How Stripe Fees are Managed in Xero

How Stripe Fees are Managed in Xero

How to account for your stripe fees in Xero, process to managing these with Journaling and Enrolmy automation.

The Journaling of Stripe Fees in Xero

If you use Stripe for credit card payments and are connected with Xero Enrolmy has a simple system to account for the stripe fees.

● When updating the “Chart of Accounts” Enrolmy will automatically create a suspense account and a credit card fees account for you.

Credit card reconciliation accounts

 

● If you already have a Suspense Account set up in Enrolmy you will need to update your Xero account map to set the account for the “Credit Card Payment Suspense Account” and “Credit Card (Stripe) Fees Account”.  This is very easy, and you will be guided through this process.  With the automatic creation of these accounts, they will be automatically selected for new providers.

● The Xero sync will create Manual Journals, one per month, for all Stripe fees.  Each journal shows the fees collected for each day of the month. You can find them in Xero as per the below images.

 

Manual Journals- Adviser

Manual journals- previous months posted

Manual journals- current month in drafts

Edit manual journals

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