How does the stripe integration work?

ryanfurtoryanfurto Member Posts: 1

I would like to have my accounts set up like this:

I run a woocommerce store, I would like to use zapier to import new sales into wave as invoices. These woocommerce sales would be paid at checkout using stripe.

If I connect my wave account to stripe, will these zapier-generated invoices reconcile with the stripe payments? Ideally, it seems that we should be able to add our stripe accounts as a bank account, so the payments and transfers can be reconciled for payments that arent made directly to invoices.

Comments

  • ALEmaniakALEmaniak Member Posts: 1

    I am wondering this as well. I made a Zap to create the sales in Wave, but the deposits are less the fees, so they aren't matching up and I'm not sure how to go about reconciling the two

  • James_HudsonJames_Hudson Administrator Posts: 107 admin

    Hey @ALEmaniak, if the sales recorded by your Zap are importing the gross amount of sales for your Stripe payments, but your bank connection is bringing in the net amount, then you can set up a holding account to make the two reconcile.

    Head over to the Chart of Accounts under the "Accounting" tab, and add a new account under the "Money in Transit" type.

    Next, modify your Zap to record all Stripe payments and fees to this new account.

    Whenever the net payment amount is imported by your bank connection, you can categorize the net payment transaction to "Transfer from..." and select the holding account that you have created. This will transfer the balance of the payment from the holding account to the bank account.

    Meanwhile, the gross amount of the payment, as well as any fees will have been recorded in Wave, with the income for the payment itself only being recorded once.

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