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Stripe + Ottit
Stripe, reconciled from balance transactions
Stripe is a payments platform charging 2.9% + 30¢ per domestic card transaction (plus 1.5% international, 1% currency conversion, 0.8% ACH capped at $5), $15 per dispute, and 1.5% for instant payouts. Ottit reconciles Stripe balance transactions to the ledger through Bookkeep, records fees and disputes separately, and builds deferred revenue schedules for subscriptions and annual prepayments under ASC 606.
Trusted by 100+ of your favorite DTC & CPG brands
How the data flows
One day in the ledger
What a single entry looks like in your ledger once Ottit has mapped it. One line per component, so margin by channel and the balance sheet fall out of the books instead of a spreadsheet.
| Line | Debit | Credit |
|---|---|---|
| Bank deposit1000 · Operating checking | 8,214.30 | |
| Stripe processing fees6110 · Merchant fees: Stripe | 268.90 | |
| Refunds4020 · Contra revenue | 145.00 | |
| Stripe clearing1220 · Undeposited: Stripe | 8,628.20 | |
| Totals | 8,628.20 | 8,628.20 |
Setup and monthly work
They helped us migrate TeraGanix's books from QuickBooks Desktop to QuickBooks Online from a really chunky instance to a clean, modernized tech stack with clean books that we receive in timely manner.
Who it's for
- 4.1DTC brands using Stripe for headless checkout or subscriptions
- 4.2SaaS and consumer subscription companies on Stripe Billing
- 4.3Brands with Stripe alongside Shopify Payments and PayPal
- 4.4Anyone whose Stripe payouts are booked as revenue
QuickBooks Online
Xero
Bill.com
StripeQuickBooks OnlineXeroBill.comStripe"I've NEVER worked with a firm as great as Ottit. My books have been a mess for years and I never kept track of anything."
"Amazing bookkeeping agency! really understand ecom and very granular about different channels and contrarevenue accounts which can get very complicated across the sheer transaction volume necessary in ecom."
Questions
Should Stripe payouts be recorded as sales?
No. A payout is net of fees, refunds and disputes. Recording it as revenue understates sales and hides processing cost.
Do you use Stripe Revenue Recognition?
It is an option ($25 a month, or from $190 a month annual) for companies that want Stripe to generate ASC 606 reports. Ottit maintains the deferred revenue schedule in the ledger either way so it reconciles to the balance sheet.
How are Stripe disputes booked?
The disputed amount reverses revenue (or sits in a reserve until resolved) and the $15 dispute fee is an expense; won disputes are reversed back.
Does Stripe Tax replace sales tax bookkeeping?
Stripe Tax calculates and can file where you are registered; Ottit still reconciles tax collected to tax remitted each month across every channel.
Keep reading
Already on Stripe? Let us look at the mapping.
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