Stripe payments help

Accounting
1

Hi All

I received my first payment via Stripe earlier this month and I’m wondering if there is an easy way to reconcile the payment, think that’s the correct term.

The payment was £400 on the invoice to which we added 2% so £408.

The payment into our bank account £402.09 after Stripe handling fees.

The accounts system (quickfile) is saying £8 unallocated ?

How do I remedy this and is there a way in future to automate the 2% handling fee difference in payments etc ?

Hope that makes sense ?

Thanks in advance

Dave

2

Hi @DC123

How you account for the fee you’ve passed on is up to you. The 2 common ways of dealing with this are:

  1. Amend the existing invoice and add it as an additional line
  2. Issue a new invoice for the fee alone

There is no way to automate this at present unfortunately.

I hope this helps!

3

Hi

Thanks for the reply,

I’m struggling to see how to amend the existing invoice because there is a payment allocated against it. (£400)

2% Fee =£8 + £400

Which leaves me with £8 un allocated,

The payment must be automatically allocated to the invoice and now
I cant detach the payment of £400 ?

Have to say this looks to be a lot of paperwork for something that should be straight forward ?

Thank you

Dave

4

Once you edit the invoice if it then shows £8 outstanding you should be able to log payment -> apply from credit

5

Hi

Hopefully I have sorted this now, albeit a bit more time consuming than your method, can you see a problem with the way I have done this ?

I deleted the payment from the invoice, then I added our stripe fee (£8)as another line then added the merchants handling fee as a minus £5.91 which then gave the payment amount of £402.09.

Does this look ok to you ?

Thank you

Ps I’ll do it your way next time.

6

Hi @DC123

The merchant handling fee (in your case £5.91) should be handled separately as Stripe will invoice you for these next month.

Overall, you would have:

  1. Client invoice (either one for £408.00 or one for £400.00 and one for £8.00)
  2. A supplier invoice (issued next month) for the Stripe Fees

And 3 transactions:

  1. £408.00 money in, in your Stripe Holding Account, tagged to the invoice(s)
  2. £402.09 money out, tagged as a transfer to your current account (this is what Stripe will pay you)
  3. £5.91 month out, tagged as a payment to the supplier invoice
7

Hi

I have amended the invoice too £400 + the £8 handling.

and have followed steps 1 & 2 as above which has left a balance of £5.91 as pictured below.

Is that correct ?

1037×167 8.9 KB

Much appreciated

Dave

8

The looks correct to me. I assume the £408.00 in is tagged to the client invoice, and the £402.09 out is tagged as a transfer?

Come next month, Stripe will issue a VAT (it’s available in ‘Business Settings’ on your Stripe account). Create this on your account and tag it as paid from the same dummy bank account, and everything should balance nicely

9

Hi

Yes both are tagged and the invoice is showing as paid in full.

The money out is tagged to the current account.

I can’t see a business settings in " manage payments " is the Stripe account somewhere else ?

Thank you

10

You would need to go to Stripe directly:

Once you log in, there’s an option on the left for “Business Settings”

And then select “Documents”:

This loads a list of your Stripe invoices, with the option to download them as a PDF.

1 Like
11

All sorted.

Thanks very much.

1 Like