You are an extremely good presenter. This is the only explanation I can find where someone is speaking normally and not yelling at the camera. Thank you :)
Thanks so much! I cannot tell you how much time I spent trying to find this exact answer. Even Simple Practice and QB themselves were unable to provide such a clear solution. Very much appreciated indeed.
You're welcome, and thank you for the compliment! I try my best to keep things clear and to the point. If there's ever a topic you'd like covered reach out and let me know!
Thank you for your video. I have watched about 2 hours of other videos trying to get this answer that you gave in 5 minutes...for that, I thank you greatly. My question: I go to save the Stripe fees in the "new account" section and I'm unsure what I save the Detail Type as or if my account layout is correct. Account name: Stripe Fees Account Type: Expenses Detail Type: Bank Charges?? Parent Account: Bank Charges & Fees
Everything there looks great. Detail Type doesn't matter. In my videos whenever I create an account I always mention that it doesn't matter and pick the first thing in the list, because it really doesn't matter.
Thank you for your simple and clear explanation. As I have already made sales receipts in QB for Stripe sales where i enter the paiement into the Stripe account is there a way to tie this all together or should I simplify by canceling the sales receipts and only enter it like you explained here ?
Make the sales receipt post the money to undeposited funds (not the bank) and then it will appear at the top of the bank deposit and can be selected with the fees being logged below.
@@GentleFrog Hello, I followed all the steps and I posted the money to Undeposited Funds but now the money is just sitting there. What do I do after this so that it doesn't count as a double income
@@Isabel.Irimiya I have covering this process: th-cam.com/video/wUKhJ6AOFbc/w-d-xo.html It's an older video so the QBO interface will look a little different but the overall process is the same.
Thank you for the straight-forward and clear instructions! I also use Kajabi and Stripe. Currently, I create invoices for each client in QB. When my volume increases, I may change to only keeping that customer sales data in Kajabi and enter batches by deposit in QB. Is that what you would recommend? In the meantime, if I have invoices in QB, what is the simplest way to apply the Stripe deposits to multiple invoices and also account for the merchant fees? Thanks so much! On a separate note...I primarily work with solo entrepreneurs (coaching and consulting) and would love to talk with you about referring clients who want to learn QB to you). Can we set up a call to explore this as well as possible collaborations for trainings, marketing and referrals?
I think I may have figured it out. I created payments for the invoices assigned to undeposited funds, then matched the transaction in the bank feed review, selecting the invoices and flipping the switch to resolve the balance which gave me the option add another line for the merchant fees. I think it all worked, but I'm open to hearing if think that's the best way. Thank you!
Yes, that would be the way to do it for single transactions. In the future I'll be recording a video on downloading a report from Stripe showing fees for a given date range and then reporting that in QBO. And, I'd love to collaborate!
If I have multiple people and processing fees for the one payment, do i just add them together or put them in seperately, just started using QBO 2 weeks ago? thanks
If you want to track payments to customers you'd have to enter invoices or sales receipts, receive payment to undeposited funds and then on the deposit you'd deduct the fee in the "add funds to this deposit" section. I'll make a video on this.
How do I then match it up to my invoice as paid? Im still getting my head around QuickBooks so I may be missing something simple or not quite understanding that part. Before I was just putting in payment received, the stripe amount and then I was left with an overdue/partially paid amount. but when I try your method, it does not give me the option to match the transaction with the invoice. I am guessing if I do not match the transaction, it'll record the income twice? Thanks for any help. Dan
Question: I did as you explained but in the "Received From" section I put the customers name. But when I go to the customer's file there is no record that they purchased anything. Do we have to create an invoice in order for the customers purchase to show up in their history?
Unfortunately, entering a "received from" name on the deposit is basically useless. You will need an invoice or a sales receipt to record the purchase.
@@GentleFrog And that is a huge issue. How do you record a sale to a customer with a REQUIRED invoice for that customer and then post a payment received which is no longer the full amount of the invoice ?.... QBO does not have in the "Receive Payment" section a visible option for Merchant Processor, Fees, etc to adjust that recorded invoice transaction (a legally-binding document for us) and before entering and saving in QBO that lower payment.
@@nurocorp To do it you receive the payment into Undeposited Funds, and then when you record the deposit you'll record the fees in the "Add funds to this deposit" section. If you want to suggest Intuit add the ability to record fees on the Receive Payments screen you can click the gear in the upper right corner of the home screen. Click Feedback under PROFILE and let Intuit know what features/changes you'd like to see them make.
1. Go to banking 2. Make deposit 3. Enter the sales or select from the customer payments that are already there 4. Enter the merchant account and the negative amount for the fees Follow the same logic as I show in the QBO video.
I recommend logging it as an expense. I think of COGS as things you buy to sell to a client or bundled with a thing you sold. For example, if you sell a t-shirt, you had to buy the t-shirt and the packaging you used to ship the shirt but the customer only sees the t-shirt on the receipt. In the case of Stripe, you didn't buy credit card fees, that was a consequence of the sale.
You have two options. Option A, if you only have a few transactions: Edit the transactions. Like how I show in the video @4:20 you'll add the fee to the transaction, change the income account amount accordingly. Make sure the total for the transaction hasn't changed and save. (You'll get a warning message letting you know this could mess up the reconciliation. As long as the total is, it's fine). Option B, if you have a lot of transactions: Create a Journal Entry. Debit the expense and credit income for the value of the fees.
This video was helpful for understanding that split button in the bank feeds. What about when you have a client who has their account connected and has 15+ stripe transactions per month. Doing them separately seems time-consuming. How could you account for the stripe fees with the net deposits as one batch per month? Or do you need to enter them separately because of the different dates within that month?
You can decide your own office policy for how often you record the fees. You can pull reports from Stripe to show the total fees for a given date range. Here's how to do it: Stripe --> balances --> pay outs --> date range --> export all columns --> review excel doc. I'll add this to my list of video ideas.
Can I make a journal entry for a whole year or month of Stripe fees? Do you happen to have a video on how? I didn't see it in the latest journal entry video on payroll. I think what I'll do is credit the stripe fees to expenses and debit the same amount to income in the journal entry. I probably used credit and debit incorrectly typing here. So screwed. thank you!!
You can do it however you'd like, I prefer the splits but if your client has a lot of Stripe transactions doing a monthly journal entry is definitely faster. I did make video on this: th-cam.com/video/kNIWUD5UTvw/w-d-xo.html It's a debit to fees and a credit to income.
Hello I am having an issue with my merchant fees showing up in billable time and cost. I have entered merchant fees in before but now they are showing up under billable time and cost. I have not changed anything. can you help
Click into the dollars for those fees and see if the the billable box is checked, if it is un-check it. If not, you can schedule a 15-minute meeting and we can take a look at it together and figure out what's going on: www.gentlefrog.com/meeting/
Question: I work for a company that pays me a direct deposit and they send me a pay statement, my question is how do I enter pay statement to my own quickbooks account?
If it's a direct deposit then you'd create a Bank Deposit and use the Add Funds section at the bottom to record the payment. If you need help you can schedule a 15-minute meeting and I'll walk you through it: www.gentlefrog.com/meeting/
You are an extremely good presenter. This is the only explanation I can find where someone is speaking normally and not yelling at the camera. Thank you :)
Thank you! I'm glad you like my style.
Thanks so much! I cannot tell you how much time I spent trying to find this exact answer. Even Simple Practice and QB themselves were unable to provide such a clear solution. Very much appreciated indeed.
I'm so glad you found it helpful! I do my best to provide quick, clear answers to common problems.
Thank you so much! What a beautifully clear explanation, this is exactly what I needed. Many thanks again.
You're welcome, and thank you for the compliment! I try my best to keep things clear and to the point. If there's ever a topic you'd like covered reach out and let me know!
Thank you for your video. I have watched about 2 hours of other videos trying to get this answer that you gave in 5 minutes...for that, I thank you greatly.
My question: I go to save the Stripe fees in the "new account" section and I'm unsure what I save the Detail Type as or if my account layout is correct.
Account name: Stripe Fees
Account Type: Expenses
Detail Type: Bank Charges??
Parent Account: Bank Charges & Fees
Everything there looks great.
Detail Type doesn't matter. In my videos whenever I create an account I always mention that it doesn't matter and pick the first thing in the list, because it really doesn't matter.
Thank you for your simple and clear explanation.
As I have already made sales receipts in QB for Stripe sales where i enter the paiement into the Stripe account is there a way to tie this all together or should I simplify by canceling the sales receipts and only enter it like you explained here ?
Make the sales receipt post the money to undeposited funds (not the bank) and then it will appear at the top of the bank deposit and can be selected with the fees being logged below.
@@GentleFrog Hello, I followed all the steps and I posted the money to Undeposited Funds but now the money is just sitting there. What do I do after this so that it doesn't count as a double income
@@Isabel.Irimiya I have covering this process: th-cam.com/video/wUKhJ6AOFbc/w-d-xo.html
It's an older video so the QBO interface will look a little different but the overall process is the same.
Thank you for the straight-forward and clear instructions! I also use Kajabi and Stripe. Currently, I create invoices for each client in QB. When my volume increases, I may change to only keeping that customer sales data in Kajabi and enter batches by deposit in QB. Is that what you would recommend? In the meantime, if I have invoices in QB, what is the simplest way to apply the Stripe deposits to multiple invoices and also account for the merchant fees? Thanks so much! On a separate note...I primarily work with solo entrepreneurs (coaching and consulting) and would love to talk with you about referring clients who want to learn QB to you). Can we set up a call to explore this as well as possible collaborations for trainings, marketing and referrals?
I think I may have figured it out. I created payments for the invoices assigned to undeposited funds, then matched the transaction in the bank feed review, selecting the invoices and flipping the switch to resolve the balance which gave me the option add another line for the merchant fees. I think it all worked, but I'm open to hearing if think that's the best way. Thank you!
Yes, that would be the way to do it for single transactions.
In the future I'll be recording a video on downloading a report from Stripe showing fees for a given date range and then reporting that in QBO.
And, I'd love to collaborate!
Very helpful!! Thank you!
You're welcome! I'm glad you found it helpful.
If I have multiple people and processing fees for the one payment, do i just add them together or put them in seperately, just started using QBO 2 weeks ago? thanks
If you want to track payments to customers you'd have to enter invoices or sales receipts, receive payment to undeposited funds and then on the deposit you'd deduct the fee in the "add funds to this deposit" section. I'll make a video on this.
How do I then match it up to my invoice as paid?
Im still getting my head around QuickBooks so I may be missing something simple or not quite understanding that part. Before I was just putting in payment received, the stripe amount and then I was left with an overdue/partially paid amount.
but when I try your method, it does not give me the option to match the transaction with the invoice. I am guessing if I do not match the transaction, it'll record the income twice?
Thanks for any help.
Dan
Receive payment on the invoice and apply to undeposited funds, then deduct the fee as shown in the video. Let me know if you need more information.
Question: I did as you explained but in the "Received From" section I put the customers name. But when I go to the customer's file there is no record that they purchased anything. Do we have to create an invoice in order for the customers purchase to show up in their history?
Unfortunately, entering a "received from" name on the deposit is basically useless. You will need an invoice or a sales receipt to record the purchase.
@@GentleFrog And that is a huge issue. How do you record a sale to a customer with a REQUIRED invoice for that customer and then post a payment received which is no longer the full amount of the invoice ?.... QBO does not have in the "Receive Payment" section a visible option for Merchant Processor, Fees, etc to adjust that recorded invoice transaction (a legally-binding document for us) and before entering and saving in QBO that lower payment.
@@nurocorp To do it you receive the payment into Undeposited Funds, and then when you record the deposit you'll record the fees in the "Add funds to this deposit" section.
If you want to suggest Intuit add the ability to record fees on the Receive Payments screen you can click the gear in the upper right corner of the home screen. Click Feedback under PROFILE and let Intuit know what features/changes you'd like to see them make.
Hi, how would I record the stripe fee and amt for quickbooks desktop?
1. Go to banking
2. Make deposit
3. Enter the sales or select from the customer payments that are already there
4. Enter the merchant account and the negative amount for the fees
Follow the same logic as I show in the QBO video.
@@GentleFrog Thank you. I went to the undeposited and did basically what you said. Thank you for the quick response
Can I record as Stripe Fees under COGs or should it go under expenses?
I recommend logging it as an expense. I think of COGS as things you buy to sell to a client or bundled with a thing you sold. For example, if you sell a t-shirt, you had to buy the t-shirt and the packaging you used to ship the shirt but the customer only sees the t-shirt on the receipt. In the case of Stripe, you didn't buy credit card fees, that was a consequence of the sale.
@@GentleFrog fantastic thank you so much
What if you already reconciled but found that you didnt account for the transaction fee how would i correct that month?
You have two options.
Option A, if you only have a few transactions: Edit the transactions. Like how I show in the video @4:20 you'll add the fee to the transaction, change the income account amount accordingly. Make sure the total for the transaction hasn't changed and save. (You'll get a warning message letting you know this could mess up the reconciliation. As long as the total is, it's fine).
Option B, if you have a lot of transactions: Create a Journal Entry. Debit the expense and credit income for the value of the fees.
@@GentleFrog Thank you very helpful. Have a great day.
Is this the same process for a Square account
Yes, it's the same for Square.
This video was helpful for understanding that split button in the bank feeds. What about when you have a client who has their account connected and has 15+ stripe transactions per month. Doing them separately seems time-consuming. How could you account for the stripe fees with the net deposits as one batch per month? Or do you need to enter them separately because of the different dates within that month?
You can decide your own office policy for how often you record the fees. You can pull reports from Stripe to show the total fees for a given date range. Here's how to do it: Stripe --> balances --> pay outs --> date range --> export all columns --> review excel doc.
I'll add this to my list of video ideas.
Can I make a journal entry for a whole year or month of Stripe fees? Do you happen to have a video on how? I didn't see it in the latest journal entry video on payroll. I think what I'll do is credit the stripe fees to expenses and debit the same amount to income in the journal entry. I probably used credit and debit incorrectly typing here. So screwed. thank you!!
You can do it however you'd like, I prefer the splits but if your client has a lot of Stripe transactions doing a monthly journal entry is definitely faster. I did make video on this: th-cam.com/video/kNIWUD5UTvw/w-d-xo.html
It's a debit to fees and a credit to income.
Hello
I am having an issue with my merchant fees showing up in billable time and cost. I have entered merchant fees in before but now they are showing up under billable time and cost. I have not changed anything. can you help
Click into the dollars for those fees and see if the the billable box is checked, if it is un-check it. If not, you can schedule a 15-minute meeting and we can take a look at it together and figure out what's going on: www.gentlefrog.com/meeting/
thank you for replying. I figured it out. I changed the account from to a vendor expense instead of a income acct.
That's great! Thanks for letting me know how you fixed it.
Question: I work for a company that pays me a direct deposit and they send me a pay statement, my question is how do I enter pay statement to my own quickbooks account?
If it's a direct deposit then you'd create a Bank Deposit and use the Add Funds section at the bottom to record the payment. If you need help you can schedule a 15-minute meeting and I'll walk you through it: www.gentlefrog.com/meeting/