Home – New Forums Money matters PayPal + Stripe + Braintree + Shopify into Xero

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  • #991604
    MickB
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    hi all, we run an online store and collect payments via PayPal as our merchant. The funds settle in our PayPal and then we sweep these to our business account periodically.

    We also recently set up a strip account, which settles itself on a rolling schedule. So far very impressed. So impressed thinking of ditching PayPal (unless anyone can suggest why not to?)

    My question is, how to record these in Xero. We don’t use Xero to create the invoices and send them, as our online store automatically builds these and sends them direct to each customer. We looked at integrating this to Xero but will be another $XX a month and it just gets ridiculous.

    So, do we have to add each invoice manually into Xero? Even if we do this, when the money settles in our account it will be for lots of transactions all in one bundle, how do we reconcile this?

    Very confused.

    #1182247
    Netorigin
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    Hi MickB,

    What online store platform are you using? Have you confirmed that there is not already an off-the-shelf plugin/module that integrates your platform with Xero? For example we use WHMCS as our billing system and for something like $60/year we are able to use a module that syncs all of our invoices and transactions from WHMCS to Xero.

    A good product that PayPal has recently introduced (not sure if Stripe have a similar product though) is that you can obtain a working capital loan via PayPal. It only takes a couple of minutes to get approved, and the amount you can borrow will depend on how much $$ you have going through PayPal each month. Your repayments are then taken out automatically as a % of your daily income (you can set the %).

    Thanks,
    Blake

    #1182248
    ThexArm
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    I personally think integrated solution is the best. But as you are aware it comes at an additional cost.

    You need to set a process such that you will be able to record and reconcile in Xero. Have you considered recording all sales in a day or in a week together in 1 transaction? then transfer the money for that week from your PayPal to bank account.

    If you want to track product sales in xero then record that week’s sales by product.

    I hope it makes sense!

    #1182249
    MickB
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    We use Shopify. The Xero interconnectivity sucks, as we are looking at opening a second store for my wife business (under same ABN), so then there is two lots of fees for the two stores, plus two integration charges. All just to balance books.

    We don’t even want to bring in the invoices to Xero as there is no need to duplicate this info. We just want the merchant feeds so we can calculate the correct income and expenses of fees.

    PayPal feed comes in fine. As there is a PayPal option in Xero. Allows us to see what we got paid, the fee paid, and this way will calculate the gross revenue. All lists nicely on our balance sheet.

    Stripe they don’t offer a feed in service. Or is that Xero don’t offer a feed in service? Either way it doesn’t work.

    So we will see the amount hit our linked bank account in Xero once Stripe rolls it over. But say we charge $20 for a product, it will only be say $18 in our account. Which then doesn’t give us the full revenue, doesn’t show the $2 fee paid to stripe, and going forward with GST wouldn’t report correctly as it wouldn’t report the 10% in the $20 or the input credit from Stripes fees.

    MYOB. XERO. Quickbooks. All of them suck if you run an online store. Stuck in the past and hoping 3rd party bolt ons work, which they don’t, not for an extra $50 USD per integration.

    Was actually looking to move to Braintree for payments – again no support, so will only see the net amount hitting our account, not the gross sale amount and then the fees.

    #1182250
    ThexArm
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    I think your bookkeeper or accountant can handle this in XERO. Speak to them. Little bit of tweaking to be done to get your accounts balanced and recorded correctly. You don’t want anything part of the transaction not recording – for example the fees you pay to stripe.

    #1182251
    MickB
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    Trying to have it all nice and streamlined. Im the bookkeeper! :)

    Moving to a $50 a month program id expect it to do more than just pull over some bank data. Starting to think ill stick with trusty Excel since I’m going to get slammed with accountants fees regardless to pull in data it should collect like these tripe fees / braintree fees.

    Pretty disappointing there is no native Stripe support when Stripe is a supported gateway to get paid within Xero.

    #1182252
    MickB
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    Looks like you can hack the API on both being open, but being far from a developer bit worried how this might go ….
    http://blog.cloud66.com/connecting-stripe-to-xero/

    #1182253
    Past-Member
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    I use Xero. Not sure what plan you are on, but even though I am small I have the top plan so that I can just feed PayPal into my bank feeds and quickly address each transaction. It’s very fast. Also, it includes the automatic conversion of other currencies for purchasing and sales. I have found the amount of time it now saves, worth it.

    #1182254
    MickB
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    Hi Karen, yep the PayPal feed works well, shows the gross amount and then takes the fee off. Exactly what we want.

    The problem is we have PayPal as a gateway option, but use Stripe as our default processor as it is faster, lighter and most importantly a lot cheaper than PayPal.

    The problem is accounting software is behind the times and no one has integrations with Stripe as a feed, or Braintree payments which we are looking at using in the future. They allow you to send invoices from directly in their software and be paid using Stripe, but no option to use Stripe as a bank feed.

    #1182255
    Past-Member
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    Have you emailed Xero and asked if there is a work around?

    I also found this which claims to be free. Be worth a look.
    https://zapier.com/zapbook/stripe/xero/

    #1182256
    MickB
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    Yes I emailed Xero and they said talk to Stripe, spoke to Stripe they said speak to Xero. Yeah there is a few 3rd party apps like Zapier, the only issue is they add another $20-50 a month and they look to bring in every customer as an invoice. We just want the bank feeds.

    #1182257
    jimmyrose
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    This thread is a few weeks old now but this is pretty relevant at the moment. I too think Stripe is a much better option that Paypal, though we use both.

    We went through the same issues ourselves, and with a client. Just like [USER=66121]@MickB[/USER], Xero told us to talk to Stripe and visa versa. So we built a tool to handle it, and it is public now. If you’re still trying to work out how to do this, have a look at http://silversiphon.com (hope it is OK to post a link like this)

    We’re looking at adding some more gateways like Pin and Eway, but I can put Braintree on the list.

    #1182258
    @mac.com
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    I hope this is relevant. I use Shopify, Xero and PayPal. I’m confused and likely there is an easy answer regarding reconciling an invoice.

    1. A customer places an order on my Shopify ecommerce site and pays via PayPal.
    2. Shopify syncs with Xero and Xero creates a paid invoice.
    3. Xero then asks to reconcile this amount as PayPal is listed as a bank account. However, this has already been paid and cannot match this invoice to reconcile. What to do?
    4. If I create a new invoice to reconcile, then wouldn’t this just be an extra sale?

    Confused. Any help/advice greatly appreciated!

    #1182259
    jimmyrose
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    • Total posts: 22
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    I’m not 100% sure how your paid invoice sync works, but the way it normally works is that the paid invoice doesn’t actually reflect on the actual $ figures for the business. Invoices are separate to the actual numbers. If you reconcile the Paypal payment as sales, then you should be good.

    However if during the sync, a “bank transaction” is created, this throws a spanner in the works and you will definitely have duplicates.

    #1182260
    Steve the Bartender
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    I know this is an old thread but thought this might be useful for future readers..

    I use Penny Pipe to integrate Stripe with QBO. Works perfectly and support is fantastic. They also have a Xero integration too…

    https://www.pennypipe.com

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