Business insurance goes to Insurance Expense, usually one parent account with optional sub-accounts by policy type. Annual premiums paid upfront sit in Prepaid Insurance and amortize monthly. S-corp owner health insurance follows special W-2 rules.
Routine attorney fees go to Legal Fees (a sub-account of Professional Fees). Acquisition, formation, real estate, and IP legal work gets capitalized instead. Plus the attorney 1099 exception every bookkeeper misses.
Accountant and CPA fees go in Accounting Fees, a sub-account of Professional Fees. Splitting by service type (tax prep, bookkeeping, audit, advisory) gives owners cleaner year-over-year benchmarks and tax preparers a faster handoff.
Step-by-step guide to connecting Stripe with Xero: clearing account setup, bank rules, payout reconciliation, and fee handling for bookkeepers managing Xero clients.
End-to-end guide to reconciling Stripe using the payout-period method: pull reports, build journal entries, clear the clearing account, and handle exceptions.
Stripe charges five distinct fee types, each with different GL treatment. Here's the complete chart of accounts mapping bookkeepers actually use.
That Stripe deposit hitting your bank account isn't a single sale. Here's the exact math behind why Stripe deposits never match your invoices, and how to fix it.
Step-by-step guide to recording Stripe transactions in QuickBooks Online using the clearing account method, with real journal entry examples and a manual vs. automated comparison.
Stripe bundles charges, refunds, and fees into net payouts that don't match any single sale. This hub covers the payout-period method, GL mapping, and clearing account setup.