Overview
If you're using Stripe with MoverMate, you may notice that the amount received in your bank account does not match the invoice amount in Xero. This happens because Stripe deducts processing fees before transferring the payout.
Instead of manually adjusting each transaction, the recommended approach is to use a Stripe Clearing Account. This allows you to reconcile payments quickly and accurately without modifying invoice values.
Why This Happens
Invoice amount (e.g. $396) = what the customer is charged
Stripe deducts a processing fee (e.g. $5.94)
Bank receives a lower amount (e.g. $390.06)
This creates a mismatch during reconciliation unless handled correctly.
Solution: Use a Stripe Clearing Account
A clearing account acts as a temporary holding account for Stripe payments, allowing you to separate:
Customer payments
Stripe fees
Bank payouts
Step 1: Create a Stripe Clearing Account
Go to Accounting → Chart of Accounts
Click Add Account
Set:
Account Type: Current Asset
Name: Stripe Clearing
Click Save
Step 2: Create a Stripe Fees Account
Go to Accounting → Chart of Accounts
Click Add Account
Set:
Account Type: Expense
Name: Stripe Processing Fees
Click Save
Step 3: Understand the Payment Flow
When Customer Pays via Stripe
The full invoice amount is recorded in Xero
Payment is allocated to the Stripe Clearing Account (not directly to the bank)
When Stripe Sends Payout to Bank
Stripe deposits the net amount (after fees)
You reconcile this payout by splitting it into:
Bank deposit (actual amount received)
Stripe fee (expense)
Remaining balance cleared from Stripe Clearing Account
Example
Description | Amount |
Invoice Amount | $396.00 |
Stripe Fee | $5.94 |
Bank Deposit | $390.06 |
In Xero:
$396.00 → Stripe Clearing Account
$5.94 → Stripe Processing Fees (Expense)
$390.06 → Bank Account
Step 4: Reconcile in Xero
Go to Accounting → Bank Accounts
Click Reconcile
Locate the Stripe payout
Match the payment from the Stripe Clearing Account
Add a line for Stripe Processing Fees
Ensure totals match the bank deposit
Click Reconcile
For any inquiries, please reach out to the Movermate Product Experts at [email protected].We're here to help!