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elim12's avatar
elim12
2 years ago

Stripe payment. How to reconcile the processing fee Stripe took out?

Hi,

 

I am a developer and have integrated a client's MYOB Accountright with his database system.

An aspect of the system is to allow his customers to pay online using Stripe.

It is all working well except one thing.

Say his system raises $1 of invoice and send it in to MYOB Accountright using API.

Then his customer pays for this invoice using Stripe.

Stripe takes out $0.32 a processing fee when customer uses Stripe to pay for it.

On customer's credit card $1 is taken out but in MYOB Accountright the total amount received is $0.68.

What should I do to have proper reconciliation for this $1 invoice?

I tried to create a bill and a supplier ill of $0.32 but that doesn't reconcile with the invoice.

If I raise the invoice of $0.68 instead of $1 then how should I treat this $0.32?

I can't seem to raise a negative payment because that would be a refund I suppose?

Keep in mind there is quite a bit of this occurring so automated process is what I am trying to create.

Manual intervention isn't an option for my client.

 

Thanks,

Kevin

  • CountryAir's avatar
    CountryAir
    2 years ago

    Hi Kevin, 

    Did you find a way how to do this?

    I have just started using Stripe and cannot work out how to enter it into MYOB so it all balances properly.

    • elim12's avatar
      elim12
      2 years ago

      Hi, 

       

      Yes, I found a way my client accepted but strictly speaking to your question, no.

       

      The payment data Stripe sends in to my client's MYOB account via bank fee feed is a lump sum once a week or something like that. That is no use for us. My client needs the data to be more granular. He might be getting 10 payments a day and we need 10 seperate entries in to MYOB so we can reconcile properly. So we have chosen to ignore the data Stripe sends in to my client's MYOB acount and build our own. I modified my client's business system (which is a FileMaker database) to create 1 payment record and 1 merchant fee record in MYOB every time a payment is collected via Stripe. My client's FileMaker database talks to Stripe API all the time so it knows every time there is a payment going through Stripe. That way, for every invoice record = 1 payment record + 1 merchance fee record to net everything out. Accountant simply ignores the data Stripe send in. I hope that helps.

       

      Kevin.

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