[youtube https://www.youtube.com/watch?v=1JLK2ontUcQ&w=560&h=315]
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.
Check out our other videos or visit our websiteto set up a free test account.
Source: Youtube
Using NetSuite with Multiple Currencies, Subsidiaries, and Stripe Accounts
http://suitesync.io/
Learn more: https://dashboard.suitesync.io/docs/multiple-currencies#multiple-currencies
Payments in multiple currencies is fully supported. The integration will automatically reconcile payments in a foreign currency to the correct deposit with the converted destination currency amount.
Transcript:
If you’re running a business with multiple subsidiaries or charge customers in multiple currencies, SuiteSync takes care of currency conversion and bank reconciliation.
Here are some common ways Stripe & NetSuite are set up:
You can use one Stripe account with a single settlement currency, a Stripe account with multiple settlement currencies, or, you can use multiple Stripe accounts linked to multiple NetSuite Subsidiaries.
Let's look at converting a currency into a single settlement currency in Stripe:
In this account, all currencies are converted to British Pounds. For this payment, the customer is charged 100 Canadian dollars which is converted to 54 British Pounds by Stripe using the current exchange rate.
SuiteSync automatically creates a NetSuite payment for this record. Let’s look at the NetSuite Payment. SuiteSync creates the payment for the gross amount charged to the customer in Canadian dollars. The exchange rate used to convert Canadian Dollars to British Pounds for this payment is added to the NetSuite record. SuiteSync later adds the converted amount in British Pounds to the bank deposit.
When Stripe sends a batch payment to your bank, normally you create a bank deposit by manually entering the converted amount for each payment in this column.
SuiteSync handles this process automatically. SuiteSync reconciles the payments contained in the payout to a bank deposit in NetSuite and calculates any processing fees. For each payment, SuiteSync adds the converted currency amount, which ensures the deposit amount always matches what you receive in your bank.
Let’s look at multiple settlement accounts in Stripe:
If we look at the ‘balance dashboard’ in Stripe we see two different settlement currencies. Additional settlement currencies can be added to avoid automatic currency conversion. Stripe separates the incoming payments by their currency. For each currency, Stripe creates a separate payout. SuiteSync automatically creates a separate bank deposit for each payout in NetSuite.
Let’s look at how SuiteSync supports multiple Stripe accounts linked to multiple NetSuite Subsidiaries:
You can have multiple Stripe accounts linked to one subsidiary in NetSuite. An example of this is using a separate Stripe account for each product, or using a separate Stripe account for each currency. You can also have separate Stripe accounts connected to different subsidiaries in NetSuite. An example of this is having a Stripe account and subsidiary for each country you operate in.
SuiteSync has a payment link for invoices and orders along with an Automatic billing system which work with multiple Stripe accounts and multiple currencies. Check out our other videos or visit our website to set up a free test account.
