If you are using Stripe to process payments you will need to set up a 'Clearing Account' inside QuickBooks as part of your integration to handle any returns, chargebacks, or misc fees that originate from Stripe.
How to set up a clearing account in QuickBooks
Step 1: In QuickBooks create a new bank / asset account.
Step 2: Name this account 'Clearing Account'
Step 3: In Gazelle map to this 'Clearing Account' when you set up your integration.
Step 4: Done!
This account will only be used if Gazelle needs to create a balancing transaction as part of a Stripe payout. Accountants and Bookkeepers use 'Clearing Accounts' all the time and if you have an accountant they probably already have a 'Clearing Account' set up that you can use.
(In QuickBooks: Accounting > Chart of Accounts > New > Save)
MAPPING THIS CLEARING ACCOUNT
FROM GAZELLE'S WEB APP
Step 1: Go to Settings > Accounting > Clearing Account
Step 2: Select the clearing account you plan to use.
Step 3: Done!
MAPPING THIS CLEARING ACCOUNT
FROM GAZELLE'S MOBILE APP
Step 1: Tap Menu > Settings > Accounting > Clearing Account.
Step 2: Select the clearing account you plan to use.
Step 3: Done!
FAQ About Using QuickBooks Clearing Accounts
What is a QuickBooks 'Clearing Account'?
A 'Clearing Account' is a bank / asset account in QuickBooks that exists solely to process negative deposits.
When does Stripe make balancing transactions part of a payout?
Not often. But occasionally if there is a refund, or chargeback, or misc fee that exceeds your daily Stripe payout, Stripe will debit your account instead of deposit funds into it. This doesn't happen often but when it does, you need to account for it in QuickBooks using a balancing transaction and a clearing account.
Should my 'Clearing Account' ever have a balance?
No, your QuickBooks clearing account will always have a Zero balance. It only exists to off-set debits to your account when your Stripe payout needs to create a negative deposit transaction (something that QuickBooks doesn't allow except when in conjunction with a clearing account).
Why does QuickBooks require a 'Clearing Account' to process negative deposits? Can't they just debit my account?
No, QuickBooks does not allow you to create a negative deposit in your bank ledger. Instead, accounting programs work some 'accounting magic' using a workaround that involves a clearing account and an offsetting transaction to account for this in the proper way.