Reconciliation Overview for QuickBooks Online (Stripe Mercants)


All transactions processed via Stripe should be processed into your Wise-Pay Clearing Account (set up during Onboarding).  You will then need to reconcile these funds out of your Wise-Pay Clearing Account to the individual invoices.

What it does


Reconciling your Wise-Pay Clearing Account ensures that all payments are taken up and applied to the correct invoices.  This is a important process to ensure you are capturing and applying the correct information.

What it means


There is no need to move transactions between different accounts, Simply clear the bulk transactions (less fees debited) against your Wise-Pay Clearing Account.  This will then balance the payments applied against the account with the funds received by Stripe.

It is important to note when using clearing accounts - the account balance should always be $0.00 because you always take out the same amount that you put in.

Example:
1. Go to Transactions > Banking
2. Select the transaction
3. Click Find Match
4. In the Match Trasaction window, type text to help you find the transaction
5. Once you have set your search parameters, click the magnifying glass to search.
When you find the item you're looking for, click on the checkbox in the list on the lieft of the date
6. If the total amount is the same as the transaction amount, click save.