Balancing Your Stripe Suspense Account
There are three scenarios where you would see a zero balance on your Stripe Suspense Account at the end of the month.
This document uses as the month for referencing any examples
Background
All Credit/Debit Card payments taken on Enrolmy for that month have flowed through to the Stripe Credit Card Suspense Account
Throughout the month Enrolmy has been recording all Credit/Debit Card Fees from Stripe as pending journal items in Xero
On the last day of the month, Enrolmy tells Xero to post the journal, and all the fees for that month will reflect in the Credit Card Suspense Account
Scenario | Explanation |
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SCENARIO 1 You haven’t received any Credit/Debit Card payments for a period of time before the end of the month (Stripe has paid out all credit card payments transacted in May 2022 within May 2022) |
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SCENARIO 2 You have stopped taking Credit/Debit Card payments more than 4 days before the end of the month (Stripe has paid out all credit card payments transacted in May 2022 within May 2022). |
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SCENARIO 3 You have transitioned to the Stripe Transactions Bank Account method |
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Important Note When Transitioning to the Stripe Transactions Bank Account
If you receive a Stripe payout that combines funds from days across both months (May and June 2022)
Payments and fees for the days in the month where you are using the Credit Card Suspense Account (for the month of May 2022) will show in the Credit Card Suspense Account and will not appear in the Stripe Transactions Bank Account.
This means that when you reconcile the payment from Stripe you will be required to manually split that Payout.
May 2022 payments will be reconciled to the Credit Card Suspense Account.
June 2022 payments will be a transfer from the Stripe Transactions Bank Account.
You will need to work out how much is received as a transfer from the Stripe Transactions Bank Account and how much should be reconciled to the Credit Card Suspense Account.
Your Accountant
Enrolmy recommends, as with all financial processes or changes in Xero, that you work closely with your accountant. Ensuring that you and your accountant are clear on the methodology behind the Credit Card Suspense Account and/or the Stripe Transactions Bank Account is vital. Correct administration of credit/debit card payment management is vital to accurate record keeping.