Business Payments: Quick Start

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Users favourite way to set up Business Payments to account for deposits, expenses and online payment fees.
  • Select the same Bank type account in Sales, Fees and Expenses;
  • Select an Income type account in Products and Services;
Recommended Setup Explained:
  1. We recommend to set up a / account in QuickBooks Chart of Accounts. Choose the Bank type.
Accountants recommend to treat online payment systems as bank accounts, that way both incoming deposits and outgoing expenses will be properly accounted for.
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  1. Open Business Payments app Settings. Select this newly created account as your Deposit account in Sales; Bank/Credit account in Fees and Expenses (PayPal only).
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Sales Settings

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Fee Settings

* Important notice – In order to avoid double transactions in your Bank register, select an Expense type Line account under Fees – Expense line account
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Expense Settings (PayPal only)

3.Products/Services Income account needs to be an Income type of account.
This account will only be used for 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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These 3 steps are what helps our users seamlessly sync online transactions into QuickBooks Online.

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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