In this guide, you will learn how to reconcile your Checking account in QuickBooks Desktop with the help of Stripe QuickBooks Desktop integration.
The app will put all the sales and fees to a clearing account (it is an account which is automatically created by the app in the Chart of Accounts, can be called “Stripe/Square/Shopify Bank Account”). Once your payment system withdraws the money to the bank, Synder will synchronize this Payout and the Transfer from the clearing account to your Checking account will be created. Having this Transfer in QuickBooks Desktop you will be able to do a one-click reconciliation, see steps below to learn how.
Note: there is no need to match individual invoices to deposits in your bank feeds, having Payouts synchronized will allow you to reconcile automatically.
See the steps below for more details:
1) First please make sure you have both sales transactions and payouts synchronized (they should have green “synced” status).
Note: if you see transactions stuck with “scheduled” status you just need to launch Synder Connector desktop application, which should be installed on your desktop and transactions from the queue will go through automatically.
2) Then please go to the Bank feeds center in your QuickBooks Desktop company (Banking->Bank Feeds->Bank Feeds Center) and press the Transaction List button.
3) There you will see your Payout (transfer from clearing account “Stripe/Square/Shopify Bank Account” into your checking) recognized by the app in the purple, it will be prematched automatically by QuickBooks (if the transaction is no older than 90 days QuickBooks usually prematches it). Please press Approve button in front of the payout needed (or select multiple transactions from the payments processor accounted by Synder and approve them in bulk using buttom “Batch Actions” button).
Note: The balance of the clearing account in your Chart of Accounts should go UP with each sales transaction synchronized and it should go DOWN with each Payout synchronized. So usually it is equal to the current balance of your payment system, as it plays the role of it in your accounting.
That is it! You are good to go with reconciliation of your synchronized transactions, Synder have done all the bookkeeping for you.