If your business takes a Stripe Capital loan, Synder’s got your back! Synder supports Stripe financing paydowns, so your loan repayments will be accounted for automatically.
Here is how:
Step 1:
Add the amount of your loan manually to accounting. Usually, it should go to the Long Term Liabilities account.
Synder will account for paydowns, so the initial loan amount should be entered to the books manually.
Step 2:
Synder will create a multiline expense to account for loan repayment. You need to create a Smart Rule in Synder to categorize loan repayment and loan percentage. The rule allows for categorizing loan repayments and interest paid, if needed.
In Stripe terminology:
- “Advance amount” stands for loan repayment;
- “Premium amount” stands for interest paid.
So, use the Smart Rule template for loan categorization and assign the appropriate accounts:
- Go to Synder → Smart Rules menu tab → Templates.
Note: Start the Rules trial if this is your first time. - Find the template for Categorizing Stripe Capital under the Categorize tab.
- Click Try it now and customize the account for expense lines using Then blocks → set QuickBooks data → Category field. It will give you access to the accounts from your Chart of Accounts.
- Save your rule and close it.
Step 3:
Once the rule is saved, you can sync over Financing Paydown transactions and enjoy the results in the books:
- Go to the Platform transactions and look for the Financing Paydown transaction type for Stripe.
- Select a few transactions and sync them over to the books: Actions → Sync.
Note: if transactions were already synced over, roll them back first and then sync again to apply the rule to them.
- Check the created expense properly categorized in the books.
That’s it! Now you know how to categorize Stripe Capital Financing Paydowns.
Reach out to the Synder Team via online support chat, phone, or email with any questions you have – we’re always happy to help you!