Business Payments: Quick Start

старт
and Sync – 

Accountants favourite way to set up to account for deposits, expenses, refunds and online payment fees.

Important notes before you start:

  • Transactions synced with our app can be Rolled Back (deleted) from your QuickBooks
  • We suggest to sync several test transactions before bulk sync
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Overview:

 

  • Select Stripe Bank Account/PayPal Bank Account in Sales, Fees and Expenses (*PayPal only) tabs;
  • Select an Income type account in Products and Services;
  • Stripe users only: Select your Checking account into which Stripe payments are deposited only for the Payouts tab;
  • We do not recommend to select your Checking account anywhere in Business Payments settings for syncing PayPal transactions.

Recommended Setup Explained:

  1.  The app will create a Bank type buffer* account under your Chart of Accounts called Stripe Bank Account / PayPal Bank Account (depending on your payment system system).

*We call it buffer account, as it plays role of a buffer storing transactions until they are transferred into your QuickBooks checking account.

Note: if it is not there,create Bank type account manually.

 

  1. Open Business Payments app Settings. Select this buffer account as your Bank account in Sales, Fees and Expenses (PayPal only).
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Sales settings

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Fees Settings

For PayPal Only

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Expense Settings

* Important note – In order to avoid double transactions in your Bank register, select your PayPal expenses categorization account in Category field.

  1. Products/Services Income account needs to be an Income type of account.

This account will only be used for creating products and services that do not exist in your company at a time of sync.

That way new products and services will be successfully created during the sync.

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For Stripe Only

 

  1. Payouts tab enabled will ensure that the amount transferred by Stripe into your checking account will be automatically reflected in the QuickBooks balance of the appropriate checking account.

In order to do that, enable payouts and select your checking account under “Transfer Funds To”.

Learn more about payouts processing here.

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These steps are what helps our users successfully sync online transactions into QuickBooks Online straight after first installing the app. This will suffice for a seamless .

 

More detailed information for a greater settings customization is available here separately for PayPal and Stripe users.

 

Learn how to reconcile online transactions in your QuickBooks checking account in our dedicated guides for PayPal and Stripe users.

 

In case you have any questions you are welcome to contact the support team via our in-app online support chat or by email listed in the page footer.
anton.bondar

This entry has 5 replies

  1. Bob says:

    Anton, I get how the actual sale amount and Stripe fee are imported into QBO, but then I need a way to transfer the net amount from the Stripe Account to my primary Bank Account. Does this software possibly also import that net amount that Stripe will be actually depositing in my Bank Account?

    • Anton Bondar says:

      Dear Bob, thank you for your question. Just recently we released payouts for Stripe. So, when your real money comes, our app tracks it and makes a transfer to your bank account automatically. You can check if it is enabled at your settings ( upper right corner- my profile-settings- payout tab). If you have any questions, please, let us know and we will be happy to assist you.

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