Stripe fees and Quickfile invoices for Stripe transactions

I have read your guides but I’m still having some difficulties understanding how to deal with Stripe payments. I will outline the process as I understand it; I would be very grateful if you could confirm if this is okay and clarify where necessary.

I use Stripe as a payment gateway on my website. Customers purchase products and pay via a Stripe checkout on the website. After 7 days, Stripe then deposits a lump sum in my current account, which corresponds to the total of daily purchases minus their transaction fees. For example, on the 1st of the month, two customers purchase one item for £70.00 each; on the 8th of the month, Stripe deposits £136.24 in my account.

(1) In Quickfile, I set up a Stripe Merchant Account. I did this via the ‘manage payment option’ integration, but it is my understanding that this does not automatically download transactions from Stripe. Is it correct procedure to manually import a .csv statement from Stripe?

(2) In my Current Account, I tag the lump sum deposit from Stripe (e.g., the £136.24 from the example above) as a transfer from the Stripe merchant account. Is that correct?

(3) In order to account for the transaction fees that Stripe withholds, I do the following: In the merchant account, I enter a new ‘money out’ transaction for the amount of the fees for the lump sum (e.g. £3.76 from the example above). I then tag this new transaction as a payment to a supplier (Stripe), category ‘bank charges’. Is that correct?

(4) I want to use Quickfile to generate an invoice for each of my customers, which I will send to them (outside Quickfile) as a VAT receipt. Is it correct to create the invoice by tagging the relevant transaction record in the Stripe Merchant Account as a payment from a customer (e.g. the transaction which shows up as a purchase for £68.12 by customer #1)?

(5) How do I then make sure that the invoice shows as “paid in full” for the total amount that the customer paid rather than what Stripe paid me (£70.00 rather than £68.12)? If I simply manually modify the amount that is shown on the invoice, it doesn’t show up as fully paid. How do I allocate the relevant proportion of the Stripe fees (e.g. £1.88 of the transaction I set up in Point 3 above) to the invoice, and how do I make sure that something like “stripe fees” does not show up as an item on the invoice?

Thanks very much for your help!

Does your website have invoicing and ordering system? if yes then i would use that instead of sending invoices through QF and import sales and payment data via CSV in QF

No, I cannot raise invoices through my website. Are you still suggesting to just manually set up an invoice outside Quickfile? So in reference to the procedure outlined in my original post, I should stop after Step 3 and not worry about anything else in Quickfile? I suppose I should still tag the transactions in the Stripe Merchant Account as a payment from the customer, and perhaps attach the manually generated invoice to this transaction record?

How many products are you selling through your website? Is it a proper e-commerce site?
If not then you will have to create invoices through QF, create stripe account, tag receipt in stipe account and tag any payments from stripe account to main bank account, balance left over in stripe account you can tag as bank charges

It’s not really a proper e-commerce site, I guess. Customers purchase one-time access to a specialist analysis tool. This doesn’t happen too frequently (that is, I don’t usually get multiple purchases per day).

So are you saying that I should create an invoice first, and then tag the transaction in the Stripe Account in order to link the transaction to this invoice? Doesn’t that still mean that the invoice will not show up as fully paid (e.g. customer paid £70.00, so I create an invoice for £70.00, but then link a transaction for only £68.12 to it)?

  1. Create invoice for £70
  2. Log receipt of £70 through invoice screen to Stripe account
  3. Record 68.12 money out transaction from Stripe account and tag as interbank transfer to main account
  4. Record 1.88 as bank charges from stripe account

You can do step 3 & 4 on monthly bulk figures if you like

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I see, that makes sense. Thank you!

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