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How Do I Edit the Default Stripe GL Account

Once an organization is connected to Stripe, the platform automatically adds a dedicated General Ledger (GL) account to that organization's Chart of Accounts — by default numbered 1030 and named "Stripe Balance." This account tracks money that has been collected through Stripe but hasn't been transferred out to the organization's bank account yet. Both the Organization Owner and an Organization Admin can edit this account's name, description, and account number from Financials > Chart of Accounts.

What This Account Represents

When a member pays an invoice by card or ACH through Stripe, that payment doesn't land in the organization's bank account instantly — Stripe holds it briefly before transferring (or "paying out") the funds. The 1030 - Stripe Balance account exists so the organization's books reflect that in-between state accurately: money that Stripe has collected on the organization's behalf, but that hasn't yet shown up as cash in the bank.

This account is created automatically the first time an organization connects to Stripe — it isn't something you add manually, and it appears in the Chart of Accounts's Assets Cash section even before Stripe onboarding is fully completed.

Why You Might Rename or Re-Describe It

The default name and description are generic on purpose, and some organizations prefer to adjust them to match their own bookkeeping conventions. A few real-world reasons to edit this account:

  • An organization's bookkeeper or CPA uses a specific chart-of-accounts numbering convention across all their client organizations, and 1030 conflicts with a number they've already assigned to something else — they renumber it to fit their existing scheme.
  • The board wants the name to read more clearly on financial reports handed to non-technical residents — for example changing "Stripe Balance" to "Undeposited Online Payments" so it's obvious to someone unfamiliar with Stripe what the line item means.
  • An organization switching accounting firms wants the description to match the wording that firm uses internally for in-transit payment processor funds.
Understanding the Fields
  • Account # — the numeric code that determines where this account sits in the Chart of Accounts and how it sorts alongside other accounts. Changing it doesn't change what the account tracks — it only changes its position/number in the list, similar to renumbering a line on a spreadsheet.
  • Name — the label shown for this account everywhere it appears: in the Chart of Accounts list, in account pickers when recording a manual GL entry, and on financial reports.
  • Description — a short explanatory note shown alongside the account, meant to remind whoever is looking at the books what this line represents. It has no effect on how the platform processes Stripe payments — it's informational only.
How to Edit It
  1. Go to Financials > Chart of Accounts.
  2. Find the Stripe account — by default listed as 1030, "Stripe Balance," under the Assets Cash section.
  3. Click Actions on that row, then Edit.

Like any other Chart of Accounts entry, editing happens inline in the table — the row's Account #, Name, and Description turn into editable text boxes right in place, with a green checkmark button to save and a red X button to cancel.

  1. Update the Account #, Name, and/or Description fields directly in the row.
  2. Click the green checkmark to save, or the red X to cancel without saving.
Good to Know
  • This account can't be retired while it's the organization's active Stripe payout account — it's tied to how the platform routes Stripe funds internally, so only its name, description, and account number are editable, not its underlying purpose.
  • Renaming or renumbering this account does not affect Stripe itself, how payments are processed, or when payouts happen — it only changes how the account is labeled and sorted on the organization's own books.
  • Every edit to this account is recorded in the Chart of Accounts Activity Log, along with who made the change and when.

Note: Both the Organization Owner and an Organization Admin can reach Chart of Accounts and edit this account's Account #, Name, and Description — access is not limited to the Owner alone.