How to account for Stripe fees in banking / accounting
Hi, I'm based in Australia, but this may apply to other countries.
Keen to hear how others handle the discrepancy between and invoiced amount, and the amount paid into your bank, when Stripe take their 0.30c and 1.75% (domestic) cut for processing Wave invoice payments via credit card.
Say an invoice is for $100 + gst (10%) = $110 total invoice.
I imagine the 0.30c and 1.75% will be applied to the WHOLE amount, as that is the amount they are handling.
Payment comes through for AUD$107.77 (fee of $2.23)
How do you manage the fees ?
My initial thought is to just add a receipt for this as a finance charge, putting Stripe in as the vendor ?
Is there GST payable on the fee ?
Hard to say for sure because both Stripe and Wave are based US / Canada respectively, but have offices here in Australia ?
Thanks for anyone chiming in with their experiences, or a Wave admin.