Stripe Quickbooks Integration: 2 Easy Steps

Stripe offers payment processing software to its users; and Application Programming Interfaces (APIs) for mobile applications and eCommerce websites. Stripe’s products power payments for software platforms, marketplaces, subscription businesses, in-person retailers, and online retailers alike. QuickBooks was developed by Intuit as an Accounting software package. QuickBooks products are primarily geared toward Small and Medium-sized Businesses. These products also offer On-Premise Accounting applications along with Cloud-based versions that can accept business payments, help you pay and manage bills, and ensure smooth payroll functions.

This blog talks about the steps you can use to establish Stripe Quickbooks Integration in a seamless fashion. It also gives a brief introduction to Stripe and Quickbooks, delving into their features and benefits before covering the methods to connect Stripe to Quickbooks. 

What is Stripe?

Stripe distinguishes itself as a company that builds Economic Infrastructure for the Internet. Businesses of all sizes from public companies to new startups can use Stripe’s software to manage and accept payments.

Stripe recognized that despite Internet businesses growing significantly faster than the rest of the economy, only about 3 Percent of Global Commerce is carried out online. The impact of the Internet economy has been stunted due to Regulatory Complexity (byzantine global financial system) and a shortage of engineers. Stripe strives to remove the barriers to online commerce. This helps expedite the growth for existing companies and allows more upcoming businesses to get started. This leads to an increase in global trade and economic output.     

Key Products of Stripe

Here are a few key products of Stripe that make it an indispensable tool in the marketplace:

• Stripe Radar: Stripe Radar helps detect and block any fraudulent activities for businesses using Machine Learning. This is trained on data from millions of global companies. It also helps you distinguish customers from fraudsters and apply Dynamic 3D Secure to high-risk payments.
• Stripe Atlas: Stripe Atlas serves as a safe, powerful, and easy-to-use platform for forming a company. Stripe helps you launch your startup from anywhere in the world by removing legal complexity, numerous fees, and lengthy paperwork.
• Stripe Sigma: Stripe Sigma was built for Data Analysis. With Stripe Sigma, you can just write SQL queries to create custom reports and get instant answers, right inside the dashboard. This eliminates the need to dedicate engineers to maintain or build Data Warehouses or Data Pipelines. It has already been optimized for fast answers through features like Descriptive Errors, Syntax Highlighting, and Auto-completion for Data Tables and Columns. Therefore, this serves as a built-in IDE for writing queries. 
• Stripe Payments: With Stripe Payments, you can create an online account in minutes. To secure payments, Stripe uses its rich libraries and SDKs. Stripe makes it easy to enter new markets and add your customer’s preferred way of paying to increase conversion abroad.

What is Quickbooks?

QuickBooks Accounting software allows you to organize your Accounting data on the Cloud while tracking Sales, Creating, Generating, and Transferring invoices. It also lets you know how your business is faring at any time. QuickBooks is easy to use and you don’t need to be a Finance or Accounting expert to learn the ropes of QuickBooks.

Key Features of Quickbooks

Here are the key features of Quickbooks that makes it an indispensable tool:

• QuickBooks allows you to get a real-time view of your cash flow. You can connect your bank account to automatically categorize and import transactions. You can also seamlessly integrate and sync with popular apps to easily snap photos of your receipts. You can store these receipts with QuickBooks Mobile.

• With QuickBooks Accounting Software, you get powerful invoicing features such as Payment Reminders and Invoice Tracking at your fingertips. You can also access dozens of reports to help you manage your expenses. You can use the mobile app to manage your business on the go.

• QuickBooks Accounting software also allows you to enter vendors’ bills, and pay them only when they are due. Recurring payments can also be scheduled to save time. QuickBooks Accounting Software further houses free unlimited support to provide answers and useful information on running your business.

How to Set up Stripe Quickbooks Integration?

Here are the steps you can follow to set up Stripe Quickbooks Integration in a seamless fashion:

• Stripe Quickbooks Integration: Export Data from Stripe as CSV Files
• Stripe Quickbooks Integration: Import CSV File Data to Quickbooks

Stripe Quickbooks Integration: Export Data from Stripe as CSV Files

• Step 1: The first step of setting up Stripe Quickbooks Integration is exporting the required data from Stripe. After logging in, just select the “Payments” option on the left panel of the Stripe dashboard. As a user, you also have the choice of exporting data on the balance or customer details as per the requirements of the analysis.

• Step 2: In this step of Stripe Quickbooks Integration Choose the “Export” option, on the upper right corner, as given in the aforementioned figure.

• Step 3: Choose the filters you require for your Business Use Case, and select “Export”. The required data can then be sent to the registered email address of the user as a CSV file. You can then download this CSV file and proceed to the next step.

Stripe Quickbooks Integration: Import CSV File Data to Quickbooks

• Step 1: Log in to your Quickbooks account to kick start this process.
• Step 2: Hover to the “Settings” section, and select the “Import Data” option.
• Step 3: When it asks for which kind of data you wish to import, choose the “Chart of Accounts” option to move on to the next step.
• Step 4: Next, click on the “Browse” button followed by selecting the “Open” option.
• Step 5: The previous step prompts the upload of the CSV file. You can then locate the file in your local system where you saved the file after formatting. This file can then be imported to Quickbooks.
• Step 6: Click on the “Next” button to finish this step.

What are the Considerations to Keep in Mind?

Only platform owners with Custom Accounts can view the dashboard of connected Stripe accounts. From the connected account’s dashboard, you can easily export an IIF File in the same way as a normal Stripe account.

Stripe Connect platforms create charges on behalf of connected accounts that have to generate 1099s for customer accounts. These accounts must declare the correct tax-line mapping of the Stripe third-party account. This expense account is then given an initial tax-line mapping of 1099-MISC: Nonemployee Compensation.

If you want Quickbooks to use Stripe’s Third-Party Account data for the generation of 1099s, you first need to enable this feature within Quickbooks’ preferences:

• Choose Preferences > Tax: 1099 > Company Preferences inside Quickbooks.
• Next, hover to the “If you want to map your accounts to boxes on Form 1099-MISC, click here” link and click on it.
• You will get a Quickbooks 1099 Wizard, where you can select Stripe Third-party Account under the Accounts used for 1099 section.
• Next, hover over to the Apply Payments to this 1099 Box section for Stripe Third-party Account. Choose the option Box 7: Nonemployee Compensation. 

How to Account for Stripe Fees in Quickbooks?

In terms of pricing, Stripe charges transaction processing fees for an integrated Stripe account solution with a vast multitude of features. Stripe transaction fees are 2.9% + 30 cents for every successful card change. Stripe deducts fees from its payouts. Stripe Processing Fees by card payment transaction can automatically align with Quickbooks Online through third-party app integration.

Stripe also offers Custom Package Pricing through a quote from the Stripe Sales department. Custom pricing makes sense for “businesses with unique business models or large payments volume, that includes the following”:

• Interchange Pricing
• Volume Discounts
• Country-specific Rates
• Multi-products Discounts

Conclusion

This blog talks about the steps you can follow to set up Stripe Quickbooks Integration in a seamless fashion. For this, you will first have to convert Stripe data to CSV files and then import the CSV files to Quickbooks to complete the Stripe Quickbooks Integration.

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