Setting up Silver Siphon is already pretty easy. But not everyone is a tech head, so here is a quick little guide on how to connect Silver Siphon to both your Stripe and Xero.
Easy Stripe fees reconcilation
Chances are that all your Stripe fees are reconciled to the exact same account in Xero. That makes it a bit of a waste of time to go through every single line item and reconcile it to the same place.
Silver Siphon now gives you the option to group all these fees into a single line item in Xero each day. Just head over to the Services page and tick the box!
All Stripe transaction data is now synced to Xero
Now, every time of Stripe transaction is automatically synced to Xero every day, just like a normal bank account.
These include:
- Transactions
- Fees
- Refunds
- Bank transfers
This makes it incredibly easy to reconcile your Stripe transactions inside of Xero, as you can set up bank rules on everything that comes in.
We try to get the most data possible into Xero to make it simple to set up bank rules which get the reconciliation right every time. To do this, Silver Siphon looks at the credit card transaction itself, the customer behind the transaction and any descriptions added within Stripe to build a descriptive transaction.
Having now processed over 100,000 transactions, we’re extremely confident in Silver Siphon and will leave Beta in a couple of days!
Silver Siphon in public beta
Silver Siphon is now in public beta.
Over the last month, a handful of people have been using Silver Siphon to integrate their Stripe transactions with Xero. In that time, a bunch of functionality has been introduced to properly handle fees, multiple currencies, refunds, backdating imports and more. Next on the list are Stripe transfers.
Some users have really tested the system, pumping tens of thousands of transactions through it and breaking basically every integration we had. After a bit of a rebuild, we’re good to go and are now processing thousands of transactions each week.
To join the guys saving loads of time on their bookkeeping and accounting, hit the button below and enter your email address.