How to use invoices to track monthly sales made outside of wave?
CharlysAngels
Member Posts: 4
We do not bill customers directly or use Wave to send invoices. We have two platforms that pair with Stripe to manage our sales. One is our website platform that automatically bills our customers for their subscription, and the other is ThriveCart, which manages our product and service purchases. All of our sales then flow into our Stripe account.
We currently have our Stripe set up to hold all of our money in our Stripe account until we manually make a "withdrawal" from our Stripe account into our business checking account. We would like to move money out of our Stripe into our checking account at the end of each month, depending on the number of sales we have for that month.
How do I use the invoice feature to track our sales per month and record the Stripe transfer into our checking account? I am looking to create one monthly record-keeping invoice: a total of our monthly sales, broken down by our handful of products/services. IE: how many quarterly subscriptions did we charge for, how many annual subscriptions did we charge for, how many posts did we sell, how many mentorship packages did we sell, and how many memberships or sales were charged at a discounted price? Etc. We would also need to account for Stripe's transaction fees, and sales tax. In theory, it should be possible to use the invoice feature to also track our accruing quarterly sales tax.
Comments
Under integrations there's an option to integrate your Stripe account through Zapier. It sounds complicated but it's actually fairly simple. Once set up, you should be able to select the sales charge when reconciling the deposit.
Although I'm trying to figure out how to account for January, since I just did this today.
I teach people to use spreadsheets because accounting software is challenging for accountants and these types of tools tend to not be robust enough. But every year I give it a go anyway! ... Although I don't think anything is pulling me away from my accounting spreadsheets just yet