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Registering Merchant fees

I have set up a “Stripe” account under “Merchant and Online Payment Service Accounts”

When someone pays me online, the payment goes through stripe and after 7 days, stripe transfer the payment to me minus their fee.

I then record the payment on quickfile to my bank account and deduct the Stripe fee as a transfer from my bank account to the Merchant account.

This deducts the money from my business account but then in the merchant account, it shows as a positive balance.

I was wondering, am i doing this correctly? or is there something I should do different?

Hi Paul87,
Do you use auto-feed for your stripe account?

This confuses me as well as i have the same with sum up, paypal, amazon and ebay . and i am not sure i am doing it correctly .

When someone pays you via stripe you record this payment (whole sum) as money in in your stripe merchant account. After that you have to record a second line but this time money out, and that is the fee stripe charge you. For example you get £35, than is stripes fee £0.69. So, from the original £35 you get £34.31. Seven days later you get a payout from stripe which will show (if you use auto-bank-feed) in your current account, if not you write manually a money in line over £34.31. Then you tag this line as a transfer between accounts (choose your stripe account) and you are sorted. To make things easier you can apply a rule to auto tag these transaction

The fees son’t touch your current account.

  1. Mark the invoice as paid in full from the Stripe Holding Account
    2.Tag the net payment as a transfer from Current Account to Stripe Holding Account
  2. At the end of the month you will get an invoice from Stripe for all their charges. Record this as a purchase paid from the Stripe Holding Account.

I think you’ve got your ins and outs reversed here - invoice is paid in full into the Stripe holding account, net settlement is a transfer from holding account to current account, and the monthly fee invoice from Stripe is then paid out of the residual balance on the holding account.