Step 7: Configuring VRAccountant: Stripe

Configure how VRAccountant records Stripe payouts in your QBO account
 

 

About VRAccountant's Stripe integration

VRAccountant connects QuickBooks (QBO) and Stripe to automate the accounting for Stripe payouts to your bank account.
 

When Stripe initiates a payout to your bank account, VRAccountant records an itemized journal entry in QBO to account for the deposit and every individual transaction making up that deposit. In this way, VRAccountant automatically records every detail: guest deposits, merchant processing fees, refunds - even disputes and reserved funds.
 

This article focuses on configuring the Stripe integration. To learn more about how the integration works and how it simplifies your bank reconciliation process, refer to this article.

Mapping Stripe transaction types to QBO accounts

Stripe payouts are not only comprised of transactions related to multiple reservations, but multiple transaction types.
 

For each Stripe transaction type listed in this section, you'll tell VRAccountant which QBO account/category to post transactions to.
 

 

Steps

1. Stripe Clearing Account

   1. From the Account dropdown list, select the designated Stripe Deposits Clearing Account. This is the same account you mapped in the Channels section of the VRAccountant configuration.
       

2. Bank Account

   1. From the Account dropdown list, select the account that corresponds to your actual trust bank account in QBO (ex: Trust Bank Account).
       

3. Merchant Fees Account

   1. From the Account dropdown list, select the account used to record the payment processing fees Stripe withholds from your payouts.
       

4. Dispute

   1. From the Account dropdown list, select the category designated to account for disputed transactions.
       

5. Reserved Funds

   1. From the Account dropdown list, select the category designated to account for reserved funds - money Stripe withholds from your payouts in periods of high chargeback activity.

 

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Set the default class

VRAccountant uses reservation data retrieved from Stripe to look up the corresponding reservation in Guesty, determine the listing, then assign the corresponding class in QBO.

You mapped your Guesty listings to QBO classes during the Items & Listings configuration.
 

 

Steps

In the Default Class dropdown list for each Stripe transaction type above, select the default QBO class that VRAccountant should assign if the class (i.e. listing) is undeterminable. We recommend using the Owners class created during your QBO set up.

Payouts from Stripe are often comprised of payments from guests of multiple different listings. As such, a "default" class does not apply to Bank Account. In any case, we recommend assigning the same class here that you assigned as the Default Class elsewhere.

Always use MC Class

As you've seen elsewhere during your guided VRAccountant workflow configuration, this feature allows users to tag certain lines on QBO transactions as management company (MC) income, rather than owner income. Income items tagged with the MC class will not appear on an owner's statement in QBO.
 

For each Stripe transaction type listed, select the Always use MC Class button to tell VRAccountant to assign the designated MC class, regardless of the listing associated with the transaction.
 

If you do not select the button, VRAccountant will assign the class (listing) associated with the reservation.
 

If you do not expense Stripe fees to your owners, select the Always use MC Class button in the Merchant Fees Account settings.
 

Set the default customer
 

VRAccountant uses reservation data retrieved from Stripe to look up the corresponding reservation in Guesty, determine the guest name, then assign the corresponding customer in QBO.
 

Steps

In the Unknown Customer section, choose the default QBO customer that VRAccountant should assign in Stripe payout transactions if the customer (i.e., guest) is undeterminable.
 

We recommend selecting the Create & Use a Default button. Once the sync runs for the first time, VRAccountant will create this default customer record in QBO for you and use it as the default moving forward. 

You can proceed to the final step here.