Unallocated Client Payments

GranolaBar

Further to my Stripe payment questions yesterday. I’m reconciling things from my bank, and one of the items is a Stripe payment. I’ve set up a customer as Stripe to assign it to. But the warning box tells me “You have payments that are not yet associated with any invoices or credit notes” - do I have to create a dummy invoice to go with those payments? Also what do I do about incoming card terminal transactions? Do I have to create invoices for those too or can I just assign them to a client such as “in store payment”?

TomFromCrunch

Hello!

Until Stripe integration arrives, our solution would be:

Set up a client called ‘Stripe’, or something similar (sounds like you’ve done that already)
Create an invoice for the total sales being transferred to the account
When money is transferred from Stripe to the business account, record the payment against the invoice. Stripe deduct a fee at source, so the money you receive will be less than the invoice total.
Next, create a 2nd payment against the same invoice as ‘received personally’ for the shortfall.
Finally, create an expense as ‘paid personally’ for the amount Stripe charged you. If you are a sole trader you won’t have a ‘paid personally’ option and so will need to use a dummy bank account.
For the card terminal payments, it depends if these go through Stripe and are transferred as part of the bulk payment, or if they go direct to the business bank account.

Hope this is helpful!

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