Payment gateways, such as Stripe, transfer the funds into your bank account on regular intervals. Unfortunately, these payouts include multiple payments and deposits bundled together. The good news is that Preno sends the transaction reference from Stripe to Xero, making it easy to locate the exact payment during reconciliation. This guide explains how to reconcile the Stripe payout against several Preno transactions in Xero.
Find the payout in Xero
The payout will be available for you to reconcile in Xero. The description of the transaction will start with "STRIPE_". The date of the transaction will be useful to locate the payout in Stripe.
Find the payout in Stripe
You will need a report detailing all the transactions included in the Stripe payout. It is available from your Stripe dashboard:
- Click "Balance" > "Payouts"
- Locate the payout that you are trying to reconcile. Use the date from Xero to find the correct payout
- Scroll down to the section called "Transactions". Click "Export"
This will download a report that lists all of the transactions in the payout. You are interested in the following columns:
- ID - this the Stripe transaction ID. It will be used to locate the payment in Xero using "Find & Match"
- Description - not required for reconciliation, but can be used to locate the payment in Preno
- Amount - the payment amount. It will match the individual payment amount in Xero
- Fees - fees that Stripe charged to process the transaction. The total for this column will be added as a bank fee to your Xero reconciliation later
Find each Stripe transaction in Xero
Now you can use the value from the ID column to locate this charge in Xero. Preno passes the Stripe ID to Xero as a reference.
- If you have not done so, click "Find & Match" on the right side of the reconciliation page in Xero
- Enter the ID from the payout report into the field "Search by name or reference". It will return a single payment transaction. Select the transaction.
- Repeat the step for each transaction in the report.
Once done, Xero will be listing all of the transactions selected and will show "Total is out by: -XXX.XX". This figure has to match the total of the "Fee" column on the payout report. Click "Adjustments" > "Bank Fee" and add the amount.
Click "Reconcile" to complete the reconciliation
Important: Do not create new transactions when reconciling a Stripe payout. All of the transactions are already created in Xero by our integration. Creating new transactions will result in double ups.