Stripe is something of a payments industry darling. From not-exactly-humble beginnings (YCombinator, 2010), they have become a top-five go-to for E-Commerce needs ranging from Enterprise to SMB. Stripe has made it easy for developers, who in turn reward their customers with richer, cleaner and more cost-effective experiences. With that in mind, Commerce Sync is happy to support Stripe for Xero, QuickBooks Online and QuickBooks Desktop.
How it Works
Activating Commerce Sync for Stripe consists of two basic steps:
- Log on to your Stripe account and authorize Commerce Sync access for read-only access.
- Log on to your Xero, QuickBooks Online, or QuickBooks Desktop account and authorize Commerce Sync access.
From here, we'll send a test sale, ask a few more questions, and you're all set! Once activated, Commerce Sync transfers all of your day's sales into your chosen accounting software at 3am your time. This consists of a single ledger entry, with a line for each charge and refund by Id, netted out for the full payment amount. Here is an example of the same Stripe charges shown in QuickBooks Online and Xero, respectively:
This combines the convenience of a single ledger entry with visibility into your Stripe activity on a per-charge basis. Additionally, Commerce Sync Dashboard allows you to customize the income and asset accounts into which your Stripe sales appear in your Chart of Accounts.
Finally, if you have a Clover station, you can connect both Clover and Stripe to the same QuickBooks or Xero account with the same activation process. This could be of great benefit to pizzerias, retailers that ship, spas that sell services through their website, and other businesses with both a "real-world" and online presence.
Here’s what’s coming soon for Stripe merchants using Commerce Sync:
- Merchant Fees: Stripe takes a nominal fee for processing credit card transactions. We intend to provide two options for reflecting this in your accounting solution. First, by netting fees of your daily sales total. In this case, the amount that appears in your configured Income account is all your charges less fees. Next, we will provide the option of transferring fees automatically into a separate account. In this case, your Income account gets gross sales, while fees appear in the Liability or Expense account of your choosing.