Export Stripe Transactions to QuickBooks Online

To keep up the pace of our development compatible with the growing world, we sought the help of automation. Businesses lived under different shelters through the ages to keep themselves alive. Now as the entire world is marching towards automation, let’s join accounting too in that journey. 

Bookkeeping, over the years, has been a burdensome task for any business owner. Manual entry of data seemed to be the only way and so we have been following it. But the accounting world is not going to rely on manual keying anymore as there are lots of ways to automate the process. We would like to give you the best among those options.

We have built an application that could halt the hours of manual labour. If you are a business owner who uses Stripe and QuickBooks for business transactions, read further. We will show you why Stripe to QuickBooks integration is mandatory and how it is going to help you. 

Why should you integrate?

You might be a small-scale or mid-sized business owner. Irrespective of the size of your business, the level of headache you have for finishing the process of accounting would be the same. 

QuickBooks is the most popular accounting software as it handles all the accounting chores with perfection. Stripe is an excellent payment system around the globe. Both are used by lakhs of business owners and these tools never failed to boost their successes. You already have these two tools, but still, your accounting is not fully automated. 

Both these applications amaze you individually but for them to complete the work, you need to transfer the transaction details from Stripe to QuickBooks because Stripe cannot send the transactions on its own. This makes the QuickBooks wait for the transaction details so that it could start its work. And that is the gap we are trying to fix. 

The traditional method of fixing this gap is done by appointing a person who types and types until he manually enters all the details. There will be a pile of transactions each day and he has to duplicate each value from each transaction. Look at the time this kind of manual keying consumes, let alone the high possibilities of random errors it might produce. 

It takes approximately 15 to 20 hours to feed 300 transactions when done at a speed of 12000 to 15000 keystrokes per hour. But if automation takes over, it is just a matter of seconds. The reconciliation process will no longer be a mess if you use software that automates the process and there will not be any penalties during tax filing. 

PayTraQer

As a solution to your problems, here we introduce PayTraQer, an Intuit authorized application. PayTraQer is capable of syncing infinite Stripe transactions into QuickBooks online within a snap. It can sync your transactions along with the customer, item, discount refund, receipts and tax details from your Stripe account. There is also an advanced customization option with which you can design your own rules and fine-tune the data as you want it to be in QuickBooks. 

Other special features of this application are duplicate payment detection and multi-currency sync.

How to install PayTraQer

Go to the Intuit App Store and search for PayTraQer. Click on the ‘Get the App Now’ button, sign in with your QuickBooks credentials and connect to your Stripe account. That’s all, now you don’t need anyone sitting with the keyboard and typing for days to sync your transactions. 

Historic Transactions

Go inside the PayTraQer app after you connect your Stripe account and you will see the Stripe transactions for the past 60 days already being downloaded there. You can sync them all, not by spending hours of typing, but by performing a single click. 

There are instances where you might need to sync transactions older than the last 60 days. In that case, click the ‘Download Historic Transaction’ button and you will be asked to specify a date range. Then all the transactions between that time period will be downloaded automatically and you can sync them in seconds. 

Reconciliation

Now let us see how to reconcile with ease. The first step is to prepare your records. Create a new bank account in QuickBooks in the name of Stripe Bank Account. Use the account only for recording your Stripe transactions and don’t let your other transactions interfere, or else your reconciliation will end up in a mess. Then upload your bank statement in QuickBooks or set up your bank feed. The downloaded transactions in the bank review section can be seen.

Then configure Stripe Sales, Fees, Expense and Payout settings with your Stripe bank account. Then comes the bank review section. You could see that the TRANSFER transactions of “Stripe Bank Account'' are matched against your deposits. Those TRANSFER transactions will not be created if you failed to enable Payout processing in the PayTraQer. Then click ‘Match link’ to accept transactions. 

TRANSFER transactions can also be created directly in the Bank Review screen if it is not available. After all, these come to the real reconciliation process. Go to the Reconcile page and specify your Ending Balance and Ending date and click ‘Start Reconciling’ to start the reconciliation process.

The transfers and deposits will be matched and the transactions will be marked as reconciled automatically by QuickBooks. Now your QuickBooks Stripe sales will be matched with your checking account. 

To Conclude

Automation is spreading rapidly across the globe. Unlike a pandemic, this faster spread is good for humankind, particularly for business owners. Don’t delay making your bookkeeping perfect. 

The best way possible to integrate your Stripe to QuickBooks is by using PayTraQer. It helps you maintain your books clean and free of errors. There will not be any damage to the credibility of your books as long as you use PayTraQer. So, come forward and use PayTraQer for a 30-day free trial and get acquainted with the wonderful experience. Ping us at support@saasant.com for any queries. 

If you want to know more about Stripe safety, Read - Is Stripe Safe?