Objective
This article provides a step-by-step guide on how to clear a Stripe transaction in the bank feed within Property Stack. By the end, you will be able to reconcile Stripe payments and refunds to ensure your bank feed is up-to-date.
In this Article, You Will Learn How to:
Access the bank feed in Property Stack.
Locate Stripe transactions in Property Stack and Stripe.
Reconcile receipts and refunds to match the Stripe payouts.
Clear the Stripe transaction in the bank feed.
Step 1: Locate the Amount to Clear in Property Stack
Log in to your Property Stack account.
From the left-hand menu, select "Trust" to expand the submenu.
Click on "Bank Feed" to access the list of transactions.
Locate the amount you need to clear. This is displayed in the "Amount" column.
Step 2: Access Stripe Transaction History & Locate the Payment
Log in to your Stripe account.
From the left-hand menu, select "Balances".
Click on "Payouts" to access the list of transactions.
Locate the amount you need to clear and click on it to see the details.
Step 3: Add Necessary Receipts and Payments as per the Details in Transactions
In Stripe, navigate to the "Transactions" page to view the breakdown of payments and fees.
Add a receipt to the reservation for any charge amount:
Make sure to add the net amount excluding the Stripe fee.
Note: In our example, there are two reservation charge for $493.50 and $992.46, but while reciting, amount should be $484.81 and $975.29, considering Stripe’s fee deduction of $8.69 and $17.17.
3. For any refund adjustment charge:
Locate the corresponding reservation.
If it has not been disbursed, adjust the refund fee directly to the reservation.
If disbursed, use your Manager Account to adjust the refund fee.
Note: In our example, there are four $0.33 stripe fees for releasing reservation hold. These four fees need to be adjusted to reservation by making refund of $0.33 if reservation has money and it hasn't been disbursed.
If reservation is disbursed make cashbook payment from manager for these fees.
Ensure that the total receipts and payments/adjustments added match the Stripe payout amount.
Step 4: Clear the Stripe Transaction in the Bank Feed
After adding all the relevant receipts and payments in Property Stack, return to the "Bank Feed".
Select the Stripe transaction you are trying to clear.
Click on "Clear".
Select all corresponding receipts and payments that match the Stripe payout.
Click on "Clear Bank Feed" to complete the process.
Conclusion
By following these steps, you have successfully cleared a Stripe transaction in the Property Stack bank feed. This ensures that your Stripe payouts and associated charges or refunds are accurately reflected in your system, keeping your financial records precise and up-to-date.