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 had an invoice for $5.00 AUD that was paid automatically using Cloud Depot RPS and Stripe.
As the settlement currency is in NZD, Stripe will automatically convert the AUD to NZD and advise us via the API of the exchange rate. During the reconcile process we will apply that payment with the exchange rate used by Stripe.
In the example below, the Payment will show in your Xero Stripe bank account, adjusted for the currency (if applicable). In our example we billed in AUD and the with the exchange rate it was settled at $5.23 NZD. Xero has matched the payment Automatically.
Stripe will automatically split out the fees into another transaction. You will need to manually reconcile the applicable fees to your GL codes.
This should be treated as a transfer to your nominated payout bank.