The Stripe integration with Ember can be very useful for some clients however, it is important to note that it isn't suitable for every client who uses Stripe.
PLEASE NOTE - THE STRIPE INTEGRATION IS ONLY SUPPORTED FOR LTD COMPANIES
In this article we will explore who is suitable to connect a Stripe account, what the benefits of it are and how to connect your Stripe account.
Will the integration work for me?
For the Stripe integration to work, you must be using Stripe's invoicing feature as opposed to just using Stripe as a payment processor. You need to be using the invoicing feature for all payments received from Stripe for the feature to work.
Important: if you are using Stripe invoicing for your subscription business, or raise invoices in Stripe which are sent to your customer then the integration will work for you.
However, if you run a website and use Stripe as a payment method at checkout, but these payments do not relate to a specific invoice in Stripe, then the integration will not work and you should not connect it.
If you're unsure, please get in touch with our dedicated support team via intercom before connecting the Stripe account so that we can discuss whether this would work for you!
You can do so via the Intercom icon in the bottom right corner of Ember.
What the integration does
The Stripe integration does a few things to make your life easier.
Automatic creation of invoices within Ember matching your invoices from Stripe
Automatically creating all your products from Stripe within Ember
Automatically creating all your clients from Stripe within Ember
Automatically posting journals in Ember to reflect the platform fees that are deducted by Stripe
Automatically reconciling and matching payouts from Stripe to the respective invoices
How to get set up
Firstly, you would need to hook up your Stripe account in the manage section.
navigate to Settings
click manage connections
select Stripe and click connect
From here you will be redirected to Stripe to connect up your account with Ember
After this point, Ember will sync with Stripe (similar to a bank connection - this may take a few minutes!)
What happens next?
The invoices that are in Stripe are synced to Ember
The products that are in Stripe are synced to Ember
The clients that are in Stripe are synced to Ember
Your payouts from Stripe are created as journals in Ember to account for platform fees, and allocating the payments to each invoice
What do I need to do
Almost everything is done for you with the integration except for reconciling the bank payment transaction
You will need to reconcile the payouts from Stripe that hit the bank account to the "Payouts from Stripe" category. Do not use the "Sales" category as this won't reconcile correctly.
What is done for me
Ember posts the journals in the manual journals tab to mark invoices as paid
Ember posts the journals in the manual journals tab to account for the fees deducted by Stripe
Things to note
The stripe logo next to an invoice, product or client means it raised in Stripe and integrated with Ember
Have any more questions?
If you are unsure then please reach out to our talented team of qualified accountants who are always on hand to offer expert advice as and when you need it.