How to Configure Stripe for Transaction Processing
By connecting your Stripe account to MonkeyPod, you can unlock the ability for MonkeyPod to process certain transactions for you, and in some cases to even record them automatically in your books. Most importantly, this includes the ability to create online fundraising pages with a wide range of donation options. You'll also be able to receive credit card payments for invoices and pledges.
Both Stripe and MonkeyPod charge small fees for processing these credit card transactions. Stripe's base pricing is 2.9% plus $0.30/transaction. MonkeyPod charges an additional 1% of each transaction it processes.
MonkeyPod fees only apply to transactions that MonkeyPod processes. If you use your Stripe account to process transactions outside of MonkeyPod, then you will only be responsible for Stripe's fees on those transactions.
Note: When MonkeyPod auto-records a transaction in your books, the transaction processing fees are included in the accounting record, so you'll always know exactly how much you're spending.
How do I connect Stripe to my MonkeyPod?
To connect Stripe to your MonkeyPod, open the Apps & Integration menu, then select Fundraising, locate Stripe, and select View in marketplace.
Next, select Install. You'll be asked to confirm the installation before proceeding.
How do I configure Stripe with my MonkeyPod?
Once you've installed Stripe, you'll need to connect and configure your account. Select Manage / Update Settings to get started.
From here, you can select Connect to Stripe. You'll be redirected to the Stripe website and asked to login or create an account.
Where are funds from Stripe recorded in my MonkeyPod?
By default, when you integrate MonkeyPod with Stripe, any revenue from Stripe will be recorded in a single Payouts Receivable account. You can find this account by reviewing your Chart of Accounts.
You can, however, customize where your Stripe-processed transactions are recorded. For example, you can create a dedicated account for Stripe funds, making it easy to see exactly how much is coming in and how much Stripe is holding on your behalf. This is especially helpful if you're also using our Eventbrite integration, as by default, funds from both integrations will be recorded in the same Payouts Receivable account.
To change the default account for Stripe, you'll first need to add an "Other Current Asset" account.
Once you've created an account, head to the Stripe integration page to adjust your settings. To get there, select the Apps & Integrations menu, and then select Stripe.
Record where pending payouts, payouts, and collected sales tax should be tracked or deposited to in your MonkeyPod accounts. Verify that the accounts listed here match how Stripe is setup for your organization. Use the edit icon next to each account type to choose the desired account.
If you've made any changes, be sure to select the Save Changes button.
Once you've got your accounts correctly mapped here, you're all set!
Important! Changing your bank account settings here do NOT change them with Stripe. Make sure these settings reflect whatever you've setup in your Stripe dashboard.
What about when Stripe sends money to my bank account?
Whenever Stripe sends money to your bank account — this is called a "payout" — MonkeyPod is notified automatically. When that happens, MonkeyPod automatically records an account transfer from your pending payouts account to the specified bank account. No manual bookkeeping is required!
Frequently Asked Questions:
Do I need to import my financials before I can connect to Stripe?
No, you don't. You can go ahead and connect to Stripe as soon as your Fundraising Pages are ready to go. Transactions that you record via Stripe will begin being auto-recorded in MonkeyPod (along with payouts from Stripe to your bank account).
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