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How To Reconcile Stripe Transactions In QuickBooks?

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. 

Step 1: QuickBooks Setup

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. 

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.

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.

Step 2: PayTraQer Setup

1. Connect PayTraQer with your QuickBooks (How to?)

2. Connect Stripe with PayTraQer (How to?)

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

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. 

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 PayTraQer. 

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.

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