Stripe > Suggestions for Stripe categories and workflow
I'm trying to determine the most straightforward setup for tracking payments made through Stripe and the subsequent deposit into my income checking account. This uses Stripe's data feed, not Simplifi's invoicing.
For example, this seems the simplest way to avoid manually adding in the Stripe fee somewhere:
Client payment into Stripe +$350.00 | Stripe Receivable
Stripe payout -$291.00 | Stripe Receivable
Checking deposit +$291.00 | Income
That leaves Stripe Receivable accumulating fees, which are ignored, and avoids performing manual transactions to record the actual fee and flow. I'm on a cash basis, using Schedule C.
Comments
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Optionally, per a Reddit post How to handle Strip transactions and fees? : r/GnuCash
This would require two manual transactions:
"So a $55 sale gets logged:
- $55 income to <appropriate income account>
- $53.10 increase to Stripe A/R
- $1.90 expense to Stripe Processing Fees
And the eventual payout is logged:
- $53.10 decrease to Stripe A/R
- $53.10 increase to Business Bank Account"
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One more thing: My professional time/billing program, which has an accounting side (now turned off), handled the fee flow automatically. It was able to access more of the Stripe data via their API., and did the correct accounting behind the scenes.
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And another one more thing > I could just ignore and not link the Stripe feed. It's redundant info in my case, just nice to see.
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Hello @fcb,
Thanks for reaching out! Your first example is indeed a great way of tracking your payments in Quicken Simplifi for Stripe. Additionally, if your payment into Quicken Simplifi includes the fee you mentioned, and you were looking to track that separately, you could edit the income transaction and split it to show the fee.
I hope this helps!
-Coach Jon
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@Coach Jon Method one is best for my use case as I don't need/want to track the expense portion.
Thanks
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