Reconciling Stripe Transactions in a Foreign Currency

Forum|Forum|5 years ago
April 19, 2021
1 reply
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Does anyone have any experience reconciling Stripe transactions in USD or foreign currency. I have a client who sells in USD and the customers pay via stripe. The stripe fee is deducted in AUD and the funds transferred to the AUD account. I have set up a stripe clearing account to receive funds in USD I am not sure how to account for the fees, as they are in AUD. I have set this up previously for all AUD sales, but not sure how to get it to work with USD. Any help would be appreciated. Thank you.

Hi sharon79,

Thanks for your enquiry.

Just curious, if the fees are already in AUD then why would you need them to go back into USD?

Is this an American business or Australian?

Would love to know some more information here to get a better understanding.

Also, if anyone in the community has any experience with this, your input would be incredibly appreciated!

Kristian.

Hi Kristian,

This is an Australian business selling to US and foreign customers.

This is an example of the transaction:

Client makes sale to customer for USD$300
Stripe converts the sale to AUD eg AUD $384.83
Stripe deducts fee in AUD eg, AUD $13.44
Stripe pays balance to client in AUD, eg balance of AUD$371.39

I wanted to find out the best and most efficient way to reconcile this in Quickbooks.

Regards,

Sharon

Fiat Lux - ASIA

Similar to multicurrency in PayPal, you may need a paid connector to reconcile multi currency in Stripe.