Stripe give you a “tax invoice” at the end of each month for that month’s fees in bulk (on your stripe dashboard under business settings -> documents), so I don’t bother accounting for each individual fee separately, I just make one purchase in QuickFile from the monthly invoice and mark it as paid from the holding account.
If you’re VAT registered then you have to reverse charge the fees anyway, and the bulk purchase approach is the easiest way to achieve that (it’s not quite trivial - if you tick “apply reverse charge” on the purchase then you still have to make a manual adjustment on the VAT return as QuickFile defaults to treating it as a purchase of goods rather than services, and you need to move the VAT from box 2 to box 1 and the net from box 9 to box 6).
Ian,
Managing the fees on a monthly basis makes sense, however a previous Stripe transaction (before the above) shows the processing fee in the Stripe holding account statement (as well as the gross payment and payment after the fee).
I was wondering why the transaction on my first post only shows the gross payment and the payout, but not the processing fee.
Is there a difference between the transactions? If a client pays for the invoice via QuickFile for example, then we don’t record the transaction fee. If the transaction is pulled in on the feed, then it will be recorded.
Or the other way round - can there be an option not to include transaction fees in the automated feed? That way QuickFile users could simply account for all the fees in one go at month end based on the tax invoices from Stripe (as I do already, but I don’t have the feed enabled as I use my own API scripts to import my external invoices and log the payments).
We can certainly consider adding an option to enable/disable the fee imports from the feed. I think that would make it easier, as you said @ian_roberts, because of the month end invoice.
I think I can solve the management of having external cart payments and QuickFile invoice payments because I just realised that the Stripe holding account seems to work like a bank account.
I should, therefore, be able to import a CSV export from Stripe to match the gross and fee values, and skip the fees which already have a transaction in QuickFile.