Xero and Stripe are two amazing platforms, used by countless businesses around the world. It’s a bit unfortunately they don’t play very nice with each other.
If you’re already set up accepting payments via Stripe and creating invoices in Xero, you’ll have already noticed that reconciling the payments against invoices is far from simple.
As it stands, Stripe will transfer bulk sums of money into your bank account. By default, it looks like this
If you are processing multiple invoices per day, this sum is made up of all of those invoices, subtract Stripe fees.
Click the Find & Match button, or the link at the top right of a bank statement line (money received)
It will display a list of transactions that can be matched, including invoices. Tick all the invoices that fall under the corresponding bank transfer. As you do this, they will appear in the bottom box.
When you have selected them all, the total will be out by the Stripe fee amount for the day. At this point, you should double check the fees in your Stripe dashboard to ensure everything matches with what you’ve just done in Xero.
Then, click the adjustments button in the bottom right hand corner and select “Bank Fees”.
Enter in all the usual transaction fields as shown below. If you don’t have a “Stripe Fees” account set up, just use “Bank Fees”. For the amount in the right hand column, it needs to match the red text next to “Total is out by”.
Once the totals match, the Reconcile button will go green and allow you to reconcile all of the invoices you matched.
The Simpler Way
Silver Siphon enables you to import your Stripe transactions to Xero as if they were they own bank feed. This makes reconciliation against invoices incredibly easy, as Xero’s automatic matching comes into effect. You can also set up bank rules to reconcile against any other codes.
Hit the button below to try it out for free, no credit card required.