Currently, a refund in Stripe must be done within the Stripe website. You can do a full refund or a partial refund. A refund should be processed as a negative Journal Cash Receipt entry.
Note: The Stripe integration to Accounting Seed supports multi-currency credit card transaction processing. ACH transaction processing is limited to USD.
Process a Stripe Refund
- Navigate to Accounting Home and click the Create Entries tab. Then, under the Revenues menu, click Cash Receipts.
- Select a list view (other than the Recently Viewed list view).
- Navigate to the Cash Receipt that you want to refund. Highlight the Payment Reference field and copy the value.
- Log into the Stripe website. Paste the Payment Reference information in the search field. The corresponding payment record in Stripe displays. Click into the record and click Refund payment.
- Click the radio button to select Full refund or Partial refund.
- Click Refund.
Note: The refunded amount should take 5 to 10 days to display on your customer's statement.
The refund then needs to be entered into Accounting Seed:
- Create a Journal Entry for the gross amount. In this case, a Journal Entry with a $63 debit to either a refund or revenue GL account and a credit of $63 to the related bank account.
- Record the Stripe fees as usual with a separate Journal Entry.
- Create a Bank Deposit, which will include the two Journal Entries (above) along with any other Cash Receipts related to that batch.