How To Reconcile Stripe Payments In Xero

Who: This process is for the Office Administrator who is responsible for the accounts administration function

What: This process shows you how to reconcile Stripe payments in Xero

When: This process is done as/when required

Why: This process is completed to ensure that our financial reporting inside Xero is accurate, the overdue debtors list is accurate and invoices are showing as paid, so that clients don't received overdue reminders when they shouldn't

Reconciling Stripe Payments

Sometimes clients might pay in Better Proposals if we have set up a payment option on a proposal. When this happens they will be paying via our Stripe payment gateway. When the funds are deposited into our bank account by Stripe, Stripe will pay the amount less their fee. The payment will then not be able to be matched to the invoice in Xero. In that case, here are the instructions for how to deal with this scenario.

The video below show you how to reconcile Stripe payments received into the bank account when it is for payment of an invoice sent to a client:

How to add Stripe as a bank account 

1. In Xero, choose Accounting then add bank account

2. Type in Stripe and click on it when it comes up

3. Verify your log in then connect the relevant business account

4. Click finish

The bank feed is now activated, You may need to import a statement if you have set this up in Xero after transactions have already been made.