Scenarios:

  • You are taking credit card payments for bookings into your activity

  • Your Enrolmy account is integrated with Xero

  • You want to understand how Stripe Credit Card Transactions and Fees are processed through Xero

This document assumes the following:

  • You understand basic accounting principles and are a proficient user of Xero Accounting Software

  • You have completed Your Credit Card Set-Up Section

  • You understand how to Setup the Stripe Transactions Bank Account in Xero for Existing Enrolmy Accounts

  • You understand how to Setup the Stripe Transactions Bank Account in Xero for New Enrolmy Accounts

Benefits of Stripe Transactions Bank Account in Xero

  • Excellent Visibility of all payments made via Stripe.

  • Accurate Accounting of any Credit Card Fees charged to the Parent.

  • Clear Accounting of Credit Card Fees charged by Stripe to you.

  • The ability to take Credit Card Prepayments.

  • Accurate recording of any refunds processed via Credit Card.

  • A Clear Balance of any money currently in your Stripe Account, at any given time.

How the Stripe Transactions Bank Account will operate in Xero

  1. Stripe Transactions Bank Account in Xero will be created from the Xero integration settings area

2. Navigate to your Xero Dashboard where you will find your Stripe Transactions Bank Account displayed alongside your existing bank accounts

3. The Stripe Transactions Bank Account in Xero will operate like your other bank accounts, except, you won't be able to reconcile entries into it because all entries are already accounted for through the coding supplied through Enrolmy.

4. Please see the Contents of the Stripe Transactions Bank Account described below.

Name

Description

Description

Customer Name

Reference

Clear record of what was paid, i.e. Invoice detail or Fee detail

Payment Reference

More transactional detail as necessary

Spent

Money deducted from this account. This could be Stripe Fees or Credit Card Refunds and also payouts into your actual bank account

Received

Money received via Stripe. This could be Payments on Invoices, Prepayments, or Credit card Fees Charged to the Parent (i.e.Customer Fees)

Balance

This is the running balance of your Stripe account. At any given time, this is the money in your Stripe Account

How To Manage Stripe Payouts

Stripe Payout information will appear in:

  • Stripe Transactions Bank Account in Xero (as described above), and

  • Enrolmy Credit Card Payout Schedule (Money Tab → Credit Card Transactions → Payout Schedule)

Your Tasks

Please Reconcile Stripe Payouts as a transfer from your Local Bank Account to Stripe Transactional Bank Account once funds arrive.

Reconciliation Process

Everything Enrolmy syncs into the Stripe Transactions Bank Account will show as Unreconciled.

We advise the following:

  1. No to reconcile any Stripe Transactions Bank Account transactions

The Associated Xero Accounts

When Setting Up your Xero Integration in the Xero settings area, the below Account Types must be selected.

Please note the following:

  • Enrolmy will create new accounts (identified below).

  • If you already have an account code you want to use instead, you will be able to select it, however

  • This does not apply to the Stripe Transactions Bank Account. It must be selected.

Bank Feed Item

Account Type Required

Description

Account Codes for Accounts Created By Enrolmy

Mandatory To Choose the Enrolmy Preset Option?

Stripe Transactions, including Credit Card transactions

Bank Account

Described Above

EMYST-[INITIALS OF THE ACCOUNT] - Stripe Transactions

Yes.

Platform Fees

Expense

For credit card fees paid by you to Stripe

EMY-CCFEE

No. If you already have an account code for Credit Card fees, you can select it here.

Customer Fees

Revenue

For credit card fees paid by customers

EMY-CUSFEE

No. If you already have an account code for credit Card fees paid to you by customers, you can select it here.

Credit Card Prepayments

Prepayment

For credit card payments made by customers before an invoice is raised

EMY-PP

No. If you already have an account code for prepayments, you can select it here.

Other Considerations

Multiple Enrolmy Instances (Accounts) using multiple Stripe Accounts

If you are using;

  • Multiple Enrolmy Instances (Accounts), with

  • Multiple Stripe Accounts (i.e. a Stripe account per Enrolmy instance),

  • Synced to one Xero Account.

Enrolmy will;

  • Create separate Stripe Transaction Bank Accounts in Xero. One for each Stripe Account.

  • Each Account will have a unique reference in the name of the Stripe Transaction Bank Account.

  • Invoice Prefixes must be unique (the first 3 letters before the invoice number)

In this scenario, Invoice Prefixes must be unique

Please contact Enrolmy Support, if the below scenario applies to you:

  • If one instance is called “Jerrys Gym Alpha” their invoice prefix might be IN-JGA and their first invoice number might be IN-JGA-001000

  • If the second instance is called “Jerrys Gym Awesome” their invoice prefix will also be IN-JGA and their first invoice number will also be IN-JGA-00100

  • When the second invoice is synced then Xero will overwrite the invoice for the first instance because the invoice number is the same.

Reconciling Stripe Payouts

  • You may not be able to distinguish which Stripe Transactions Bank Account to reconcile a Stripe payout amount from when reconciling your Xero transactions.

  • You will need to check the Stripe Payout Amount against the Stripe Payout Schedule in Enrolmy. Then reconcile the amount as a transfer from the correct Stripe Transactions Bank Account.

Multiple Enrolmy Instances (Accounts) using One Stripe Account

If you are syncing:

  • Multiple Enrolmy Instances (Accounts), that have been,

  • setup to use a single Stripe Account,

  • across all Enrolmy instances (accounts)

You will have multiple Stripe Transaction Bank Accounts in Xero. One Stripe Transaction Bank Account for each Enrolmy instance.

  • If you do not want multiple Stripe Transaction bank accounts for each Enrolmy instance, please contact Enrolmy Support.

  • We can set it up so that all Stripe Transactions reconcile to the one Stripe Transactions Bank Account.

Congratulations! You now understand how to manage Stripe Transaction Bank Accounts in Xero!

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