QuickBooks Stripe Integration: The Complete Setup Guide

The process of QuickBooks Stripe integration is easy as well as convenient for the users. By doing this, you can easily synchronise Stripe data with QuickBooks Online. Furthermore, you can even synchronise Stripe Customers, Sales, Fees, Payouts, Taxes, etc.

With QuickBooks, you don’t require manual data entry as it keeps the data stored and secure. Integrating Stripe to QuickBooks can make your work seamless as all that complex Stripe transactions get easily added to your books. After that, you can easily use them for tax reporting.

Here, we will discuss steps related to Stripe QuickBooks Integration. But before that, let’s understand the working of Stripe with Quickbooks and the advantages of integrating them.

The Working Method Of QuickBooks Stripe Integration

With integration, the bookkeeping and accounting process becomes much easier and more fun for the users. With Stripe, you can save yourself around 300+ hours each year. Small businesses can gain more benefits from this process.

Stripe data can correctly analyse the sales tax of the customer sales transactions done using credit card payments via Stripe.

Stripe can also hold funds for the customer. When the user makes a sale or accepts payment, Stripe can pay the user’s payment and will deposit the funds later on to a holding account.

Furthermore, Stripe can withdraw funds from the user’s balance and pay for various expenses, including refunds and processing fees for the payment.

Benefits Of QuickBooks-Stripe Integration

A customer can gain various benefits by integrating Stripe and QuickBooks.

User-friendly and easy to use.
Easily sync your data.
Easy processing of payments online with protection.
Completed control over the time and books.
Error-free business with no need to do manual data entry.
You get fast reconciliation with it.

Setting Up QuickBooks Stripe Integration

Set up Stripe QuickBooks Integration by following these simple steps:

Exporting Information from Stripe in the form of CSV files
Importing CSV File Information to QuickBooks

Exporting Information From Stripe In The Form Of CSV Files

Here are the steps to export the files:

Firstly, login into your Stripe Account.
After that, click on Payments from the left side of the dashboard.
You can also export data containing customer and balance details.
Then, click the Export button from the upper right corner.

Moreover, select the filters for your business and click on the Export tab.
Finally, the user will receive the needed data as a CSV file.

Download the CSV file in order to move to the next step. Complete the QuickBooks Stripe integration process after importing the data.

Importing CSV File Information To QuickBooks

Here are the steps for importing CSV file information to QB:

Firstly, log into the QuickBooks account to start this process.
Head towards the Settings tab and click the Import Data option.
The system will ask you about the data you want to import.
Select Chart of Accounts to proceed further.
Now, tap on the Browse option.
From there, choose the Open option.
With that last step, you will activate the process of uploading the CSV file. You will find the file in the local system where you kept the file after doing the formatting process.
Tap the Next option to complete the process.

How To Enter Stripe Transactions In QB

Here are the steps on how to enter Stripe transactions in QB:

Firstly, login into your QuickBooks dashboard.
After that, tap on the Accounting button.
From there, click the Chart of Accounts option.
Tap the New option to proceed further.
Select the account type, such as Expenses, and choose the detail type as Other Business Expenses.
After choosing those options, tap on the Save and Close button.

How To Reconcile Stripe Payments In QB

Follow these steps to reconcile Stripe payments in QB:

Head towards the bank reconciliation tab in the QuickBooks account.
Now, offer the statement date and statement balance amount.
After that, you can start the process of Reconciliation.

Processing Stripe Refunds On QB Online

You have to make a bank deposit to add a refund:

Firstly, head towards the +New tab.
After that, tap the Bank Deposit option.
Now, find the Payment method under the Select The Payments option. You can see it in the deposit section.
When you are on the Add funds to this deposit section, select the expense account to get refunds.
Proceed by entering the amount, which can also be negative.
Finally, tap Save and Close.

How To Record Stripe Payments In QB

Go through these steps to record Stripe payments in QB:

Firstly, make an expense in QuickBooks.
After that, tap the + icon and choose Expense Under Suppliers.
The account will be Stripe as well as the Payee.
Finally, fill out the credit card processing fee and click Save.

Conclusion

Knowing the QuickBooks Stripe Integration process can help your business drastically. You save a lot of time by completing this process.

We tried to explain every step possible to enhance your experience with this amazing software.

But what if you face difficulties while doing the process? Maybe some error is restricting you from completing the integration process. During such times, it is better to get expert help.

MWJ Consultancy has more than 10 years of experience helping users with their accounting software problems. Our experts are proficient in solving every kind of error related to QuickBooks and other accounting software.

With our expert services, you can complete the integration process without restrictions. Contact us now at +44-800-520-0027 to connect with our experts.

Frequently Asked Questions

Can Stripe Support Every Version Of QuickBooks?

Currently, Stripe supports QuickBooks Online, Simple Start, Plus, Essentials, and Advanced. Furthermore, it also supports QuickBooks Premier, Pro, and Enterprise through the desktop.

Do Quickbooks Work With Stripe?

Yes, Stripe works with QuickBooks without a problem. With their integration, users can pay invoices. Furthermore, they can automate Stripe transactions in QuickBooks.

What Is The Difference Between QuickBooks And Stripe?

The main difference between both of these products is that QuickBooks is a payment management solution that helps businesses manage transactions online. In contrast, Stripe, as a payment processing platform, helps handle key payment functions like storing cards, subscriptions, and direct payout from the bank accounts.