Stripe Merchant Fees

This help note will help explain how to handle Stripe fees when you use Stripe as your merchant payment system in Saasu.

Importantly, Stripe deducts merchant fees from your Sales Payments you receive from your customer. This is different to a traditional Merchant Facility where you get charged merchant fees separately in bulk transaction each month. Depending on your accounting and business workflow preferences there are two ways to handle this:

Clearing Account Method

  1. Setup a Bank Account called Asset: Stripe Clearing.
  2. When you connect Stripe to Saasu (Settings > Payments > Stripe) select the above Asset: Stripe Clearing Bank Account as your settlement account.
  3. When you receive Sales Payments from customers Saasu will book these payments to this Asset: Stripe Clearing Bank Account.
  4. When you receive money into your normal Trading Bank account you will create a journal from the main menu Add > Journal option -OR- while in The Bank Feeds screen for your Trading Bank Account using the + (icon) > Journal .
    Example Journal:
    DR $980 – Asset: ABC Bank (Trading Bank Account)
    DR $20 – Expense: Stripe Merchant Fees (Create this account or use one like it if you don’t have one)
    CR $1000 – Asset: Stripe Clearing
  5. Your Asset: Stripe Clearing account is now balanced. $1000 coming in and $1000 going out.
    (This is why it’s called a clearing account. It should clear to $0 over time)
  6. You now have the correct “after merchant fee deposit amount” in your trading bank enabling you to reconcile your related customer sale(s) against it.

Fee adjustment Method

  1. When you see a deposit in your Trading bank account you can click on the $ amount and it will be in edit mode.
  2. Override this amount with the amount actually billed before merchant fees.
    For Example:
    You bill your client with a Sale of $100 but your bank account says $97 payment received from stripe.
    You click on $97 and enter the amount to be $100 and then click enter.
    Saasu has now changed the amount to $100 but has associated a Merchant Fee of $3
  3. In the bank feeds screen you can now match one or more Sales with the Deposit amount received from Stripe (This is the total Sales less their merchant fee amount).