on March 2, 2015
by Patrick Sheegog
We started PennyPipe with the intention of sending every penny of your Stripe transactions to your accounting software, including the very challenging refund data. Over the past couple of weeks made some important updates to refunds based on customer feedback.
Now, when a refund goes through in Stripe we will create a refund receipt in QuickBooks Online and adjust the refunded fees correctly by adding a journal entry for refunded fees.
Let's dig into how we did this. When Stripe refunds things, they kindly refund everything. This includes any fees Stripe charges. This means a charge has a sales receipt and a refund has a refund receipt. We separated the refunded transaction from the refund of that transaction's fees and made it so PennyPipe will make Stripe fees an expense entry and add a journal entry for refunded fees. The journal entries for refunded fees will show up correctly in any reports in QuickBooks Online that show the Stripe fees. Now your Quickbooks accounts should balance to the penny.
We're working on some exciting things coming soon. One new feature is a daily email digest. We'll let you know through the blog in a couple of weeks when that features goes live.
As always, if you have any feedback or would like a tour of PennyPipe feel free to email firstname.lastname@example.org or give us a call at 888 404 2904