If you receive payouts from Stripe, DoubleAgent can reconcile them automatically for you in FreeAgent.
All you need do is connect your Stripe account(s), tell DoubleAgent exactly what you want, and sit back while DoubleAgent does the rest. All payments (and refunds) from your customers in Stripe will be explained in FreeAgent and all fees will be explained correctly too.
How are the payouts explained in FreeAgent?
DoubleAgent can explain Stripe payouts in three different ways – choose whichever suits you best:
|Use this when...
|One invoice per Stripe charge
|If you need to keep track in FreeAgent of who paid you.
|One sales transaction per Stripe charge
|If you don't need to keep track of who's who, but you do need to see the individual charges in FreeAgent.
|One sales transaction for all Stripe charges (see below for details)
|If you just need the overall amounts.
How does it work in detail?
Every time you receive a payout, DoubleAgent gets a breakdown from Stripe of everything making up that payout: customer payments, refunds, fees charged by Stripe, etc (more details). DoubleAgent goes through the items as follows:
- When explaining with one sales transaction per charge
- After processing a charge, DoubleAgent create a sales transaction for it, a Stripe fee payment, and a Stripe application fee payment if needed.
- When explaining with one invoice per charge
- After processing a charge, DoubleAgent finds the relevant contact in FreeAgent. If the contact doesn't yet exist, because it's a new customer, DoubleAgent creates it in FreeAgent using the information from Stripe. Once it has the FreeAgent contact, DoubleAgent looks for an invoice corresponding to the payment. If no such invoice exists, DoubleAgent creates it, again using the information from Stripe. Then DoubleAgent settles the invoice with funds from the payout. Finally DoubleAgent creates a Stripe fee payment, and a Stripe application fee payment if needed.
- When explaining with a "rolled-up" sales transaction
- DoubleAgent accumulates each charge in one of three buckets, depending on the customer's country – UK, EU, or everywhere else – and accumulates the fees.
- After processing all the items in a payout, DoubleAgent creates one sales transaction for each bucket (with the correct VAT and EC status); one Stripe fee payment; and one Stripe application fee payment if needed.
Before you start
First you have to tell FreeAgent not to guess explanations for your Stripe transactions. You can either switch off FreeAgent's Guess entirely or exclude transactions containing the term Stripe, as explained here.
DoubleAgent lists on the Logs page every change it makes to your FreeAgent account. All changes made when reconciling Stripe payouts – adding a contact, raising an invoice, explaining invoice receipts, explaining fees – refer to the Stripe payout reference. This makes it easy to see exactly what DoubleAgent is doing for you.
Naturally you can undo any change DoubleAgent makes to your FreeAgent account. On your Stripe integration page, click the delete icon next to the explanation you want to undo.