If you have a large volume of stripe payments to reconcile in Xero it can be a bit of a pain.

Xero uses bank feeds to automatically import payments made from stripe but these appear in Xero net of the stripe fees payable. This means you have to gross them up to get back to your actual sales value.

If there are 100’s of these transactions, then this process is at least tedious and at worst costly.

There is now a solution that automates the process and this is called: http://www.bankfeeds.io/

With BankFeeds.io, Xero imports stripe sales, fees, refunds & transfers these as separate lines in a Stripe Bank Feed – just like your normal bank account looks.

In addition, these are automatically reconciled to the relevant account in Xero so that you don’t have to do this either.

How does it work?

Once you have signed up, simply set up a dummy bank account on Xero and link it to your account on Bankfeeds and then to your stripe account.

Now when someone pays into your stripe account, you will see a separate sale and a fee on the new dummy account. This is then automatically reconciled to the relevant bank fees and Sales account.

When you actually receive the money from stripe into your actual bank account, just transfer the transaction from the main account to the dummy account.

When won’t it work!

If you use stripe to receive payments for invoices, then this isn’t the solution for you. This is ideal only when sales are recorded directly on a transaction basis.

A real world example

A perfect example is how we account for transactions for Music On The Green 2017.

We are providing the back office support for this local charitable event totally free of charge. Understandably we wanted to make the time we spend on it as efficient as possible.

With over 4000 tickets to sell and process we chose these tools to help us do that:

  • Skiddle.com to sell the tickets
  • Stripe.com to collect the money
  • Bankfeeds.io to reconcile these payments in Xero
  • And of course xero.com

So when someone buys a ticket, the transaction gets recorded in Xero Sales and the relevant charge is posted automatically.

It’s as simple as that.

What does it Cost?

Bank feeds is $9 a month for unlimited transactions. We save hours with this, so it’s a small price to pay.

We are strong believers in automation not duplication. Our aim is to eliminate wasted effort and duplication in bookkeeping processes.