Accounting for Stripe Fees

Forrester_Law_Firm20

I use Dubsado for invoicing, and Stripe fees come out right at that point. I would like to have an accurate picture of my revenue in Wave prior to processing fees hitting, so I can reflect those fees as an expense, but I'm not sure how to do that because I don't use Wave's invoices.

remotebooks

Create a "Stripe Fees" expense account under the Payment Processing Fee section of your Chart of Accounts. Let's assume that you've made a sale for $1,250 but only received $1,000 from Stripe because $250 was deducted as processing fees.

Your split deposit (income) transaction would look like this:

$1,000: Main transaction amount
$1,250: Split 1 (Income Accounts > Sales)
$250: Split 2 (Discounts and Fees > Stripe Fees)

Happy number crunching!

Sam - RemoteBooks
hello@remotebooks.co