Stripe is a powerful payment gateway that many buyers and sellers commonly use. From the business standpoint, offering Stripe-supported payments requires integration with your accounting system through a designated software.
In this article, we’ll show you how to connect Stripe to QuickBooks using Synder in a few easy steps. We’ll also consider the advantages of using Synder for Stripe QuickBooks integration.
1. Online integration of Stripe and QuickBooks
- Disadvantages of single Stripe integration to QuickBooks
- Advantages of multichannel integration to QuickBooks
2. How to connect QuickBooks to Stripe using multichannel integration software
3. Advantages of using Stripe and QuickBooks integration with Synder
Online integration of Stripe and QuickBooks
In order to integrate Stripe and QuickBooks, you need a third-party app to act as a bridge, or a connector between the two. There are many options available on the market – some are directed only at Stripe and QuickBooks integration while others are aimed at a large variety of payment processors and sales channels.
Disadvantages of single Stripe integration to QuickBooks
If, like many business owners, you’re using various payment methods and selling your products or services on different platforms and marketplaces, you need a solution that’s tailored to this multichannel model.
Having individual online integration software for each type of payment gateway or sales channel creates a maze of different integrations that can bring different types of data into your QuickBooks Online accounting. For example, some software might sync fees or pay downs while others might not, resulting in missing data for transactions coming through a particular payment gateway, which in turn will make your reporting in QuickBooks inaccurate.
Combing through each individual app to find an error in reporting can be problematic. The same applies to duplicate detection and a rollback feature that are crucial for the reconciliation process. Some apps support these features, others don’t and it can put a strain on your account’s accuracy and require a lot of time to manually fix those discrepancies and errors.
Advantages of multichannel integration to QuickBooks
Multichannel software that supports the largest number of integrations both in terms of payment gateways and sales channels is a perfect solution for ever-growing e-commerce and SaaS businesses. Here are some of the advantages of this model:
- Accuracy: Having a single tool for integrating all platforms ensures that your books can be treated as a single ecosystem with accurate financial reports of all your data.
- Business health: Multichannel integration brings all the right data from various channels increasing the available information, that you can then use to assess the health of your business as a whole.
- Reconciliation: Being able to reconcile multiple platforms in your QuickBooks account easily saves you time and diminishes duplication.
- Product mapping and categorization: These features are so important for tax purposes. And they are best done using a single dashboard to create overarching rules that help you treat your data as it should be – one set of financial information.
- Growth: Having a reliable multichannel integration to QuickBooks Online sets the stage for expanding your business offer to other marketplaces and payment gateways. Having confidence in your integration accounting software makes adding new channels easy and approachable.
How to connect QuickBooks to Stripe using multichannel integration software
One of the official partners of Stripe is Synder which seamlessly integrates various sales channels and payment gateways with QuickBooks accounting software. It’s a highly-rated solution on the QuickBooks Intuit Marketplace, scoring 4.6/5 stars from 1600 reviews.
Synder can integrate Stripe to QuickBooks Online, QuickBooks Desktop, Xero, and its native accounting solution, Synder Books.
In the following steps, we’ll show how to connect Stripe to QuickBooks Online (QBO) using Synder. If you wish to know how can Stripe integrate with the aforementioned accounting software, follow this guide.
Integrate Stripe with QuickBooks: Steps
Stripe integration with Quickbooks Online can be done in a few easy steps using Synder. Let’s see how it’s done.
1. Sign up or log in to Synder
Click “Sign Up” or “Log in” to Synder. If you don’t have an account yet, sign up for a free trial or book a demo.
2. Connect Stripe
If you’re setting up your account for the first time – click the “Connect” button during the account configuration. If you want to add additional payment platforms, you can connect your Stripe account by clicking “Add a payment platform”.
3. Stripe account permission
Once you press the Connect Stripe button, you’ll be redirected to your Stripe account to grant permission. This authorization step allows you to integrate your accounts safely.
4. Account settings
Now that your integration is established, you can customize your Stripe account settings in Synder. Set up your sales, products, fees, taxes, payouts, and much more with customized settings. And it’s this set of Synder’s features that can really optimize your bookkeeping, so we’ll review those benefits in detail below.
5. Auto-sync all Stripe transactions
To complete the setup, enable auto-sync of all incoming transactions from Stripe. At this stage, you can also import your historical data for syncing.
Synder starts synchronizing your Stripe transactions with Quickbooks Online. Congratulations!
Advantages of using Stripe and QuickBooks integration with Synder
Safely integrating Stripe with QuickBooks Online or QuickBooks Desktop is just the beginning of the improvements that Synder can do to your business accounting.
Full automation of your Stripe transactions
Your Stripe data is automatically updated in your QuickBooks, giving you a clear and up-to-date picture of your business operations. No more manual input of data.
Synder works in the background, automatically syncing Stripe payments and other Stripe transactions bringing them into your QuickBooks Online account.
You can choose whether you want to sync each individual transaction or you’d rather use the daily summary sync mode, where all your daily transactions are summarized with all the necessary details.
Customized settings for your Stripe account integration
You can customize your setting when integrating Stripe with QuickBooks Online. Among many features, you can configure sales, products/services, taxes, fees, application fees, expenses, and payouts.
You can also set up smart rules with Synder that lets you sync metadata from Stripe into your QuickBooks account. This feature lets you extract information from Stripe that otherwise will be lost when syncing into QuickBooks. Synder’s smart rules let you set up conditions for which a certain action will be triggered. This personalizes your bookkeeping at the same time automating the process once the rule is set up.
Automated closing of open invoices
With Synder, you can always create sales invoices with the invoicing function. However, it’s the automated closing of open invoices from Stripe that makes accounting faster and smoother. The software will apply online payments to open invoices and close them automatically, so you won’t need to match open invoices manually to the incoming payments in your bank account.
Smooth reconciliation process
You can easily reconcile all your Stripe transactions including your sales, fees, expenses, and refunds. Synder achieves this with the help of a clearing account and a checking account, significantly automating the reconciliation process.
Since Synder records very detailed transactional data like amounts, time stamps, shipping addresses, etc., this ensures that no duplicate transactions will be created. For added convenience, you can enable skip duplicate transactions. This feature also helps with fastening the reconciliation process.
Rollback feature of erroneous data
The ability to track sync status at any time and roll back any action with one click is helpful for amending errors in data. The rollback function secures your actions and allows you to undo any sync without harm to your data.
Sales tax settings lets you set custom preferences to manage your tax codes. You can categorize your sales for taxable and non-taxable transactions and apply the right tax rate through such functions as default tax code, generic tax code, or zero-rated tax code.
Apart from standard sales tax, you can also apply taxes to expenses like fees of payment processors. This is a unique feature that can really streamline and automate your accounting.
The multi-currency feature lets you manage payments made in a foreign currency.
You have several options on how to approach this. Simply choose the one that suits your business and accounting method best. You can create individual accounts for each currency or have one account for all your multi-currency transactions.
Synder can sync transactions in the original currency or it can use the conversion rate provided by the payment processor.
Stripe’s financial repayment structure
Stripe offers a financing service called Stripe Capital where businesses can receive funding based on a loan plan. Repayment is made through a percentage of sales (the rate varies according to your chosen plan).
When it comes to accounting, this process becomes tricky, as some parts of your sales will go towards paying off the loan principal amount, while others go towards the interest amount. As we know, these two types of payment will affect your accounts in different ways. Paying off the loan will decrease the amount of your liability account, while the interest amount will be recorded in your expenses.
Synder accounting is able to appropriately categorize those amounts and allocate them to the right accounts. This is a brand-new feature of Synder, that was inspired from our client’s feedback.
Learn how Synder eases the import of Stripe transactions to QuickBooks and helps accountants separate Stripe loan repayments in the books.
Stripe QuickBooks integration: Closing thoughts
There are many different QuickBooks Stripe integrations available. They allow you to integrate multiple platforms and payment gateways that prove to be the most efficient and accurate when it comes to proper bookkeeping.
Synder safely integrates with QuickBooks syncing all your transactions automatically. But the true advantage comes from all the settings that customize your books and accounts records. They allow you to categorize the data in a meaningful way in terms of bookkeeping and the health of your business, keeping you clear from accounting discrepancies and providing you with reliable financial reports.