Using Stripe with the Accounting Tools
Stripe Asset Account
You will need to create an asset account for Stripe if you are using Stripe as one of your financial processors. When a payment is received using your Stripe account, the monies will be held by Stripe until transferred into your checking account based on the payout schedule you have chosen.
Example of the process for online Stripe transactions:
Amy purchases $25 of spirit wear and makes a payment online using Stripe. This incurs an expense of $0.85 for transaction fees. (2.20% + $0.30)
- Spirit wear income budget line item is increased $25
- Stripe asset account will be increased $25 - $0.85 = $24.15
- Credit Card Transaction Fees (expense line item) will be increased $0.85
Stripe Accounting Set-Up
In addition to creating the Stripe account in your chart of accounts, you will need to set the Accounting Configuration for the online payments.
Configuration for Stripe Account
Go to Accounting / Configuration and identify which Asset and Expense Accounts will be used for your Stripe transactions.
Select an Asset Account for Stripe deposits.
Select an Expense Account where your fees associated with Stripe transactions will be accumulated.