You are taking credit card payments for bookings into your activity.
You want to understand how Stripe transaction fees are processed through Xero.
You want to know how Enrolmy accounts for Stripe fees inside Xero.
The EMY-CCFEES Account Code & Manual Posted Stripe Journal
If you are utilising Xero Accounting Software, Enrolmy Software and taking credit/debit payments for activities through Enrolmy & Stripe's partnership; then you should understand the following;
The EMY-CCFEES account code is a general ledger account, and the Stripe Fees journal is created as a manual journal.
For every parent that pays for an invoice on Enrolmy through a credit/debit card, there is a fee associated with that transaction
The fee that is associated with every parent credit/debit card transaction is logged and tracked through the following methods
The EMY-CCFEES account - When you set up your Xero Integration; Enrolmy automatically creates an account called EMY-CCFEES (Enrolmy Credit Card Fees Suspense Account) inside Xero.
Stripe Fees journals - Every month, Enrolmy will post a journal to the journal's section inside your Xero Organisation. The journals section will allow you to break down credit/debit card transaction fees, month by month.
How The EMY-CCFEES Account Is Created Inside Xero
When setting up the “Chart of Accounts” via the Xero Integration tab within your Organisation Settings; Enrolmy will automatically create the following two accounts for you:
a suspense account.
a credit card fees account.
Stripe Fees Journals Information
Throughout a month, multiple Stripe Fees journals may be generated within the Manual Journals, Drafts tab. However at the end of each month, only one Stripe Fees Journal will be created within the Manual Journals, Posted tab. The Posted Stripe Fees journal appears inside Xero after the first Xero sync of the month occurs. You should know that;
The Stripe Fees journal will appear in the drafts journal section if it is the journal for the current month. This is because the journal for the current month will change as the month goes on.
The journal for the month will appear in the Posted tab once the month has finished.
Posted journals will not change.
Each journal shows the fees collected for each day of the month.
Each fee line item on the EMY-CCFEES account and monthly journal will be dated. The date connected to each fee line item, is the same date that the parent's credit/debit card transaction took place.
How To Find Stripe Journals Inside Xero
1. Within Xero, head to the Accounting tab and select Manual Journals.
2. Select the Draft tab to view any draft journals created for the current month
3. Select the Posted tab to view finalised Stripe Fees journals at the end of the month, or to view posted journals for previous months.
Understanding Features Of Stripe Journals
1. The Narration and Date of the journal will display what date this journal was posted on.
2. Two line items on the posted journal represent one credit/debit card transaction. The first line item is the value of the transaction relating the EMY-CCFEES account. This is debited on the manual journal
3. The second line item for the above transaction is accounted for in the EMY-CCSUSS account as a credit to balance the EMY-CCSUSS account.
3. If Code Xero Tracking Categories To Stripe Journals has been setup then the xero tracking category will display on the months journal report
4. The Tax Rate that displays on the posted Stripe journal is derived from the settings of the account code.