- Your customers are making credit/debit card payments through Stripe
- You are using Xero Accounting Software
- You want to reconcile Stripe Payments
This document assumes you know the following.
- You have a fully set up and functioning Enrolmy account for your activity.
- You understand basic accounting principles.
Managing Credit & Debit Card Payments In Xero
This document covers:
- Understanding the Stripe Payout Schedule
- How to recognise Stripe Payments inside your Xero Account
- How to reconcile Stripe Payments inside your Xero Account
- The customer refund processes.
- Debit card payment processes.
Understanding the Stripe Payout Schedule
- The Stripe Payout Schedule identifies the total amount of credit/debit card transactions that were made in a day.
- The Stripe Payout Schedule also identifies the date that a day's transaction/s were settled in your bank account.
- By clicking into a day where transactions were made, you can view the breakdown of all transactions made that day. The key information displayed to you will show;
- the billpayer name
- invoice number
- activity paid for
- the total amount paid
- and the Stripe fee detail, per each transaction.
- All credit/debit card payments made for programmes on Enrolmy, automatically reconciles the associated invoice.
How to Recognise Stripe Payments Inside Xero
- Stripe Payments will display in your Xero Bank Reconciliation section. These payments can be recognised as...
- Direct credit: Stripe Payment
- Stripe Payment
- Enrolmy Payment
How to Reconcile Stripe Payments Inside Xero
- As invoices are already reconciled inside Enrolmy when it comes to credit/debit card payments, there is no need to match Stripe Payments against their associated invoices.
- However, you will still need to send the already reconciled invoices to Xero. To do this, you will need to carry out a Xero Sync.
1. Carry Out a Xero Sync
- Click the + sign in the top navigation bar next to MONEY.
- Select Xero Sync.
- Log into Xero.
- Launch Xero sync.
- All invoices inside your Enrolmy account, whether PAID, OUTSTANDING or OVERDUE; will now display inside Xero too with the same status.
2. In Xero - Code Your Stripe Payment/s
- With no need to match the Stripe payment/s against an invoice, you will just need to code the payment to the EMY-CCSUSS account (or your own suspense account)
- Navigate back to Xero
- Code the Stripe Payment/s into the EMY-CCSUSS account in Xero.
- You will need to know how Enrolmy creates journals in Xero for you to manage these payments. Please click here to view how to manage Stripe payments in Xero.