We use Stripe on our shopping cart. Stripe automatically takes out their fee then sends our bank the remaining sales revenue. How do we account for the fee Stripe takes?

We have an online membership site (all digital, no physical products).

When a customer pays for access to our membership portal, Stripe takes out their credit card processing fee.

Stripe then automatically sends the remaining revenue to our business bank account and we are able to reconcile our QBO account for just the revenue that hits the bank account.

How do we account for the Credit Card Processing Fee within QuickBooks Online which is NOT automatically populated within QBO?

We currently do not have Stripe integrated with QuickBooks Online to automatically post the fee (and are happy to create an integration if we know it will work properly).

And how would we Categorize the fee in the Chart of Accounts for taxes?

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Answer

You can edit the transaction and create a split transaction, to account for the processing fee, and the amount of the sale, coding the transaction fee to payment processing fees. Hope this helps.
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GrisMendez , QuickBooks Online ProAdvisor

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