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Reconcile bulk payouts from Stripe/PayPal in Xero?

Thousands of transactions per month and only daily payouts from Stripe and Paypal

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I have a problem trying to reconcile any inputs coming into the bank account through Xero. I want to be able to reconsile each daily Stripe/Paypal payout (made up of previous day/few days of website transactions) but have no way oif linking these payouts to the transactions. I have managed to get all transactions creating invoices in Xero but there is no way to link these to the payouts from Stripe/Paypal and it does not take into account any fees or refunds etc. 

I want to be MTD compliant but I also want to be able to keep my bookkeeping up to date without speding hours reconsiling each individual transaction as there is up to 10,000 indivdual transactions per month. But only 20-30 payouts per payment processor. I am sure I am not the only one experiencing this problem but I cannot find a solution anywhere or someone with enough Xero and ecommerce experience to help me out.

I am hoping someone here has either dealt with this problem previously or has a solution that may help. Please advise any help greatly appreciated.

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By Carl London
31st Mar 2020 23:35

I recommend you post daily or monthly totals via a control account. The MTD digital link requirement is deferred for 1 year so your client has time to set it up an API from their website.
With that level of transactions there will always be some small differences -you will go crazy if you try to reconcile everything to the penny!

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