The last few years, we have been on an integration spree; we’ve integrated with Stripe, Paypal, BrainTree and others in the past. Integrating payment gateways with your accounting software is absolutely essential for you to track payments that have been made through online invoices.
While it’s easy to get paid instantaneously, the reconciliation of (non-Zoho Books) deposits and refunds can be a nightmare! And the fact that the money isn’t immediately deposited to your bank account can give you a convoluted picture of your financials.
Would it not be wonderful if the implementation between a payment processor and an accounting software were such that you can monitor deposits and refunds, get a clear picture of the processing fees, how much the gateway owes you and above all, how much actual money you’ve got – all at one place!
Jinx! That’s exactly what we thought! And that’s exactly what we’ve done.
We haven’t just “integrated” with Stripe; but, made it inherent to Zoho Books. This type of integration is the first of its kind and it’s be no hyperbole when we say so. Ooh! I almost forgot. The integration is about as automated as it can get that matching the transfer fund to your bank feed is the only thing you’ll ever have to do!
‘I use Stripe for almost all my transactions and this integration with Zoho Books was essential. Not only can I easily accept payments through my invoices, but I can also categorize each payment that comes in, and sync them with previous invoices. This saves me so much time and effort when it comes to reviewing my financials.’
– Jonathan Perez, SureFire Web Services
How it works
The money that your customers pay through Stripe accrues over time with each transaction, in a virtual account in Zoho Books, called Clearing Account. This is deposited in your bank account as a consolidated total (Stripe takes some for its service). The transactions that take place through Zoho Books get mapped to the invoices, automatically. As for the rest, Zoho Books creates a transaction called “Sales Without Invoices” equivalent to the total payment. et voilà! An easy reconciliation!
Stripe accepts payments in 139 currencies, and so when it comes to international customers, Zoho Books gives you more leeway; you can have multiple Clearing Accounts holding different currencies. This makes it easier to transfer funds to multiple banks ergo the reconciliation process gets simple.
The Stripe+ Zoho Books Advantage
Connecting to Stripe and getting paid is just a matter of minutes through Zoho Books.
Zoho Books lets you receive partial payments through Stripe so that you could cut your customers some slack or honor a premeditated arrangement.
Zoho Books handles ‘Auto Charge‘ effortlessly with . The associated credit card is charged periodically by Stripe and Zoho Books takes care of the reconciliation part.
Make the most of the all new Stripe Integration; might come handy. Share how this integration helped you. We are all ears.