Wave & Stripe Fees

trav2001

Ok, So I hunted thru wave's forum and couldn't find anything specific to my question. So here ya go:

I own a pool service company that I use different software for to invoice those customers and I use wave just for the book keeping. My question tho is this: if a customer pay mens say $85 and the stripe processing fee is $2.77, I get a net deposit from Stripe of $82.23. My bank is connected to Wave so I get the $82.23. How do add make sure $2.77 is in wave so I can reconcile my accounts properly? I tried to split the payment of $85 put it only lets me do deposits only or expenses only. It would let me put in a -2.77 in the split line to account for the processing fee...Any idea's?

trav2001

found a similar post. I'll follow that post instead, thanks.

Alexia

Hi, @trav2001,

The process is a bit of work, but I'm happy to walk you through it. Here's what you'll have to do:

1. First, you'll have to create a new asset account. Go to your Chart of Accounts, under Accounting, on the menu on the left. Once there, click on "Add an account". Create an asset account that uses the "Money in Transit" account type. I recommend naming it something like "Stripe - Transit" or something along those lines. Money in that account will represent money that was paid by your client but hasn't made it to you yet.
2. When you make a sale, record the full amount paid by your client to "Stripe - Transit". In your example, $85.
3. Create an expense to "Stripe - Transit" for the amount of Stripe's fee. Categorize it to the appropriate expense account.
4. When the deposit uploads from your bank connection, categorize it as a transfer from "Stripe - Transit". Wave will automatically create a matching expense transaction in your transit account when you do.

It's a bit of work at first, but once you get used to the workflow, it's a pretty intuitive process. Can I ask if you've considered using our invoices and payment processing services? Not to put my salesperson hat on, but handling your payments through Wave directly would make all of this bookkeeping automated. It might save you a lot of time in the long run.

trav2001

great! I'll take a look at it!