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 in a few easy steps to connect Stripe to QuickBooks using Synder. We’ll also consider the advantages of using Synder for Stripe QuickBooks integration.
- Disadvantages of single Stripe integration to QuickBooks
- Advantages of multichannel integration to QuickBooks
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 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 ecommerce 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, which you can then use to assess the health of your business as a whole.
- 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.
Synder benefits: Reasons to implement Stripe + QuickBooks Online integration
Synder seamlessly integrates various sales channels and payment gateways, including Stripe, with QuickBooks accounting software. It’s a highly-rated solution on the QuickBooks Intuit Marketplace, scoring 4.6/5 stars from 1700 reviews.
Synder can integrate Stripe to QuickBooks Online, QuickBooks Desktop, Xero, and its native accounting solution, Synder Books.
If you’re considering an integration solution, here are some of the notable benefits that Synder provides.
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 in a single entry with all the necessary details.
Connection of 2+ sales channels and/or payment platforms
Businesses often rely on multiple sales channels and payment gateways to optimize their reach and revenue. But that’s also where all the record issues might appear, especially, when managing everything manually.
Synder’s prowess in efficiently handling these diverse channels stands out, ensuring a seamless and accurate accounting experience. The software records the data from Stripe, providing you with precise tax, customer, item and other transaction details.
You can easily connect additional business units to Synder to have a full picture of your business performance across all channels in your QuickBooks Online account.
Per Transaction or Daily Summary sync options
Synder offers users the flexibility to choose how they want to sync their transactions, catering to a wide range of business needs.
- Per Transaction Mode – ideal for businesses that require in-depth insights into each transaction. When using the Per Transaction mode, every individual transaction from your Stripe is synced in detail. This means that you’ll get comprehensive reporting, capturing every nuance from tax details to customer information for each sale.
- Daily Summaries – if your business processes a vast number of transactions daily and detailed insights for each aren’t a priority, the daily summary option is a perfect fit. Instead of syncing each transaction separately, Synder compiles a consolidated journal entry for all transactions that occur within a day. This approach simplifies your books, making them less cluttered while still capturing essential data.
If an additional payment platform is connected, you’ll get 2 journal entries reflecting the records from Stripe and the connected platform.
Note: No customer data is transferred to your QuickBooks when choosing the Daily Summary sync.
Synder ensures all pertinent financial data, from every sale on Stripe to transactions on your ecommerce store, are meticulously recorded. With all the essential data in hand, you can effortlessly generate pivotal financial reports. Synder’s thorough data capture facilitates creating precise Profit & Loss (P&L) and Balance Sheet reports, which allows businesses to assess their profitability with confidence.
When it comes to handling financial data, security and compliance are paramount. Synder recognizes this and takes it a step further with its SOC 2 Type 2 Certification, which signals its dedication to ensuring data integrity and protection. You can be assured that the data transferred between the platforms, Stripe and QuickBooks in this case, remains confidential and protected.
How to import Stripe into QuickBooks Online using multichannel integration software
Now let’s create your account by following these step by step instructions below.
1. Create an account
Choose the product you want to utilize: Synder Sync and/or Synder Insights.
- Synder Sync – an actual connector between your sales channels and QuickBooks Online;
- Synder Insights – an analytical tool that allows you to track the most important metrics of your ecommerce business.
Note: Synder Sync is more preferable if you need to automate your bookkeeping and store multi-channel transactions and sales in one place, but if you want to try an analytics tool to track your customers and product metrics, you can choose both Synder Sync and Insights.
2. Set up the organization
Fill out the necessary organization information, so we’re aware of your needs and will be able to provide you with personalized help and support in the future.
3. Connect Stripe
If you’re setting up your account for the first time – click the “Connect” button during the account configuration process. If you want to add more payment platforms, you can connect your Stripe account by clicking “Add a payment platform”.
If your Stripe is linked to an ecommerce store, it’s recommended to connect both your Stripe and ecommerce accounts to get all order and payment details synced to your QuickBooks.
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. Select QuickBooks Online among accounting software
Choose QuickBooks Online among the provided options.
5. Choose the sync mode
Synder provides two options for transaction synchronization: per transaction or on a daily basis. Choose the one that suits you best.
Don’t know which one to choose? Check out our guide to learn more about the workflow and benefits of both modes.
6. Connect platforms
At this step, you’ll need to connect your QuickBooks and Stripe accounts. You can simply click the “Connect” button (if you’re an admin) or “Invite” to send the link to the business owner (if you’re an accountant or a bookkeeper).
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.
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!
Key features of the QuickBooks Stripe integration via 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.
Instant synchronization and historical data import
Store the instant records of the ongoing Stripe payments right into QuickBooks as soon as they happen to have a real-time reflection of your finances. Synder captures every detail, ensuring that the final reports comprehensively reflect all relevant information regarding your business income and expenses. The Stripe transactions will be recorded based on the synchronization mode you’ve chosen during onboarding: per transaction or daily bundles.
Synder parses financial paydowns, adjustments, transfers – almost every transaction type from Stripe.
Automated categorization for your Stripe account integration
Among many features, you can configure sales, products/services, taxes, fees, application fees, expenses, and payouts.
You can also set up a customized automated categorization 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 in QuickBooks Online with payments 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.
Note 1: Ensure that the customer name matches 100% in your accounting software and in Stripe, as Synder uses the customer details to identify if there are any open invoices for this client.
Note 2: If several invoices are opened for the same customer, Synder will try to find a matching invoice by the amount and apply payment chronologically from the oldest open invoice to the newest.
Error-free Stripe QuickBooks reconciliation
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. With an enabled by default duplicate detector feature, the software will skip duplicate transactions. This feature also helps with fastening the reconciliation process.
Payouts won’t duplicate your bank feed records.
Rollback 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.
Note: Rollback doesn’t reinstate the number of syncs available.
Sales tax settings let 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 depending on the country your business is located in.
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 multicurrency feature lets you manage payments made in a foreign currency when utilizing Stripe and QuickBooks integration.
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 creates records based on the transactions’ original currency in your QuickBooks Online account and converts them to your home currency with the rate taken from Stripe or another payment platform through which the transactions were made.
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 Synder’s feature inspired by 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.