Handling QuickBooks to manage your business accounts is really crucial. But if your business involves sending and receiving payments online using stripe then make sure you have Stripe and QuickBooks integration done. This is because otherwise, you will end up importing and exporting from one app to the other app.
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What is Stripe?
Stripe provides payment functionalities to website owners to accept or transfer payments via the internet. It is the one of popular payment gateway available today after PayPal.
A Stripe account is similar to a bank account. You are allowed to create multiple Stripe accounts for your products. Every single account you have created will have:
- His unique payment process in place,
- Dashboard, and
- Will have his own set of approved users.
Every stripe account created will have his own currency. The best part is whenever you use other currencies to make payments then stripe will convert the currency automatically for you. You are also allowed to make or receive payments from and to your bank.
What is Stripe Payment?
Stripe payments authorizes to get paid with all major cards from customers across the globe on the web or in mobile applications. It allows you to configure payment forms with:
- Stripe Checkout, this helps you with the fastest setup,
- Stripe Elements for a more personalized design
- Stripe’s API for a completely custom implementation
- Stripe takes a fee for each payment.
Stripe and QuickBooks integration: Steps to help You Sync Your Data.
Your stripe account can be easily integrated with your QB account. You just need to follow the steps given below to get your account synced with ease.
1️⃣ Export Stripe Account Activity to QuickBooks:
- First download or export of your Stripe account data to your desktop QuickBooks.
- Before exporting the file, you would need to format your CSV file with:
- The payments info.
- Fees, and
- Payouts that are available on your QB desktop account that is compatible with .IIF file. You can perform download for this within the data settings in the Dashboard.
2️⃣ QuickBooks User Accounts
The exported IIF file generates nine accounts in QuickBooks. All of the Stripe-created accounts are introduced by Stripe to make them easy to identify. The nine accounts are:
- Stripe account,
- Stripe Checking account,
- Stripe payment processing fees,
- Stripe returns,
- Stripe sales,
- Stripes third party account,
- Stripe fees,
- stripe processing fees Adj and
- Stripe other income.
3️⃣ Date Format
The format of the IIF file is MM/DD/YYYY. QB account uses the same format for the dates as is displayed within your operating system. In case the format alters from the exported file, you can change your operating system’s date format for a temporary period by following the below steps:
- Configure the date format in your operating system to MM/DD/YYYY.
- Now import the QuickBooks IIF file.
- Revert your operating system’s date format back to your wish.
4️⃣ Integrating QuickBooks Accounts
In order for you to have your Stripe and QuickBooks integration done you would need to choose one of the 9 accounts created and merge that with QuickBooks. In case you may want to merge the Stripe Checking Account that symbolizes the bank that receives your Stripe payouts, then below are the steps, of how you can do that:
- Choose Lists, then choose the COA tab to view all of your accounts.
- Make sure that both the accounts are merged on the same level.
- Choose the account that you are not going to use.
- Click on the accounts tab and click on the edit button of the Chart of Accounts window at the bottom.
- Alter the name of this account to match the name of the other account.
- Click Save.
- Then you will get a prompt about integrating the Stripe account with an existing QuickBooks account. Click yes to proceed.
- Your accounts will now be merged successfully.
Try and do the verification test in order to make sure that whatever info that is being processed in your Stripe account is being imported in QuickBooks automatically. If you are able to get the details synced automatically when you have integrated the 2 softwares successfully. But if in case you are facing issues then get the help.
For more information, you can connect with QuickBooks customer service support number. The support team can be approached through their toll-free number. They provide quick information and resolutions for your Stripe – QuickBooks integration issues.
Also, you can choose to connect with other QuickBooks reliable agencies like AskForaccounting.com. It employs experienced QuickBooks professions who have in-depth knowledge. The experts assure quick and feasible support in a minimum wait time. You can even give us a call at our QuickBooks Support helpline number and talk to our Proadvisor now.