Implementing Stripe and not charging transaction fee

[QFMathew]

Hi @tc5440

Hopefully I can help with these points.

@tc5440

My understanding is that this is just an account that reflects the transactions on my stripe account, shows the ins and outs and balance but does not link to quickfile enough to automatically transfer funds to my actual bank account when stripe makes the transfer

That’s correct. In terms of handling these, this comes as part of the answer in your second question.

@tc5440

How do I clear the invoice fully and reflect the transaction fee as an additional cost?

A Stripe transaction (or for any merchant account for that matter) can be seen as 3 parts. Let’s use a transaction of £100.00 as an example, with a fee of 2% (£2), for simplicity.

You would have the following that makes up a single payment:
IN £100.00 (taken from the client for an invoice)
OUT £2.00 (taken by Stripe out of the £100 to cover their fees)
OUT £98.00 (the remainder paid to you)

Your virtual bank account on QuickFile would reflect this, and you would tag it as follows:
£100.00 - tagged to the invoice
£2.00 - tagged to a purchase invoice to the ‘bank charges’ category
£98.00 - tagged as a transfer to your current account.

And that’s it!

I hope that helps, but there’s a more detailed article here in our knowledge base