Apps

We took out a trial of CarVue to test how the VAT margin and integration to Xero worked.

How it works and our view on the integration.

How it works You can set up a Stripe feed without setting Stripe up as a payment service in Xero. To connect a Stripe feed, first add a new Stripe account in Xero, then follow the prompts to activate the feed. You can’t connect a feed to an existing Stripe account. If you prefer to use the new Stripe account that’s connected to the feed, you need to: Transfer the balance in the existing account to the new account. Manually mark the transfer transaction as reconciled in both accounts. Archive the account that’s not connected to the feed. Once connected, Stripe automatically imports your transactions from the most recent payout. If there are older transactions in your account, you need to import these manually. Stripe transactions won’t import if you’ve triggered a manual payout or there’s been no recent payout. When a payout occurs in Stripe, transactions appear in Xero depending on your Stripe payout schedule and region (Stripe website). Payment transactions display as two statement lines, one line shows the gross amount and the other line shows the Stripe fee. To distinguish between local and international transactions, the country associated with the charge displays in the description of the transaction. Depending on the type of payment account you set up, there are two ways to reconcile your Stripe payments and Stripe surcharge receive money transactions. You can deactivate and activate your Stripe feed on demand. Multiple settlement currencies A Stripe account can have more than one settlement currency. When you connect the feed, an account will be added for each Stripe settlement currency. If you have multiple settlement currencies in your Stripe account, your Xero organisation needs to be on a plan that offers multi-currency. Xero only imports a currency if the user has received a payout into their settlement currency in the last 30 days. Reconciliation To get a full list of transactions and fees from Stripe go to Payments > All transactions. The balance summary report is useful for the ending balance at a particular date, but will not give transaction detail. The itemised payout reconciliation report provides a breakdown of the automatic payouts that were received in your bank account during the selected date range.