Out of the box, whenever Stripe clears funds to your main back account, the result looks like this:
These amounts can be hundreds of transactions rolled up into a single line item. These include transactions, Stripe fees, refunds and anything that affects your balance. If you need to reconcile these items against different accounts or invoices within Xero, you’re in for a hard time. You have to:
- Dump all your data out of Stripe
- Open it in Excel
- Format it in a way Xero accepts, or write a macro to do it quickly
- Import to Xero
- Line up the columns
- Hope everything worked
Obviously this gets to be a real pain when you have to do it every week or month.
Silver Siphon essentially wipes out this task, and does it all for you. The result looks like this:
It looks just like a regular bank feed, and even gives you the information you need to generate bank rules against customers so that Xero can automatically match transactions. Then all you have to do is hit the green OK button to complete the reconciliation.
If every Stripe fee will be reconciled against the same account in Xero, in Silver Siphon simply check the box to roll up all fees into a single line item each day.
Hit the button below to sign up for your 14 day trial and get set up with Stripe Bank Feeds!