The following guide shows how to reconcile a payment through Cloud Depot and Stripe in Xero.
Have you setup a Stripe Bank Account? Please see our setup guide if you haven’t already setup the Stripe bank account in Xero.
In this example, we generated a customer invoice for $5.00 AUD, which was automatically paid using Cloud Depot RPS and Stripe.
Since the settlement currency is in NZD, Stripe will automatically convert the AUD to NZD and notify us of the exchange rate through the API. When we reconcile the payment, we will use the exchange rate provided by Stripe.
In this example, the payment will be displayed in your Xero Stripe bank account, taking into account the currency conversion (if applicable). In our scenario, we invoiced in AUD and it was settled at $5.23 NZD after the exchange rate was applied. Xero has automatically matched the payment for you.
Stripe automatically separates the fees into a separate transaction. You will need to manually match the applicable fees to your GL codes for reconciliation purposes.
Consider this as a transfer to the bank account you have nominated for receiving payouts.