Stripe Holding Account: How to Choose

Your Stripe Holding Account is a QuickBooks reflection of your Stripe Balance, which you can check anytime through the Stripe Dashboard.

For most users, and as a default, we recommend selecting Undeposited Funds (sometimes called Payments to Deposit), an account that comes with every QuickBooks account by default.

Undeposited Funds are great because a reconciled matching deposit will automatically be created on your banking feed. This Undeposited Funds account is the only account from which a deposit can be made.

To learn more about Undeposited Funds, visit this link.

Although we recommend Undeposited Funds for the average user, there are certain limitations on Undeposited Funds that you may want to be familiar with. 

Here are a few situations where you may want to choose an account other than Undeposited Funds:

1. You have many accounts (other payment providers, check payments, etc.) feeding into Undeposited Funds, which is turning into a black hole.
2. You cannot reconcile daily balances on Stripe with daily balances on QuickBooks in Undeposited Funds because of the timing of some transactions.
3. You have currency issues in using Undeposited Funds.
4. You want a separate naming convention for this holding account.
5. You do manual payouts from Stripe to your bank account instead of an automatic payout schedule.
6. You have a high-volume account.

There is no obligation to user either method. It is a matter of preference.

Please note that once you change holding accounts, you must delete all transactions from that account should you decide to switch back to Undeposited Funds.

If you need help or clarification, please message us at support@acodei.com