Online sales - Best Practices - Stripe

whidzee

Hello. I have set up an online store where I sell a digital product, and I think I may have been doing my books incorrectly. I am using Stripe as my credit card provider.
I am using Zapier to take my sales and plugging them into Wave apps as a transaction tagged as Sales and I subtract Stripe's transaction fee. This put the money into my Cash On Hand account.

Thinking about it some more. Would it be better practice to use Zapier to create an invoice for each sale, marking them as paid, and putting the money into a "Money in Transit" account. And then after Stripe has held onto my money for a week I then record that deposit into my bank account (the daily sales lump sum).

Is this the way to go?

Also, when I do get my money deposited into my bank account (I'm unable to link my bank account with Wave, so I have to do it manually) Am I able to group all the day's sales in the "Money in Transit" account to the transfer? In all the video tutorials I could find they link 1 money in transit with 1 bank deposit. but I'll be potentially getting 10 money in transit entries with 1 bank deposit. eg i sell 5 units at $10 each then the deposit to my bank account from Stripe will be $50.

Any help would be greatly appreciated

JulianP

Hey @whidzee ! When your invoice payment is imported into Wave, you'll want to select the appropriate account that receives the funds and categorize it as Payment received for an invoice in Wave > the invoice in question. This will accurately record the invoice payment and change the invoice status to "Paid" on your Sales > Invoices page. Regarding the Stripe fees, you can allocate the funds recorded via the Zapier imported transaction by splitting it. This will need to be done manually for all Zapier imported transactions. A money in transit account won't be necessary in this case.

Also, I noticed that you are a North American user. As a result, you can use Wave Payments for invoice payment processing. This will keep track of your payments bookkeeping automatically for you. You can learn more about Wave Payments here.