If you’re running a business with multiplesubsidiaries or charge customers in multiple currencies, SuiteSync takes care of currencyconversion and bank reconciliation.
Here are some common ways Stripe & NetSuiteare set up: You can use one Stripe account with a singlesettlement currency, a Stripe account with multiple settlement currencies, or, you canuse multiple Stripe accounts linked to multiple NetSuite Subsidiaries.
Let's look at converting a currency into asingle settlement currency in Stripe: In this account, all currencies are convertedto British Pounds.
For this payment, the customer is charged100 Canadian dollars which is converted to 54 British Pounds by Stripe using the currentexchange rate.
SuiteSync automatically creates a NetSuitepayment for this record.
Let’s look at the NetSuite Payment.
SuiteSync creates the payment for the grossamount charged to the customer in Canadian dollars.
The exchange rate used to convert CanadianDollars to British Pounds for this payment is added to the NetSuite record.
SuiteSync later adds the converted amountin British Pounds to the bank deposit.
When Stripe sends a batch payment to yourbank, normally you create a bank deposit by manually entering the converted amount foreach payment in this column.
SuiteSync handles this process automatically.
SuiteSync reconciles the payments containedin the payout to a bank deposit in NetSuite and calculates any processing fees.
For each payment, SuiteSync adds the convertedcurrency amount, which ensures the deposit amount always matches what you receive inyour bank.
Let’s look at multiple settlement accountsin Stripe: If we look at the ‘balance dashboard’in Stripe we see two different settlement currencies.
Additional settlement currencies can be addedto avoid automatic currency conversion.
Stripe separates the incoming payments bytheir currency.
For each currency, Stripe creates a separatepayout.
SuiteSync automatically creates a separatebank deposit for each payout in NetSuite.
Let’s look at how SuiteSync supports multipleStripe accounts linked to multiple NetSuite Subsidiaries: You can have multiple Stripe accounts linkedto one subsidiary in NetSuite.
An example of this is using a separate Stripeaccount for each product, or using a separate Stripe account for each currency.
You can also have separate Stripe accountsconnected to different subsidiaries in NetSuite.
An example of this is having a Stripe accountand subsidiary for each country you operate in.
SuiteSync has a payment link for invoicesand orders along with an Automatic billing system which work with multiple Stripe accountsand multiple currencies.
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