If you are connected to your QuickBooks Online accounting system and use online payments with Plannit Pay, you will be able to view all net deposits (after fees) that have been deposited into your bank account.
To ensure your Bank account in your QuickBooks chart of accounts matches your actual bank account, it is important to record the fees associated with the Stripe online payment platform in your QuickBooks account.
◼️ If you don’t already have an account in your chart of accounts to record bank and financial fees, here’s how to create one in QuickBooks Online:
Go to Accounting (or Chart of Accounts).
Click New to add a new account.
Select Expenses as the account type.
Choose a category like Bank Charges or create a specific category for Stripe fees (e.g., Stripe Fees).
◼️ The following steps will allow you to account for Stripe fees in your QuickBooks Online accounting system:
In the Reports menu of your Plannit account, select the Plannit Pay Payouts reconciliation report for the desired period to identify all deposits from Stripe as well as the associated invoice details.
Keep this report handy for the next steps.
In QuickBooks, go to the Banking section and filter transactions by selecting Money In so only deposits are displayed.
Click on the line for the first deposit from Stripe and select Match.
Perform the following actions:
Filter by Open Invoices and select the invoices that match the total of your deposit.
Enter the amount received for each invoice. If there's a difference, enable the Resolve Difference option so the system can account for the fees Stripe deducted from the deposit.
Select the fee account where you want to record Stripe fees and enter the fee amount as a negative value that matches the difference, then click Match.
Repeat steps 2 to 4 for each deposit received from Stripe.
Please note that it is still possible to use your Stripe account to identify the charges attached to each deposit instead of using Plannit Pay Payouts Reconciliation Report
Here's what you'll find in your Stripe account: