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Booking Stripe revenue in QuickBooks can be tricky. There's tons of data, transactions, fees, and refunds to sort through.
That's where Booker comes in. Booker allows you to create and manage *any* monthly entry in an incredibly efficient way, linking directly to underlying support, and never creating duplicates.
🎯 In this tutorial, we'll show you how to use Booker to record Stripe revenue.
One Google Sheet. One Stripe report. Zero wasted hours.
See it in action ⬇️
Stripe is an incredibly popular payment
processing platform. But accountants know accounting for Stripe
revenue can be very tricky. There's often tons of Stripe data,
tons of transactions, and sorting through all the different fees,
and the refunds, and the gross revenue can become a difficult and monotonous journal entry
to post every month. In this video, we're going to show you
how to use FinOptimal���s app Booker, to create and manage your Stripe journal entries
in an incredibly efficient way using just one Google Sheet
and one report from Stripe. You're going to start by pulling a report from Stripe,
so head to the balances section on the left hand side menu
and then select Balance Report. The first thing you're going to do here
is customize the date range. Because in this example
we're going to show you how to run one report and update one tab for all of the activity. And the formulas we write are going to dynamically
pull from that tab based on the time of year. So in this case, we're starting with October 1st. And you can set that day
to be the first day of the first month that you are using Booker
to account for Stripe revenue. And what you'll do is always have the date range set from that day to the present day. Again, you're going to want to pull all of the activity every month from that day to the present day. Then, for the Balance Change from Activity Report,
you'll want to download it, but before you export it,
you'll want to set it to be all columns. Once the export is run, we're going to copy
and paste that data into our Booker tab and get going on booking the journal entries. What you're looking at here is a Booker,
which is one of FinOptimal���s many apps. And Booker is the easiest way to create
and manage journal entries in QBO. You can think of it as a way to sync,
in a very smart way, journal entries from a Google Sheet to QuickBooks. It avoids duplicates, it automatically validates
your data, it lets you use formulas. And we're going to cover some of that
as part of this video. And while this example is going to show you
how to book Stripe revenue, you can also use this to do tons of other journal entries like loans or leases or payroll or allocations. Anything you can think of. If you're using recurring entries right now or you're
manually posting journal entries or you're importing journal entries ��� this is much, much easier to use, and it's much easier to review and audit later on. So the first thing we're going to do
is just add a tab, and we suggest naming this Stripe data. You can name it whatever you want, but keep in mind
the formulas that we're going to share reference the tab name Stripe data. You're going to copy and paste the data in,
but make sure you paste it in column B because we're going to add a column in column A to calculate what month these charges are for. And we're going to do that using an EOMONTH formula. And throughout the video I'm going to post
each of the formulas that are being used. But we'll also share this file and a full guide
of all of the formulas alongside this video. And this formula just helps us group
all of the different dates in column C to the month that they occurred in, because we just want to book one journal entry
each month to keep the books nice and neat. And it's also going to help us write one formula
that we can use for every month,
because it's going to reference this EO month column. Stay tuned for that. And we're going to book a journal line for each of the reporting categories
that you'll see here. These are standard from Stripe. You got charges, fees, and refunds. And what we're going to do on the booker tab is we're just going to use this notes
field as a helper column. You can do this with Booker,
which is one of the many advantages. This is literally just going to be there
to help us write a formula to pull values that match the notes column to that appropriate column on the Stripe Data tab. We're going to use a combination of SUMIFS formulas
here. And again,
all of these are available for you to look at. But what we're doing
is we're referencing specific columns that include things like the gross fees or the dates. And we're locking certain cells using that dollar sign
for each of the cell references. And the reason we do that is we're going to want
to carry these formulas across from left to right. So you���re writing this formula one time each. And the way that we're helping you write
it will ensure that you can literally just copy and paste the formula moving forward,
and it'll always pick up the right information. We'll just tweak the fee formula slightly,
because we've been referencing this gross column on the Stripe Data tab,
and sometimes there is a fee in there. So what we need to do is modify the formula
to make sure that we're adding back the values in column I,
so that this can calculate correctly. While it's not required,
a suggested step is adding in a check formula so that we know that we're actually booking
everything on that report. And simply, we're going to sum the net charges in column J
and reference the month to make sure we're pulling in the full value,
and then subtract the amount below. We want to make sure that this nets to zero. And if it doesn't, it's worth looking into further. We'll be able to easily select
the accounts that these belong to. And in this case we're going to use a sales account,
a sales refund account, and a payment processing fees account. But for you, you can select whatever account
those amounts are typically going to. However, we���ll also need to add a fourth line. And this is going to be where the funds are coming to. We typically suggest using a dedicated account. In this case we're calling it Stripe Bank. And this would be the bank account
or the general ledger account where the cash amounts are received to. So by booking this you'll be able to look and reconcile against this line item. And any differences may be the result of Stripe releasing those funds a day or two
after they've actually been collected. But ultimately,
this will be the journal entry that you will post. And like I mentioned earlier,
you can very simply copy this formula across all of the columns from left to right,
to make sure that it is working every single month without you doing anything
other than updating that Stripe Data tab. You can optionally add some detail
to the line description. And this is going to be the description
of that journal entry in QuickBooks, specifically for that line. You'll be able to use
whatever you'd like to be the entry label. The entry label in Booker
is the journal number in QuickBooks. So in this case you can see that
we've only added that label to those four rows. And we've left it off that check row. That means we will not be trying to post
or sync any data for this check column. It is simply there to help us. Finally, we are going to use the customer name Stripe customers,
but you can make this whatever you like. We just don't like to post journal entries
without a name associated with them. If we click that book button,
this journal entry is going to post in seconds. We can click right into QBO. We can see the journal entry posted
based on the information in our sheet, and the memo field is always pre-populated with a link
right back to the Google Sheet. So if you're being reviewed or audited at any moment, you can quickly tell why
this journal entry���s here and where it came from. If you want to use this for your books
or for your clients books, all you need to do is go to FinOptimal.com
and sign up. Subscribe to the Booker app,
and there'll be a resource there for you to replicate
this entire process in your books. It's never been easier
to account for Stripe revenue in QuickBooks Online.
CFO at Via of the Lehigh Valley | Owner White Oak Profit Strategies | Accounting Entrepreneur | Trusted Non-profit Advisor
2wIs this possible with PayPal, CashApp, and Venmo as well??