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Activating/Managing the Stripe Deposits Feature

This article will help you set up the deposits feature for Stripe by selecting your bank account in the settings for QuickBooks Online and Xero.

 

New users:
We activate your deposits automatically during the initial Commerce Sync activation. All you have to do is select your bank account during the activation screen.

 

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Current Users:
If you have not yet selected a Bank Account you have in QuickBooks or Xero, you can select one in the Commerce Sync Dashboard. You will want to do this promptly as Deposits and Stripe Fees will not transfer over until you do.

 

To select your Bank Account:

  1. Navigate to the Commerce Sync Dashboard
  2. Click the 'View' button under Settings
  3. Under Bank Account, select the bank account you would like to use from the drop down menu
  4. Click the blue 'Save' button at the bottom of the screen

*Note: Updates made in the Commerce Sync Dashboard settings take effect immediately.

 

A valid entry in the Bank Account field is required. Also of note in the settings:

  • Stripe Fees is the default account into which merchant processing fees are tracked. This can be set to any Expense account you choose. 
  • There are default accounts for Uncategorized Income and Expenses. This supports full coverage for other potential Settlement activity reflected in transfers. 
  • QuickBooks users are required to have Undeposited Funds as their Credit Card payment Clearing Account. *Note: Xero has no such restriction. Any Current Asset account may be chosen.

 

Here is how the default Commerce Sync settings appear:

 For QuickBooks

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For Xero

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