Step 1: Stripe Connection
Whether you are setting up your account for the first time (photos #1, #2, #3) or adding another form of payment (start from the photo #4, then you will be redirected to #3) you can connect your Stripe account.
Step 2: Authorization
After pressing on Connect button you will be redirected to the Stripe homepage to grant your permission. After that you will be redirected back to the app.
Step 3 (optional): Selecting the accounting company
In case you have several accounting platforms connected to your account in Synder, the app will give you the option to select accounting company you would like your Stripe transactions to go to. Otherwise you will not have this step.
After you selected the accounting company you would like to use for synchronization, the app will redirect you to the standard setup configuration option, which are used by 80% of our users. You can press on “I’m ok to start” and start syncing or select “Go step-by-step” to set up the app in the extended mode.
Step 4: Set up your Sales Settings
Now you can set up your Sales settings.
Please select Stripe Bank Account* created by the app as a Bank account.
This will customize where your transactions are going to be stored in Xero. You will be able to also set some Default Settings here for changing the search of customer names priority, however all of the settings can be customized later.
*Stripe Bank Account will be automatically created by the app in your Bank Account section, as a clearing account, which represents your Stripe in Xero accounting company. All the transactions that the app syncs can be found there. We do not recommend to use your actual checking account here, as fees will not be accounted for properly.
Step 5: Set up your Product Settings
Step 5 allows you to set up Product settings.
Leave Generic product off, if you would like the app to bring into your Xero all the product names from Stripe. If you would like to use one generic product for all sales, enable Generic Product setting.
Additional Settings are optional, you can customize them later.
Product Income Account setting will be applied only for newly created products (or as a default Category for products with no income account associated with them in your Xero).
Get product name from a description for Stripe charge – will treat Stripe payment description as a product name field and bring this name over into Xero.
Step 6: Set up your Tax settings
Enable taxes only if you have taxes set up under your Stripe. Synder will not apply taxes to transactions, however it can account for taxes correctly if there were any in Stripe.
Step 7: Set up your Fee settings
Step 7 allows you to set up your Fee settings.
Please choose the Supplier you prefer (most likely Stripe). Select the account to categorize your Stripe fees under Category field (for example Bank Service Charges).
This will customize where the fees are reflected in Xero.
Step 8: Set up your Payouts settings
Make sure you selected your actual Checking account in Transfer funds to field. Payouts enabled will automate your Checking account reconciliation process a lot, they will automatically create transfers from the clearing account created by the app (Stripe Bank Account) to your checking.
Step 9: Set up your General settings
Step 9 allows you to set Auto-sync feature, it will sync all further Stripe transactions automatically with no confirmation. In case you need to sync existing Stripe transactions use Import Old Transactions tab on the left hand side menu after the setup is finished.
Step 10: Finish your set up
Step 10 allows you to finalize the set up by choosing to auto-sync all incoming payments from now on (Start to sync) or importing and subsequently manually syncing old transactions (Import old transactions).
Congratulations! Your account is set and ready to import from Stripe and sync transactions to Xero.