How To Account for Stripe Fees?

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How To Account for Stripe Fees? – Free Online Small Business Accounting Software Questions & Answers

Looking for advice on how to account for this scenario in Bullet.
I sell tickets to training online using Tito for the tickets and Stripe for payment processing. Fees for Tito and Stripe are taken by Stripe, and they remit the remainder to me.
e.g

  • Ticket Sales = €100 (no VAT)
  • Tito fee = €5 (no VAT)
  • Stripe fee = €6.15 (inc VAT)
  • Stripe payment = €88.85

So now I’ve got a whole bunch of €88.15’s in my bank account and not sure what way to get them into Bullet to show the total sales, and the fees.
Any help?

2 answers

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Peter Connor ⋅ Staff June 15, 2015
Public

Barry,
Jez Tito nearly the same price as Stripe!
They’re just and invoice for 100 and the rest are bills Barry
Actions:
Create Invoice for Ticket Sales = €100 (no VAT)
Create Bill for Tito fee = €5 (no VAT)
Create Bill for Stripe fee = €6.15 (inc VAT)
At the moment you won’t be able to reconcile them (match bullet with your bank account – we’ve to re-write the engine) but it won’t matter to your accounts. 
That’s it invoice for 100 and two bills 6.15 In Vat and 5 Ex Vat.
Let me know if you’ve any Q’s. Great idea running the courses, Tags seem to be the new black. 
Pete

#answer-1658
  1. barryhand June 15, 2015
    Great that seems straight forward, my concern was the amount of payments to the bank account will be frequent due to Stripes rolling 7 day payments. I may change it to once monthly.

    FYI, those figures are hypothetical. They work out around 1.5% Tito, 2.5% Stripe. Pretty low for the benefit and Tito is brilliant imo. I like to keep things Irish too :)

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