Hi. I know you have probably gone over this before but I have read previous threads and the Handling Payments from Merchant Account page and I’m still struggling!
So I imported my bank statement to QF and I have my 1st payment of £51.07 from Stripe from a customer who paid £52. I have set up a Stripe Holding Account, which has a £0 balance and have an invoice raised for my customer for £52. What do I next?
Many thanks for you patience!
In your holding account you create a money in transaction for £52. Tag that to the invoice.
Then create a money out transaction for stripe fee 0.93p and tag it to merchant fees or whatever your category is. Finally create a money out transaction for £51.07 and tag as transfer to your bank account matching it to the money in transaction from stripe.
Thanks Paul! That was nice and easy. Thank you again!
If you link your QF and Stripe accounts you should get these transactions feeding to the holding account automatically.
Be aware that there are diferences between the reporting of online sales and settlement of QF invoices using Stripe.
When the customer pays, mark the invoice as paid in full into the holding account. When Stripe send you the money mark the amount they send you as a transfer from the holding account to the current account.
This will leave a balance in the holding account equal to the fees they charged you - let these accumulate for now. Once a month, Stripe will generate an invoice in your stripe dashboard detailing all the fees for the previous month, when that comes in you can make a purchase in QuickFile and mark that as paid from the holding account to return the balance to zero. If you’re VAT registered then the stripe monthly invoice needs to be reverse charged (something QuickFile doesn’t support natively, there are other posts on here explaining various workarounds).
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