Reconciliation of an Asset Account



In this article, we explain how to reconcile your Stripe Balance, assuming you are using a Stripe Holding Account that is not Undeposited Funds. For advice on reconciling Undeposited Funds, please visit Reconciliation of Undeposited Funds.

Reconciling your asset account for Stripe holdings in QuickBooks is a process that should be carried out monthly to ensure accuracy in your financial records. Here's a detailed guide to streamline this process, ensuring that your Stripe and QuickBooks records align perfectly, whether you're using real-time synchronization or daily summaries.

Steps for Monthly Reconciliation in QuickBooks:

  1. Access Stripe Balance Reports: Navigate to Stripe's Balance Reports page and select the date range for which you want to reconcile your accounts. This will provide you with the ending balance for that period.
  2. Open QuickBooks Chart of Accounts: In QuickBooks, go to the Chart of Accounts and locate the register for your Stripe asset account.
  3. Start the Reconciliation Process:
    1. Click on “Reconcile” located in the top right corner of the account register view.
    2. Enter the ending balance and the specific date range you obtained from Stripe's Balance Reports page into the reconciliation module.
    3. Click on “Reconcile” to begin the process.

Addressing Discrepancies:

If you notice discrepancies between your QuickBooks account and Stripe balance, consider the following checks:

  • Verify Starting Balance:
    Ensure the starting balance of your QuickBooks asset account matches the Stripe balance at the beginning of your accounting period. Any existing balance before this period should be correctly accounted for as your starting balance.
  • Check Daily Summaries:
    If you're using the daily summary option, verify that each day’s data is accurately represented in your feed. Though rare, missing or incorrect summaries can lead to discrepancies.

By following these detailed steps, you can ensure that your Stripe asset account is accurately reconciled with QuickBooks, maintaining the integrity of your financial reporting and supporting effective financial management.