This software is very new for me and this is a first attempt at making sense of how to input all my data. I’ve tried to start fresh and put in all of last years data so that I have April 18 to April19 all in one accounting software.
My business is using a booking software that is integrated with Stripe, to get up to speed I downloaded all transactions into CSV then arranged them to be uploaded. This is where I need to know if I have done this correctly.
After upload it auto tagged the income as a sale, then also made an Invoice for each one. It did the same for every Fee from Stripe. This turned 1000 sales transactions into something like 8000 ledger entries into the system.
Have I understood the method correctly on how to handle and input a sale of something that doesn’t get an invoice direct from Quickbooks?
Firstly, let me welcome you to the QuickFile Community!
From what I can see I would say you have done this correctly, the other way you can do it is by using the Cash Register tool to enter the daily takings which would limit the number of invoices/nominal entries used.
I would personally approach this a bit differently, particularly if you are VAT registered. If your interaction with the customers is all through the booking software then you don’t necessarily need to record every booking as an individual sale in QuickFile, you could turn off the Stripe feed and then just make one invoice each day with the daily total from the booking software, mark that as paid into your stripe merchant account in QuickFile, and mark the settlement payments you receive from Stripe into your current account as “bank transfer” between the two accounts.
This (deliberately) does not account for the Stripe fees, and the balance of your Stripe merchant account will gradually drift upwards during the month as the fees accumulate. A few days into the next month, Stripe will issue you with an invoice for the previous month’s total fees (under “business settings” -> “documents” in your Stripe dashboard), and at that point you can create a single purchase in QuickFile from the Stripe invoice and mark it as paid from the merchant account.
This is definitely the best approach if you’re VAT registered, since the monthly Stripe invoice needs to be “reverse charged” on your VAT return - there are plenty of other posts explaining this process (e.g. EU Invoice reverse charging for purchase of services), it’s not as simple as it should be unfortunately as QuickFile doesn’t support the reverse charge procedure, so you need to make a manual adjustment to your VAT return.