It is always better to follow the industry's best approach to avoid the reconciliation nightmare.
Step 1: QuickBooks Setup
Step 2: PayTracker Setup
3. Configure the sync settings for Sales, Expense, Fees, Items & Payout (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.
Step 3: QuickBooks Bank Review
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 PayTracker.
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.
Step 4: QuickBooks Reconciliation
- Navigate to bank reconciliation page in QuickBooks
- Provide statement balance amount and statement date.
- Start the Reconciliation Process.
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.