How Stripe Work with Quickbooks
While many are already familiar with Stripe, for those who are not, Stripe is an online payment platform just like Paypal. As an online payment platform, Stripe can be used with QuickBooks and this makes your accounting and bookkeeping activities much more effective and smooth. However, many people keep asking questions like how does stripe integrate with QuickBooks so much so that Stripe can work alongside QuickBooks? In this article, we shall be running through simple and concise steps on the relationship between stripe and QuickBooks.
These steps will not only make QuickBooks work effectively with Stripe, but if well understood, they can be easily recreated again.
Steps To Integrate Stripe into QuickBooks
A Stripe Account is Needed
The first and most important step to take is to create a Stripe QuickBooks. It is necessary to create this account because it is with this account created that you will be able to access the Stripe account from QuickBooks. Upon successfully creating an account, you will receive the login details that gives you access to the account just like you do to a conventional bank.
Set Up Stripe Account
After successfully creating a Stripe QuickBooks, the next step to take is to set up your Stripe QuickBooks account. In doing this, it is very important you note that you have to set up your Stripe account as someone you will be paying up expenses to. What this means is that you are setting up your Stripe account on QuickBooks as a supplier. When this is done, locate currency and make sure you set it to the currency of the country location you are in. This is very important as it will determine the rate of charges to apply to you
Create a Stripe Connected Invoice
After setting up your Stripe QuickBooks account as a supplier, then the next thing to do is to create a Stripe connected invoice and have this same invoice created in QuickBooks. This will help tocreate andd invoice link between the Stripe payment platform and the QuickBooks online accounting software.
Deposit To Stripe
At every point you are to get paid for your invoice sent, you will be receiving such payment in QuickBooks. When this happens, it is then necessary that payment received in QuickBooks are being remitted into the already created Stripe account as a supplier. This way, stripe, and QuickBooks are being linked.Send Money To Your Bank
To transfer money to your bank from Stripe, you have to make sure it is being done within QuickBooks because at this point they have both been integrated into one another. In doing this, make sure the amount transferred to bank and date transaction was made correspond with that of your Stripe account. With these steps, you not only will be able to understand how Stripe works with QuickBooks, but you will also be able to integrate both. If this can be done successfully, accounting andbookkeeping becomess more fun and easy to carry out.
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