create TRANSFER transactions directly in the Bank Review screen if it is not available.

paytraqer stripe reconciliation

Step 4: QuickBooks Reconciliation

Step 1: Navigate to the bank reconciliation page in QuickBooks.

Step 2: Provide a statement balance amount and statement date.

Step 3: Start the Reconciliation Process.

reconcile stripe account

QuickBooks automatically matches the transfers and deposits and marks the transactions as reconciled. Now QuickBooks Stripe sales ( Invoices, Sales Receipts) and Stripe Expenses ( Fees, Expenses) are properly matched with your checking account.