In this guide you will learn how to reconcile Stripe/Shopify/Square/LawPay/Ecwid/Pin Payments transactions synchronized by Synder app to your Checking bank account in Xero company.

There are two ways to do it:

  1. Automated way using Payouts feature (more accurate)

  2. Manual way (creating transfers manually from the Bank Feed)

1. Automated way using Payouts feature (more accurate)

1) Proper Synder setup

2) How to match records in your Bank Feeds in  Xero 

1) Proper Synder setup

Once you have connected your payment system and accounting platform to Synder all you need to do is synchronize your transactions. Synder will automatically create a clearing account in your Chart of Accounts for you, called “Platform Bank Account” (for example “Stripe Bank Account” or “Shopify Bank Account”). On this account you will see all the transactions created by the app in your accounting.
Note: if you connect several platforms you will have a clearing account for each payment system.

For smooth reconciliation:

1 – make sure you have synced with Synder all transactions from your payment system for the period you want to reconcile

2 – Enable Payouts feature and select your checking account in the dropdown. With Synder there is no need to create your deposits equal to your net sales manually (or Add them automatically on your Bank Feeds). Synder will do that for you creating a Transfer from clearing account to the checking account for each net amount deposit.

how to make sure you have synced with Synder all transactions from your payment system for the period you want to reconcile

Precisely Payouts feature will help you to do a one-click reconciliation.

2) How to match records in your Bank Feeds in Xero

1. Go to your Checking account Bank Feeds (or upload your Bank Statement to Xero if needed) 

2. Make sure you see bank record needed  highlighted green on Match tab (if it is not, please click on Find & Match tab and find matching transfer created by Synder)

3. Click OK to confirm the match.

match records in your Bank Feeds in Xero

Useful tips: 

  • Please do not use Create option in Xero Bank Feeds, as this will automatically duplicate the income created by Synder.
  • When Synder synchronizes Payouts creating transfers in your Xero, the balance of the clearing account (for example “Stripe Bank Account”)  should go down to 0, so ideally it should be always equal to your actual platform shown balance (for example your actual  Stripe balance).
  • If you want to reconcile your clearing account created please use a report exported from your payment platform (for example from Stripe/Square/Shopify/etc), or use Synder export to excel feature to export transactions list for your reference (please note, it is not a bank statement and contains only the sales totals).

2. Manual way (creating transfers manually from the Bank Feed)

The overall flow is this: Synder synchronized all the individual Sales transactions and Fees into the clearing account (“Stripe Bank Account” for example) and then you are to create transfers from clearing account to your Checking account for quick reconciliation.

The steps are very easy and are listed below, make sure you have opened your Checking account  under your Chart of Accounts in Xero and then follow the steps:

  1. Find bank records you would like to reconcile (the description of it usually contains name of the platform you use Synder with, like “Stripe”) and switch to the Transfer tab
  2. Select clearing account used by the Synder app (for example “Stripe Bank Account”)
  3. Click OK to confirm the transfer of the specified amount from clearing account  to your checking
opened your Checking account  under your Chart of Accounts in Xero
  1. Do the same 1-3 actions for each record needed in your checking account.

That is it, all your Stripe transactions are ready for reconciliation! 


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