Calculating and Splitting Stripe UTC deposit/fees

For facilities using the new RGP Stripe Custom integration, this tool will use your actual fees from your Stripe Custom account to create a new line item for Stripe fees on the Journal Entry Report and with Quickbook Transfers.

Update for Stripe Standard account: Because of fee modifications Stripe implemented on 9/14/2017, this feature is only applicable to RGP customers who signed up for a Stripe Standard account on or BEFORE 9/14/2017. (For customers who signed up for a Stripe account AFTER 9/14/2017, this feature may not create accurate settlement splits.) For U.S. and Canadian customers only. However, his feature can be used for any Stripe Custom users in any region. If you have any questions please contact RGP Support.

RGP can split out Stripe Fees and create the UTC splits for your facility so that calculations in RGP match your daily deposits on your bank statement.

Why is this feature helpful?

1. Stripe deducts their fee from each deposit/transfer
2. Stripe batches all payments on the UTC Time Zone (4-7 hours ahead of any US time zone)

A Stripe deposit (UTC Time) may span two days (local time), and once split by UTC time zone the fees removed will never match amounts collected by RGP for that day.

What does the Stripe Journal Entry and Quickbooks Export feature do?

When enabled in your Journal Entry Reports, or Quickbooks Export:

1. RGP will take each Stripe amount and deduct the Stripe fees, creating a separate line item for the fee.
2. If the Stripe transactions in your local time zone span two UTC days, it will split the amount by UTC time.

Issues to be aware of:

1. This is an estimated deduction/split: RGP does not control how Stripe deducts and splits each deposit.
   
   
2. Due to timing differences for sales vs refunds and how quickly they hit your bank account, if there are refunds, split amounts can be off by one day. You may need to make an offsetting adjustment so the differences from the two days match your bank statement.
   
   
3. Due to the UTC split, if you have transactions that are split over two local time zone days, you will need to combine the two UTC split days in order to match your bank statement (example: 8/1/2017 UTC.SPLIT2 + 8/2/2017 UTC.SPLIT1 = Deposit Amount)
   
   
   
   
4. The amount in the extra line for fees that are split will need to be matched up to an expense account (such as Merchant Processing) when entering/importing into your accounting books.

This feature is disabled by default.

To enable, go to Data Entry → Settings → Manage → Integrations

Click on the button shown below, place checkmarks where indicated if you are using a Stripe Custom account, and click OK.