Our goal is to reconcile our bank statement with Stripe and then reconcile our transactions in Tidy.
But before we get started let's cover some basics about how Stripe works.
How does Stripe work?
Stripe processes individual payments and then deposits them into your bank account as a lump-sum called a 'payout'. The first payout you receive will be in 7–10 business days after your first successful payment is processed. You can update how often you receive payouts, starting at a minimum of 2 days – the standard payout schedule is 7 days rolling.
You can read more about payouts in the stripe help documents.
Reconciling Stripe payouts
To get started you'll need 4 things:
- Bank statement
- Stripe Payouts list (via Stripe Dashboard: Balance > Payouts)
- Stripe Payments list (via Stripe Dashboard)
- Tidy Transactions list (Finances > Transactions)
Tip: You can check what bank account you've got connected with Stripe via Stripe payout settings
There's two main steps to making sure everything is accounted for. First, we'll match and reconcile the bank statement with the payouts from Stripe and then match the transactions in Tidy with the Stripe payments.
First, match Stripe payouts with your bank statement
Get your list of payouts (lump-sums) from the Stripe dashboard, we'll be matching those up with your bank statement.
Above: Payouts in the Stripe dashboard – these amounts will match up with your Transactions in your bank statement.
The amount shown here will match up with your bank statement. The dates may be slightly different due to the process time for some banks. The payout will contain payments processed in the days prior based on your payout schedule.
Second, match Tidy transactions with Stripe payments
The first part of this step is matching Tidy transactions with Stripe payments. You can match transactions with payments by using the Gateway ID found under transactions details with the ID in the Stripe payment description.
Above: Stripe Payments – these are the individual payments that compose your Payout (lump-sum), these will match with Transactions in Tidy.
Above: Tidy Transactions list – these Transactions will match Payments in Stripe.
To make sure that the Payment in Stripe is the Transaction you've matched in Tidy, you can double check with the Gateway ID found in the Tidy transaction under the actions menu (cog on the right side of the transaction row). This Gateway ID will match the ID found in the description of the Payment in Stripe.
Above: the Payment ID from the Stripe Payments list. This will match with the Gateway ID for the Tidy Transaction.
Above: Gateway ID for the Tidy Transaction. Find the Transaction details from the actions menu (cog on the right side of the transactions row).
Lastly, to keep things recorded, mark Transaction as reconciled in Tidy
Happy reconciling! 🤓