Stripe is a payment processing platform that also provides APIs for usage in mobile apps and online stores. Stripe’s solutions facilitate financial transactions for a wide variety of enterprises, including e-commerce sites, marketplaces, subscription services, and brick-and-mortar stores. Intuit created QuickBooks, an accounting program. Products from Intuit’s QuickBooks line cater mostly to SMBs. These systems provide both on-premise and cloud-based accounting software that can process payments, organize expenses, and keep payroll running smoothly for your organization.
In this article, we’ll go through the measures you may take to set up a smooth integration between Stripe and Quickbooks. It provides an overview of Stripe and Quickbooks, discussing their features and benefits, before moving on to the many ways in which they might be linked.
Stripe’s compatibility with QuickBooks’s accounting software has several benefits.
You may enjoy the following three benefits when you combine QuickBooks Desktop/QuickBooks Online with Stripe:
- Those that have used the unified QB and Stripe platform report significant time savings on a regular basis. Save hundreds of hours each year by using it.
- Accounting now uses automated software. This means that less time will be spent manually updating your company’s financial data.
- Possible customer service access via Stripe-QuickBooks integration. Because of this, you may consult the service team about any features you still have trouble understanding. Therefore, despite a feature’s seeming complexity, you might be able to utilize it just fine.
Stripe and QuickBooks Server
Two of the most well-known applications for processing electronic payments are Stripe and QuickBooks. Any firm that plans to accept payments online should use Stripe. Invoices may be paid and Stripe transactions can be automated in QuickBooks Online thanks to the two services’ connectivity.
Stripe serves businesses of all sizes, from startups to multinational conglomerates. While QuickBooks is primarily designed for SMBs, it does accommodate certain larger clients with up to twenty or twenty-five users.
This post will focus on the Stripe to QBO integration, however, Stripe is compatible with both QuickBooks Online (QBO) and QuickBooks Desktop.
How Do I Add Stripe to QuickBooks Online?
Before you can connect the square to quickbooks, you’ll need to create separate Stripe and QuickBooks Online accounts. Notably, the Stripe connection applications for QBO are not owned by Stripe. In some cases, you may connect stripe to QuickBooks with services like PayPal and Square with the use of an app developed by Stripe.
Compatibility with Other Applications
Apps for QuickBooks may be found at the QuickBooks App Center, as well as within QuickBooks Online and QuickBooks Online Accountant (for each customer). To link your Stripe and QBO accounts, just follow the app’s instructions.
Accounting Made Easy Online (QBO) support documents state:
- Choose Apps from the list of options on the left.
- Look for software that makes use of Stripe.
- To learn more about each app and make an informed decision for your e-commerce firm, click on the tiles below.
- If you use QuickBooks and want to locate an app that works with Stripe, you’ll get results from a number of different organizations. Before making a purchase, it’s a good idea to read reviews written by previous customers. An abundance of enthusiastic reviews indicates a successful brand.
The Stripe technical support staff can propose third-party connections, or you can locate them independently using a service like Automate.io (which doesn’t appear as a third-party app in QuickBooks).
When using Stripe, how do I add the transactions to QuickBooks Online?
A third-party program isn’t required to record Stripe transactions in QuickBooks Online, although the manual approach isn’t exactly quick.
It’s well worth it to pay the additional cost for a monthly SaaS subscription in order to use the Stripe connection in QuickBooks Online. By integrating the Stripe app with Quick Books Online, you may save the time-consuming step of manually entering Stripe transactions into QBO.
A separate line item for “sales tax” appears on all sales invoices. If you accept credit card payments through Stripe for your business transactions, the data from Stripe will accurately record any applicable sales tax.
Importing data into QuickBooks Online is limited to Excel and CSV files if you don’t use the Stripe to QBO interface. If is the file extension used by Stripe. If you don’t want to utilize a third-party connectivity tool between Stripe and QuickBooks Online, the company offers exporting data in CSV format or transferring Stripe data to Excel and uploading it into QuickBooks Online.
Following is some advice from the Synder help center, a third-party QBO tool, on how to sync your Stripe transactions to a special bank account in QuickBooks Online. Synchronization processes may vary from app to app that uses an external integration service. When you connect square to quickbookst, synchronizing, and tracking magnetic stripe transactions are the first three stages.
How do I account for Stripe fees in QuickBooks?
Stripe’s integrated Stripe account solution includes hundreds of functions, however the company charges transaction processing fees for using the service. Successful credit card charges processed through Stripe incur a 2.9% fee plus 30 cents. Payments are reduced by the fees charged by Stripe. The third-party app interface between Stripe and QuickBooks Online streamlines the synchronization of processing costs incurred every card payment transaction.
You can get an estimate for a customized package from the Stripe Sales team. Businesses “with huge payments volume or distinctive business structures, [including]” are the ones that benefit most from custom pricing.
- Wholesale prices
- Pricing in the Interchange
- Multi-item price cuts
- Rates vary by country.
Integrating and Syncing Stripe with QuickBooks Online
Using a third-party add-on program, you may connect stripe to quickbooks Online. Or, make advantage of a program that has hundreds of app connections to help you streamline processes and share information among your programs. To automatically log Stripe transactions and fees and to reconcile the linked bank account, simply follow the app’s integration and synchronization instructions.