I have both Stripe and my bank account connected to QuickFile with automatic feeds enabled. For each sale (example £30), this is what I see coming in automatically:
In Stripe feed:
£30 invoice / payment from customer
£1 Stripe processing fee
£29 payout
In Bank feed:
£29 received from Stripe (payout)
What I currently do:
Tag the £30 Stripe invoice as a customer payment
Tag the £1 fee as a Stripe expense
Tag the £29 payout as a transfer to my bank
This clears everything in Stripe, but it then creates a duplicate £29 transaction in the bank account (because the bank feed also brings in the real payout).
To resolve this, I’ve been deleting the bank feed £29 transaction and keeping the Stripe-generated transfer instead.
Questions:
Is this the correct way to handle Stripe + bank feeds in QuickFile?
Should I instead be keeping the bank feed entry and not creating a transfer from Stripe?
Is there a recommended setup to avoid duplication and double handling?
This clears everything in Stripe, but it then creates a duplicate £29 transaction in the bank account (because the bank feed also brings in the real payout).
This is correct but when you do the below you woud not leave it set to create new transaction, instead you would match it to the bank feed transaction (by defauilt it will be set to “Create new transaction”).
Thank you so much Steve! For some reasons, I did not land in the screen with the list of transactions. I will try this at the next opportunity and come back here if I get stuck.
I believe the stripe feed settings have an option to ignore payout transactions - enabling this means you would only get the £29 showing on the current account side (from the bank feed) when it arrives there, and tagging that end as a transfer from stripe will create the matching transaction on the stripe merchant account side.
OK I got a new payout just now and now I see why I have an issue. I have setup a rule that set the payout as a bank transfer. So instead of manually tagging the transaction I just “confirmed” it and this supposedly did not check if there was an existing transaction and it creates a new one.
Another problem I see with the solution by QFSteve is that I would need to do the manual tagging for each transaction which is time consuming if you have lots of transactions so I am not a big fun of it. I will give a go with the solution by Ian which is ignore payout import and see how it goes …
Yeah, if you ignore payout transactions on the Stripe feed you could then set up the mirror image tagging rule to tag the payouts in the current account feed instead of the Stripe feed - it’d still be a simple “confirm”, just in a different bank account.
