If a customer pays me £78.00 via stripe today and needs the receipt I would create the invoice and mark paid which creates an entry for the amount on my reconcile tagging page.
Three days later Stripe then transfer £74.25 which shows as a credit from the actual bank transactions.
What is the best way to get the one credit rather than two, issue the invoice as paid before the credit shows in the account and also list the fee that stripe have charged me.
I also have this problem as cheques to a degree but without the fee.
I’m worried I will show double credits?
If the customer needs the receipt, you could create the invoice and then add in the notes that it is paid. That way the customer knows it’s paid but on QF it is still showing as outstanding for you to be able to pay it when the money comes in?
It is my understanding that the easiest way to account for the stripe transactions and fees is to have a “Virtual” Stripe Bank account. This way you pay off the invoice in full from the stripe account and then when the money comes in you to a transfer between accounts.
Handling payments from merchant accounts this might explain it better.
Hmmm I think I get it.
what I have been doing is marking it as paid however I’ve then got BACS payments coming in that I can’t tag or if I mark it as paid to the client it’s causing extra money for non-existent sales. What would be the best way to clear this up?
If you have tagged the invoices as paid when in reality they haven’t, you will need to untag these invoices and then delete the ‘payments’ from the bank otherwise you will have duplicates showing twice as much money coming in than you actually have.
Hope this makes sense?
I also have clients who I need to pay kick back to.
In this case I invoice a job for £78.00 then they BACS me £66.00 and send me an invoice for the difference. How would I process those?
Sorry about all the questions by the way but I should be sorted when I’ve got my head round these!
You need to create a “merchant” bank account to represent Stripe, then when the customer makes the stripe payment you mark the invoice as paid in full into the stripe merchant account. When you receive the net funds a week later that is tagged as a bank transfer from the merchant account to your current account, leaving a balance on the merchant account equal to the fee Stripe charged you for the payment.
Shortly after the end of the month, Stripe will issue you an invoice for that month’s total fees (business settings -> documents on your Stripe dashboard), when that appears you can create a “purchase” in QuickFile for that and mark it as paid from the merchant account.
You can do the same thing with cheques - create a merchant account called something like “cheque holding account”, mark invoices paid into that when you receive the cheque and then make a transfer from there to your current account when the cheque clears.
Once again, the easiest approach is to use a merchant account (e.g. “contra holding account”, as this process where you have a customer who is also a supplier is called “contra invoicing”) - mark your invoice paid in full into the holding account, mark the incoming BACS payment as a transfer from there to your current account, and make a QuickFile “purchase” for their invoice and mark that paid from the contra account to return the balance to zero.
Excellent many thanks for that.
I find this doesn’t work as on the Merchant account, like the OP, it is importing both sides of the transaction. so you still end up with 2 credits
You don’t if you do it correctly. Your main account will have one credit and one debit. The net payment and the fees. The merchant account will show the gross payment linked to the invoice and then you create a debit for the fees. Leaving a balance which you create a debit and tag as a transfer.
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