How do I account for income coming from Stripe

[admin@fbcwellston]

We haven't used a company to accept payments before. Stripe will collect money online and deposit it to our bank account as funds are received. Do you know how I will account for this? We are using it for Youth. We only have 1 bank account that everything uses.

I have a youth income 4880-000
Youth expense 5120-000
Youth equity account 3880-000

Would I enter each deposit in fund accounting? What would that look like?
Would I use accounts receivable?

[NeilZ]

We haven't used a company to accept payments before. Stripe will collect money online and deposit it to our bank account as funds are received. Do you know how I will account for this? We are using it for Youth. We only have 1 bank account that everything uses.

I have a youth income 4880-000
Youth expense 5120-000
Youth equity account 3880-000

Would I enter each deposit in fund accounting? What would that look like?
Would I use accounts receivable?

Are these funds Contributions, if so, they should be accounted for in Contributions. Are they for something else, if so, what?

[admin@fbcwellston]

These funds are monies for a youth event, they are not contributions.
I have debited the 01 fund account and credited the Youth Event Income account. When I ran a balance sheet, it showed the correct amount in the youth income account, so I think I've done it correctly.

[NeilZ]

These funds are monies for a youth event, they are not contributions.
I have debited the 01 fund account and credited the Youth Event Income account. When I ran a balance sheet, it showed the correct amount in the youth income account, so I think I've done it correctly.

FWIW ...

It should have been entered like a normal Deposit, with a DEBIT of the checking account, and a CREDIT to the Income account. If the youth account was created as a Donor Restricted Fund, then the income account would be connected to the Fund Balance account and the system would take care of the update of the fund balance.