Stripe payment in suspense account?

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1

Hi All

I have a payment in the suspense account showing as an expense, is this normal, if not where should it be please ?

The amount is almost £400.00 but it’s only been used for around 5 transactions totalling around £1000, so it can’t be charges surely ?

Thanks for any help in advance

Dave

2

Hi @DC123

The suspense account contains any transactions that the system can’t match with a balancing entry. This includes opening balances and any untagged bank transactions.

The first starting point would be the bank account, in this case, for Stripe. Do you have an untagged entry there for around £400.00? If so, tagging it will remove the suspense account entry.

It’s worth remembering that with Stripe transactions (or any other payment provider for that matter), there are basically 3 transactions for every 1:

  • Money in from your client held by Stripe (A)
  • Money out for the Stripe fee (B)
  • Money out that Stripe deposits to your bank account (= A - B)

If you can rule out untagged entries, consider your opening balances - do you have any that you haven’t journaled on the system (e.g. if you used Stripe before QuickFile and Stripe was holding money of yours at the time).

If that didn’t prove to be successful, clicking on the speech bubble on the entry in the suspense account itself will often reveal more information about it’s origin.

I hope that helps!

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3

Hi

Thanks for the reply.

I have been paid £390 + a 2% handling fee = £397.80

So minus the stripe handling fee I have £392.03.

Should this be tagged as a bank transfer to the current account, thus removing it from the suspense account ?

Thanks in advance once again

Dave

4

That’s correct.

The Stripe bank account should reflect your Stripe account itself. You would have:

  • Money coming in when the client pays (tagged to the invoice(s))
  • Money going out equal to the Stripe fee (tagged to the Stripe invoice when it’s issued)
  • Money going out equal to the balance which should match what they deposit into your bank account.

The second point is optional if you have quite a few transactions. It may be easier to let the balance accumulate until the end of the month and just pay off the Stripe invoice in full when it’s issued (which I believe is normally a few days into a month).

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5

Brilliant thanks for your help.

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6

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