How the Stripe feed works

This article explains how your Stripe transactions are imported and reconciled in FreeAgent when you set up a Stripe feed.

When setting up a Stripe integration, you can choose to set up a Stripe feed to automatically import and reconcile your Stripe transactions in FreeAgent.

This will automatically create a new bank account in the Banking area in FreeAgent to automatically record the details of payments, refunds and fees from Stripe. The bank account will have the Stripe logo and will have the same name as your account in Stripe.

Stripe payouts that match the currency of your FreeAgent account will then be imported each morning, including weekends. If your Stripe payouts are to a bank account with a currency that is different to your FreeAgent base currency, these transactions won’t be imported into FreeAgent.

Invoice payments

If you send an invoice to your customer with Stripe enabled, the invoice payment will be automatically marked as an Invoice Receipt against the invoice and the fees will be automatically marked as Bank/Finance Charges. These will be marked 'For approval' in the Stripe bank account in FreeAgent for you to approve.

If a payment made with Stripe doesn't go through from your customer's account, it can be up to five days before Stripe is notified by the bank. While payments are pending or being processed, FreeAgent will stop sending automatic email reminders.

If you send invoices with automatic thank you emails enabled, the email will be sent automatically once the payment is imported through the Stripe integration and marked against the invoice as 'For approval'.

Sales

If the Stripe payout doesn’t match an open invoice in FreeAgent, FreeAgent’s Guess feature will automatically explain the transaction, for example as Sales, and explain the fees as Bank/Finance Charges. These will be marked 'For approval' in the Stripe bank account in FreeAgent for you to approve.

Stripe disbursements

When the payment into your business bank account from Stripe imports into your Stripe bank account and the corresponding transaction imports into your business bank account in FreeAgent, FreeAgent’s Guess feature will automatically explain the transactions as a transfer between the accounts.

Please note that both transactions may import into the relevant bank accounts on different days and if the you explain a transaction in one bank account as a transfer between accounts and the corresponding transaction hasn’t yet imported into FreeAgent, a manual bank transaction will be added for the corresponding amount. However, when the corresponding transaction imports into FreeAgent, Guess will merge the manual transaction with the imported transaction to prevent any duplicate transactions being created.

The Stripe payout may take up to seven days to appear in your main bank account. If you notice that a payment received via Stripe has not reached your main bank account on the specified date, you would need to contact Stripe to investigate this further.

Stripe refunds

If you have sent a refund to your customer, the payment won’t be automatically explained in FreeAgent. Therefore, once the transaction imports into your Stripe bank account in FreeAgent, you’ll need to explain it to the relevant category.

If the refund relates to an invoice that you created in FreeAgent, you can create a credit note and then explain the bank transaction as a Credit Note Refund.

If the refund doesn’t relate to an invoice that you created in FreeAgent, explain the transaction as a Sales Refund instead.