Record Overseas Transactions Along with CC charges
Hi All,
We receive payments via stripe in multiple currencies and stripe takes around 2.5% fees. The amount is settled in INR into our local bank.
What should be the currency of the income account used for Stripe payments?
Here is a sample flow that we are considering at?
- Create stripe income account in INR (base currency)
- create all customer invoices in their local currencies (USD, GBP, EUR etc).
- Record customer payment in Stripe INR income account
- Add expense entry by removing the Stripe fees in INR.
- Add transfer entry from Stripe to Local Bank INR
Is the above approach correct or there is more to it?
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