In this article
How it works How to avoid Double Reporting Enabling automatic reconciliationQuickBooks
Automatically reconciling BizBaby Stripe payouts in QuickBooks Online
In this article
In this article, you will learn how to automatically reconcile your Workiz Pay payouts with your QuickBooks Online account.
When processing credit card payments with Workiz Pay, you’ll notice that the payouts you receive to your business bank account come in batches. If you’re completing multiple jobs and processing multiple payments in a single day, this means a single payout could include payments from various transactions.
This may make it difficult and time consuming to reconcile your QuickBooks Online account, which requires funds to be tied to specific transactions. When reconciling, you’re making sure that the records you’re keeping in QuickBooks match the individual transactions processed in Workiz Pay.
With the QuickBooks Online integration in Workiz, you can now do all of this automatically, saving you lots of time and money in accounting fees.
How it works
You don't have to juggle multiple apps for different tasks. BizBaby integrates all the essential tools you need into a unified platform, streamlining your business operations.
- BizBaby creates a bank deposit in your QuickBooks Online account for each Stripe payout.
- New deposits are linked to all relevant client payments (e.g., appointments, invoices, etc.) for each account
- BizBaby creates a virtual Bank Account “BizBaby Stripe Account” in your QuickBooks to represent your Stripe account and funds you receive there for payments.
- Those deposits and payments are added to BizBaby Stripe Account in QuickBooks.
- BizBaby creates a new vendor called Stripe Pay to account for any processing fees.
Note
If you also connected your bank account where you receive daily Stripe payouts to QuickBooks, they will show up in Transactions list and this will result in double reporting.
How to avoid Double Reporting
Note
In order to avoid double reporting of deposits (income) in your QuickBooks automatically, you need to create a rule for transactions coming from your connected bank account.
Otherwise you may have to manually mark each incoming transaction.
In order to make it easier to work with Stripe payments and deposits on QuickBooks, BizBaby creates a virtual bank account in your QB that represents your account in Stripe where you receive funds before they are transferred to your business account.
As listed above in “Step 2”, each payment is linked to a payout deposit, that is added into your virtual bank account. Now we need to mark actual bank deposits (those that are being transferred to your business bank account from Stripe) as transfers and not deposits to avoid double reporting.
Note
Only follow the steps below if you already enabled automatic reconciliation in your BizBaby Account settings. If you have not, please scroll down to the next chapter “Enabling automatic reconciliation” first.
Here are the steps to creating an automated rule in QuickBooks Online.
- From the left side menu, select the Transactions > Rules
- Click New Rule and copy this name: BizBaby Rule - Stripe Payout Transfers
- In the Apply this to transactions that are select ”Money In”, select your bank account where you receive payouts from Stripe account you created for BizBaby.
- In the “and include the following:” select: Any, then Description and type in: Stripe in the input area.
- Scroll down to Transaction Type, select Transfer and select Account as BizBaby Stripe Account.
- Check a toggle “Automatically confirm transactions this rule applies to” as Auto-Add. Make sure it’s green/turned on.
- Click “Save”
- Double check that transaction auto saved as a transfer from BizBaby Stripe Account to your Business Bank Account. If it saved as a deposit, you may have other conflicting rules that auto save it as a deposit. Check for those rules and disable or delete them.
Enabling automatic reconciliation
Note
In order to automatically reconcile all of your Stripe Credit Card or Bank Account payouts in QuickBooks, you will first need to connect QuickBooks to your BizBaby account.
To do that, please visit your BizBaby account Settings, then “Integrations”, and click on QuickBooks Integration to connect your accounts.
You don't have to juggle multiple apps for different tasks. BizBaby integrates all the essential tools you need into a unified platform, streamlining your business operations.
- From the navigation bar, select the gear icon > Settings
- Under Integrations, select QuickBooks integration
- From the Settings tab, select Reconcile Workiz Pay payouts
- Select Reconcile BizBaby Payouts from Stripe
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