How to Create Bank Rules to Reconcile Stripe Transactions in Xero

[@mark-and-trina]

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[@paschamilner9193]

Thank you so much for the Bank Rules video, you have just saved me hours a week. A very clear and comprehensive explanation. :-)

[@mark-and-trina]

Glad to have helped!

[@MelissaTodd-r9p]

This was incredibly helpful, thank you so much! I do have a question - Even though I am creating the invoice in Xero, I should still create a new ledger item and not match it to the invoice? I worry about doubling up on entries if I create new ones like shown in the video. Or are the two not related?

[@CR250RidR]

I just had to switch to Stripe from WePay since WePay is about to drop off from Xero. If a customer pays through the Xero invoice it should be able to match automatically/easily when you're reconciling right? making it so you don't really need a rule right? the fee and the payout makes sense to have rules though.

[@olivialiu5508]

Thank you so much for the video, just quick questions about the Stripe fee tax code. As I know stripe fee has tax on it, does it has GST on it? can you please explain more why you use BAS excluded. Thank you

[@mark-and-trina]

The Xero file I used for the demo wasn't registered for GST so all accounts were set to BAS Excluded. So yes, if you are registered for GST you need to use the GST on Expenses tax rate for Stripe fees.

[@PAFFO]

@@mark-and-trina you just saved me a call to the accountant ! Cheers !!

[@ProductiveCo]

Could you show us how to set up rules for Square transactions? I'm uploading them as a CSV.

[@mark-and-trina]

Have you set Square up as a bank account in Xero and integrated the two systems so your transactions can automatically flow from Square to Xero?

[@ProductiveCo]

@@mark-and-trina My apologies. To clarify, I use a CRM app to collect payments and it uses Square as the processor, so the integration between Square and Xero won't work. I tried adding Square as a bank and it wasn't an option.

[@lazelteodoro1393]

Thank you so much for this video 😊

[@mark-and-trina]

My pleasure 😊

[@stevenpereira3470]

Cheers! Your the best! Thank you.

[@mark-and-trina]

You're welcome!

[@dxwell99]

Thank you so much for this!

[@mark-and-trina]

You're so welcome!