Recording Transactions with Stripe Account

To accurately track transactions processed through Stripe and reflect the movement of funds between Stripe and your bank account, follow these steps:

1. Set Up Your Chart of Accounts

• You should have the below by default, but if you don’t
• Create an “Account Bank Group” called “Online Processing” in your Chart of Accounts.
• Under this group, add an individual account for Stripe to track transactions.
  

2. Record Transactions

a. Deposit Entry (Assessment Payment Received)

• In the Deposits section, select Stripe as the bank for a debit entry.
• Credit the Assessments Revenue account with the assessment amount.
• Example: If the Assessment Fee is $300, the deposit entry would be:
  • Debit: Stripe account $300
  • Credit: Assessments Revenue $300
• If you are going to pass the processing fee to the user then include the processing fee charge by stripe with the billed amount.As an example if the processing fee is $10 then add $10 to $300.
  
  • Debit: Stripe account $310
  • Credit: Assessments Revenue $310

b. Withdrawal Entry (Stripe Processing Fees Deducted)

• In the Withdrawals section, select Stripe as the bank for a credit entry.
• Debit the Stripe Processing Fees expense account for the processing charge.
• Example: If the processing fee is $10, the withdrawal entry would be:
  • Debit: Stripe Processing Fees $10
  • Credit: Stripe account $10

c. Transfer Entry (Funds Transferred to Bank Account)

• When Stripe transfers funds to your HOA’s bank account, record a transfer in the Transfers section:
  • Select Stripe as the “From” account.
  • Select your HOA Bank Account as the “To” account.
  • Enter the net transfer amount ($300 – $10 = $290). or ($300 – $10 = $300)

By following these steps, you will ensure accurate tracking of assessment payments, processing fees, and bank deposits, keeping your financial records up to date in RunHOA.