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 at the bottom of the activation box.
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Current Users:
If you have not yet selected a Bank Account because you did not have one set up in QuickBooks or Xero when connecting or would like to change the current one select, you can select one in the Commerce Sync Dashboard. If you do not select a bank account, the payouts/deposits from Stripe will go to a default Stripe Deposit account that the app will create.
To select your Bank Account:
- Navigate to the Commerce Sync Dashboard
- Click the 'View' button under Settings
- Under Bank Account, select the bank account you would like to use from the drop-down menu
- Click the blue 'Save' button at the bottom of the screen
*Note: Updates made in the Commerce Sync Dashboard settings take effect for all future transfers but will not change any data that has been sent to QuickBooks or Xero already.
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 to change it.
- There are default accounts for Uncategorized Income and Expenses. This supports full coverage for other potential Settlement activity reflected in transfers that are outside of your normal credit card payouts and Stripe fees.
- 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:
Dashboard Settings View for QuickBooks
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Dashboard Settings View for Xero
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Updated 5/10/2021