Stripe Fees for e-commerce

Giorgio

Hi,
I have an e-commerce and for each transaction, I pay Stripe fees.
Let’s say, I charge 100 for a product, I pay 5 to Stripe and I get 95 in my bank account.
How should I register this, just sign 95 income or should I write 100 income and then 5 as Stripe fees?
Thank you

Katie

Hi Giorgio,

If you have fees that are deducted at source you’ll need to account for this as follows:

First, you’ll need to set up a dummy bank account. You can call it ‘Stripe Payments’ and just make up an account number and sort code.
Record your invoice for the full £100
Record the £95 that you’ve received in your business bank account.
Record a second payment against the same invoice for £5. Record this as being paid into your dummy bank account.
Record a £5 expense for the Stripe deduction. Record this as having been paid out of your dummy bank account.
When reconciling, you’ll be able to match the £95 to your statement. The dummy bank account doesn’t have to be reconciled.

All the best,
Katie

Giorgio

Thank you so much for the help!

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