Stripe

Berdine

Hi there
I am no accountant and just need some guidance to make sure I am doing my transactions correctly.
I have stripe as payment method in my wave, BUT I also have stripe for my website.
My website is not integrated with my wave.
So when I receive my money from stripe into my bank account it is a mix between the two platforms.
How do I account for my website payments and the fees.
Thanks

Samd

Hey @Berdine - great question!

So, for the transactions from your website, are they part of the business you are bookkeeping in Wave, or separate? If the latter, you could just delete them as they will throw off your income reporting.

However, if you're tracking everything in your Wave account, these website transactions could just be categorized as income in Wave (Sales/Services, or whatever income account you'd like to use). If they are the same customers you invoice for, you can edit the transactions so that you attach the customer to them. This saves you from having to invoice for each website sale.

I hope this helps!

Samd

Oh @Berdine - @Zoe_caff just reminded me - if you wanted to account for the merchant fees you pay for Stripe, this is a possibility as well.

I've attached a screenshot as well to illustrate, but if you click into the transaction imported by the bank, you should be able to split the transaction.

In the first box, you'd want to put in the full value, i.e., what you would have been paid before the Stripe fee.

In the second box, you're going to want to select 'Discounts and Fees' and then 'Merchant Fees' as the account. This will change the split from all income to an income and an expense. You'll want to input the exact fee as the value.

This definitely isn't a necessary step, but since you're already accounting for what you pay in Stripe fees for those processed in Wave, this will give you an idea of what you pay for your site transactions as well.