Mandatory 4-step Setup Procedure for Existing Enrolmy Users

Scenarios:

  1. You are an existing Enrolmy user

  2. You are currently using Stripe to take credit card payments.

  3. Your Enrolmy account is integrated with Xero.

  4. You are currently reconciling Stripe payments using the Suspense (CCUS) Account method.

  5. You would like to transition to the Stripe Transactions Bank Account.

This document assumes the following:

  • You understand and proficiently manage Stripe transactions using the Suspense (CCUS) Account Method.

  • You understand how the Stripe Transactions Bank account in Xero will display and report on Stripe transactions from Enrolmy.

  • If you are a NEW Enrolmy user - your Stripe Bank Feed will start the moment you set up your Stripe Transactions Bank Account for taking Credit Card Payments.

Please follow the below instructions to enable the Stripe Transactions Bank Account in Xero

STEP 1

  1. Head to +SettingsAdvancedXero Integration

2. Select ON next to Enable Stripe Bank Feed

3. 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.

4. Choose a suitable date for the Bank Feed Start Date.

It has to be the start of the month. This is because you will need a firm date to ensure the complete reconciliation of the Suspense Account method.

5. Choose Credit Card Payment Tracking Category (Optional)

6. Save Changes

STEP 2

  1. Complete a Xero Sync and confirm if there are any error messages in the Sync Log

If there are any Xero error messages related to the setup described above, please contact Enrolmy Support by creating a Support ticket here:

STEP 3

  1. After the first 5 days of the new month review the Stripe Transactions Bank Account in Xero to establish if all the transactions are behaving as described here.

  2. If there is any unusual transactional behaviour, please create contact Enrolmy Support by creating a Support ticket here:

STEP 4

Balancing your Stripe Suspense Account to Zero

Please refer to this help guide for ensuring your Stripe Suspense Account balances to zero ($0.00).

Congratulations! You now know how to enable Stripe Bank Account in Xero

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