Stripe allows you to accept payments in different currencies based on the currency of each customer invoice.
For example:
A customer receives an invoice in CAD and pays in CAD
Another customer receives an invoice in USD and pays in USD
Stripe processes these payments individually but can combine them into a single payout, depending on your payout configuration.
How Stripe Payouts Affect Kolleno Reconciliation
To streamline automatic payout reconciliation with your accounting system through Kolleno, we recommend configuring Stripe to issue each payout in the same currency in which the payment was received.
This approach not only reduces Stripe's foreign exchange (FX) fees but also assists Kolleno in accurately matching each payment with its corresponding payout.
Recommended Payout Configuration
To improve reconciliation and reduce FX fees, Kolleno recommends configuring Stripe so that:
Each payout is issued in the same currency as the original payment
This allows Kolleno to:
Match each payment to its corresponding payout more accurately
Improve automated reconciliation with your accounting system
Example
Customer A pays an invoice in CAD
Customer B pays an invoice in USD
If Stripe is configured for single currency payouts, both payments may be converted and paid out together in USD.
If multi currency payouts are enabled, Stripe issues:
A CAD payout for the CAD payment
A USD payout for the USD payment
Enabling Multi Currency Payouts in Stripe
Log in to your Stripe Dashboard
Go to Settings
Navigate to Payouts
Open the Balances section
Select Manage payouts
Choose Manage bank accounts
Add or update bank accounts for each currency you want to receive payouts in
This allows Stripe to pay out funds without converting currencies unnecessarily.
Additional Stripe Documentation
To learn more about how Stripe payouts work, refer to Stripe’s official documentation:
https://stripe.com/docs/payouts
