Matching Stripe figures with my bank account figures so my accountant can usderstand

Digital

Hi all

I am located in Rep of Ireland. My accountant needs clarification regarding my stripe transactions so I need to get my head around it, here's one example,

Figure on customer invoice= €940.95
Figure on bank statement = €934.80

The calculations using both the stripe “EU” and “Non EU” cards does not amount to the bank statement figure €934.80

Can anyone shed some light on this please?

Thanks in advance,
Dara

Digital

Sorry this looks like it was an IBAN fee.

AlexL

Hey @Digital . In certain regions (including Ireland), Stripe charges tax on the processing fee. To account for this, you'll need to add this manually using a Journal Transaction.

If the tax you're recording is recoverable, the Journal Transaction should look like this:

DEBIT: Sales Tax Paid account for the amount of the tax
CREDIT: Payments by Wave clearing account for the amount of the tax

If the tax is not recoverable, the Journal Transaction should look like this:

DEBIT: Merchant/Stripe Fee account for the amount of the tax
CREDIT: Payments by Wave clearing account for the amount of the tax

Then, if you have your bank account set to automatically import to Wave, make sure to categorize the incoming deposit as a transfer from the Payments by Wave account.

One last thing to note - if the tax you're paying is recoverable, make sure to add this detail to the notes of the Journal Transaction for your records. You'll also want to use the account transactions report for this Sales Tax, found by going to Reports > Account Transactions report, when filing. Because this tax has been entered manually using a Journal Transaction, it won't appear on the Sales Tax report as other transactions do.