Xero and Stripe - How to Add and Reconcile a Stripe Feed to Xero

[@mark-cunningham]

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[@berenharris]

Thanks for this video @Bullseyemoney. Quick question as we don't have a stripe direct feed happening yet, but the payouts appear in our bank account and the reporting or descriptions on them are so generic that it's hard to know what they are for sometimes. I see in your example the direct feed brings in the order number for the $19 sales which is great and more useful than what we are seeing at the moment through the bank feed when stripe pay us and this sort of answers my question. We currently have stripe payments for a number of different things, Shopify (online sales), Xero invoices (Clients), Circle (an online training platform) etc but the bank feed details are useless..Will this Direct Feed provide me with usable data that can be broken up to match invoices or at least give enough information we can setup rules on?

[@LucaOggiana]

Hello Mark, Thanks for the useful video. Just a questions: I've done a refund trough stripe and i don't know what is the best "voice" to reconcile. Thanks in advance

[@amaaaalmarmaya]

Hey Mark thanks for this tutorial! What if Stripe is set as a payment service for the Xero invoices too? Ive read that - when the payment is made, Xero will ''automatically'' create a 1.spend money transaction for the Stripe fee and 2. mark the invoice as paid. Is that really the case? So using your figures, when reconciling (the $19 and $0.63 fee) will Xero suggest the 2 auto recorded transactions as match?

[@lawrencekurowski6290]

Hi Mark - this is useful. Why is Stripe payments registered as money in (from customer) + money out ("stripe payout")? The only thing I am registering in my Xero is a payout *incoming* from Stripe. What is the reason for payments in and out both being recorded like this? Why is the stripe payout registered as money *out*?

[@natalieg35]

Hi Mark, quick question. What if the Stripe sale amount includes the stripe fee? Do I still reconcile the full amount as a sale? I tried to split it: sales and bank fee however Xero doesnt match the bank fee and my invoice.

[@mark-cunningham]

The income should be reconciled to a Sales general ledger code via an invoice or Receive Money transaction as the full amount while the fee should be reconciled separately as a Spend Money transaction.

[@bensouthall6705]

Hi Mark, when I connected my Stripe account no transactions get pulled through (even after 24 hours and hundreds of Stripe payments coming through) - Should my user payments be coming through automatically?

[@mark-cunningham]

Yes they should. Unless it's over a weekend...

[@mrbb06]

Hi Mark - thanks for the video - really useful. I'm new to Stripe and they are keeping 25% of all my transactions as reserve funds... they keep showing up as spent and then received every day.. how should I tell Xero to manage these payments? (These are from manual import as my stripe feed has only just started accepting transactions automatically)

[@mark-cunningham]

They should be regarded as Transfers so they don't get classified as revenues or expenses. Does that help?

[@amberpascoe5128]

Hi Mark, are the stripe feeds that come through a daily total or for each individual sale? Is it possible (my employer uses squarespace) to somehow split the total sale between product sales & shipping fee charges & can I still raise an invoice and mark it as paid to the stripe account? (sometimes a customer will ask for a tax invoice after purchase, and so I raise it in xero but at this stage, I have no way to easily tell when they payment has been released by stripe and I don't use a clearing account because I don't understand

[@mark-cunningham]

I haven't used Squarespace. Have you brought any data through to Xero from Squarespace yet?

[@therealjetlag]

This is assuming that all of the Stripe transactions were imported, none were deleted by Xero (as a duplicate) and that the stream works. What would be useful is how to check the reconciliation report against the Stripe dashboard. With PayPal or a bank account, I can run the reconciliation report and check the balance against that given on a statement. I can't see how to do this with the Stripe dashboard.