Stripe questions again

Markus

Hi

For my adventure business we just integrated an online booking system that integrates with Stripe for online booking and payment. The booking system is used by all major tourism outlets in New Zealand and they can sell our product through their channels, so don't really have a choice.

As we all know, Stripe removes the fee from each booking and then sends it to your bank. If you're Sales Tax registered, that's causing a lot of headache.

I looked into automation and found an awesome one from Zapier that would create a sales entry with the full amount and the right Sales Tax, and then a line for the processing fee to tidy it all up. But it looks like I'm on an old version or something of Wave and can't use this Zapier integration.

I'm expecting hundreds of bookings over the next few months,

So, please, what's the quickest manual process to account for a Stripe payment with Sales Tax?

E.g. Product sold online for $115 (includes 15 sales tax) - Stripe removes fee (something like 2% and a small fee) - Stripe pays out something like $102 to my account - Wave picks it up as $102 when it pulls my bank account. Now I need the actual full amount for a correct sales tax report. And lines for the fee taken by Stripe.

Or can the migration to the newer Wave be sped up for my account? I read that simple account were to be migrated first. Our's is currently very, very basic -yet, still old.

Kind regards,
Markus

guust

The newer Wave has the same problem, see the topic I posted: https://community.waveapps.com/discussion/2542/split-transactions

Markus

@guust

From what I understand, the Zapier integration takes care of that. It needs two accounts, one for the income and one for the fee. It will then create two transactions and add GST to the full sale amount. Zapier is like a software add-on.

But, until I get access to the new version of Wave, I am unable to confirm.

Is there anyone in the Wave team that can please explain to me what I do in the interim??

Alexia

Hi, @Markus and @guust,

I followed up on @guust's post with a breakdown of how to handle Stripe payments manually. Check it out on the link they shared.

If you have to add a tax that you've already created in Wave, all you'll have to do is add this tax to the first transaction.

Markus

@Alexia Yeah, that's what I've been ding basically. With the exception of the account for the Stripe payment.

any news on progress to move all accounts to new version? As I said, mine is very basic - so I was surprised when I read that all simple one have been moved to new version, that mine wasn't included. I'm keen to get that Zapier going for me, as it will mean I can automate my Stripe payments.

Alexia

Hi, @Markus,

Zapier should work regardless of whether you use the updated version of our accounting tools. Have you run into issues trying to use it? I might be able to help out if you have. You can read a bit more about it here.

I don't have a timeline to offer for the migration, no. We're hoping to be done in the next few months, but our priority is to ensure the integrity of your data throughout the process. The best answer I can offer is "whenever we can do it completely safely". We'll likely be moving accounts over gradually as time goes on, but I couldn't tell you precisely when your account will get the updates. Stay tuned, those updates are coming!

Markus

Hi @Alexia
The Zapier says excplicitely that it will only work with the new Waveapps version and links to your knowledgebase to show how to tell what version one is on.

If I try it I get an error message. This is the zap: https://zapier.com/apps/stripe/integrations/wave/28941/add-transactions-in-wave-for-new-stripe-sales

It's my dream integration. But I think it would be even better if Waveapps could have it built in, it safes so much work and you're offering stripe for CC payment, too - surely people have the same issue with the Stripe transaction fee.

Cheers,
Markus

Ryan_W

Hey @Markus,

I'm happy to clear up some confusion here. Although Zapier technically integrates with both Classic and Next Wave accounts, there are a number of Zapier tools that only work with the newest version of Wave. Specifically, the Zap for integrating your Stripe payments and charting these transactions is Wave is only available on the newest version of Wave. I know this doesn't change that you're in a wait-and-see position, although I hope this helps clarify the disconnect here.

Markus

Thanks @Ryan_W That's exactly what I thought the situation would be. Cheers.