How to deal with Stripe transfer comprising of multiple currencies?

Hi There,

In the past I tried to use the Stripe plugin, but either it, or I was confused! The amounts shown in Stripe were different to what was showing in the bank account, probably due to stripe commissions, or nett, or some other reason, so I instead rely on the daily bank import to pickup all income, including Stripe.

I then review those payments, such as in this screen…

But recently my transfers could be a mash-up of different currencies (groan).

I have the paid-for account, so I can create a split, but I get warned not to do this, because of tax implications.

a) Is there not an easy way that I can perform the split and associate the EU/US/UK tax to the appropriate split items?

b) or should I return back to the Stripe integration, perhaps this now resolves these tax issues for me?

c) or should I delete the entry if there’s a multi-currency version, then manually create them

d) other?

Many thanks!
Rob.

Hi Rob,

I’ll try my best to help you with this

That would be correct. Stripe takes a fee per transaction processed, which should be accounted for within QuickFile. There’s a useful article in our Knowledge Base which explains how to deal with this. That would also help sort out any discrepancies too. If it helps, I believe Stripe also produces a monthly invoice outlining the fees for you to account for them.

In terms of the points you listed below (a, b, c & d), the Stripe integration only allows payments for invoices via QuickFile, but doesn’t import transactions from outside QuickFile - this still has to be done manually.

For multi-currency, there’s a few options. I’d say the easiest one is probably to have multiple Stripe accounts set up on QuickFile, one for each currency. It would mean it wouldn’t marry up 100% with your Stripe account, but it would probably save you a headache.

Thanks, but I’m not sure about this…

For multi-currency, there’s a few options. I’d say the easiest one is probably to have multiple Stripe accounts set up on QuickFile, one for each currency. It would mean it wouldn’t marry up 100% with your Stripe account, but it would probably save you a headache.

If I import the bank statement and it has an entry for £100 stripe Transfer, I then look into Stripe and see how the invoices are broken down, so lets take a made-up example, which would show three invoices lumped together into one transfer…

£25 GBP 20%
£50 USD 0%
£25 EUR 25%

So if I setup three Stripe accounts (Stripe GBP, Stripe USD, Stripe EUR), I’m not sure how I’m meant to split the imported transfer between the three accounts?

You would need a single currency statement. Each bank account can only support one currency, so you wouldn’t be able to import a multi-currency statement into, say a GBP account.

The other option you have would be to have one single Stripe account (in GBP or your most common currency), and log payments from the invoices to that account. For example, I’ve set up these 3 dummy invoices:

Rather than importing a statement, you can log the payments from the invoices, which creates the transaction for you. Go to the invoice that’s in a different currency, and click ‘Log Payment’:

Enter the currency values (ensuring that this marries up with what was charged, not what was received):

And then in my bank account, I have a tagged transaction that’s been created for me:

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