The exported IIF file creates the following nine accounts in QuickBooks, if they don’t already exist. All of the Stripe-created accounts are prefaced by Stripe to make them easy to locate and identify.
|Stripe Account||Bank||All charges, refunds, and payouts|
|Stripe Checking Account||Bank||Represents your actual bank account to which Stripe sends payouts|
|Stripe Payment Processing Fees||Expense||Processing fees for all charges|
|Stripe Returns||Income||All refunds|
|Stripe Sales||Income||All charges minus processing fees|
|Stripe Third-Party Account||Tax-Related Expense||Every transfer to a third-party|
|Stripe Other Fees||Expense||Adjustments|
|Stripe Processing Fees Adj||Expense||Adjustments|
|Stripe Other Income||Income||Adjustments|
If these accounts already exist but are of a different type than are declared in the exports file, QuickBooks will present an error about being unable to change the account type. If this occurs, edit the existing, conflicting accounts to have the same type as the IIF file.
The IIF file formats the date as MM/DD/YYYY. QuickBooks uses the same date format as your operating system. If this differs from the exported file, you can temporarily change your operating system’s date format:
- Set the date format in your operating system to MM/DD/YYYY.
- Import the QuickBooks IIF file.
- Change your operating system’s date format back to your preferred style.
Merging QuickBooks accounts
You may want to merge one or more of these created accounts with an existing QuickBooks account. In particular, you may want to merge the Stripe Checking Account, which represents the bank to which your Stripe payouts are sent, with your actual banking account in QuickBooks:
- Select Lists > Chart of Accounts to view all of your accounts.
- Make sure both accounts being merged are on the same level (i.e., both can be sub-accounts or both can be primary level accounts).
- Select the account you are no longer going to use (e.g., Stripe Checking Account).
- Click Account > Edit Account at the bottom of the Chart of Accounts window.
- Change the name of this account to exactly match the name of the other account (the one you’ll be keeping).
- Click Save.
You’re then prompted about merging the account with an existing one. Click Yes to proceed with the merge, No to cancel. The records in the renamed account will be merged into the retained account. Accounts need to be re-merged after each new import.
Considerations for Connect platforms with Custom accounts
Platform owners with Custom accounts can view the Dashboard of connected Stripe accounts. From the connected account’s Dashboard, export an IIF file in the same way as a normal Stripe account.
Connect platforms creating charges on behalf of connected accounts that need to generate 1099s for Custom accounts must declare the correct tax-line mapping of the Stripe Third-Party Account. This expense account is given an initial tax-line mapping of 1099-MISC: Nonemployee compensation.
For QuickBooks to use Stripe Third-Party Account data for the generation of 1099s, you must first enable this feature within QuickBooks’ preferences.
- Select Preferences > Tax: 1099 > Company Preferences within QuickBooks.
- Click on the link in If you want to map your accounts to boxes on Form 1099-MISC, click here.
- In the resulting QuickBooks 1099 Wizard, select Stripe Third-Party Account under Accounts used for 1099.
- Under Apply payments to this 1099 box for Stripe Third-Party Account, select Box 7: Nonemployee compensation.