I recently took a payment via Stripe. So it logged three transactions eventually in the holding account.
The first one was logged when payment received, then I received the second one on the 30th which I guess was Stripe transferring the payment minus fee, and then the one on 4th June is transfer to bank account and is also the transaction that shows on the bank statement.
What do I do with the 28/5 transaction? Can this be deleted?
Also how are bank charges calculated for this?
Hi @tobyw7
The “money in” transaction should be tagged to your clients invoice, and the “money out” (the amount paid minus fees) should be tagged as a transfer between the accounts. You should also have a 3rd transaction for the Stripe fee, which can be totalled at month end. In fact, Stripe issues an invoice for these in your account with them.
The duplicate money out transaction (the one not tagged), can then be deleted to balance the account.
In regards to the fees, Stripe is generally 20p + 1.4% for European cards, but higher volumes may vary. Details can be found here:
Hope that helps!
Thanks for the advice! I’m not seeing a 3rd transaction for the Stripe fee though, which is odd. Should I be seeing this somewhere?
And presumably, if the charges haven’t been posted to QuickFile I’ll need to add these as a journal?
Did you client pay through QuickFile (using the “Pay Online” option)? If so, the fee isn’t automatically recorded. If it was outside of QuickFile (e.g your own website) then a fee transaction would be pulled in by the Stripe feed, if you have it enabled.
You can add the fees as a purchase invoice. A few days into a month Stripe will add an invoice to your account for the previous month, so you can create Stripe as a supplier and raise the invoice as normal, and just mark is paid when creating it. This should then balance everything out for you.
For reference:
https://support.stripe.com/questions/does-stripe-offer-invoices-for-value-added-tax-vat
And this is how you have to do it if you’re VAT registered as you need to reverse charge the invoice (actual reverse charge, so as well as ticking the “reverse charge” checkbox you will need to adjust the vat return to move the vat from box 2 to box 1 and the net from box 9 to box 6 - there are other posts on here that explain this in more detail)
Thanks for the explanation!
Our client used the Pay Online option from QuickFile directly… I’ll go about looking at recording all the fees for Stripe and then logging these into the system.
More people tend to pay by PayPal or BACS so shouldn’t be too much work (hopefully).
Thanks, not VAT registered at this stage but I’ll keep this in mind for future ref.
