Multi-Entity & Multi-Currency
This page covers how SyncFast handles businesses with multiple entities, multiple Stripe accounts, and cross-currency scenarios.
Multi-Entity Support
If you operate multiple legal entities or brands, each with its own Stripe account, SyncFast supports connecting them all.
Multiple Stripe Accounts → One QuickBooks Company
This is the most common multi-entity setup. You connect several Stripe accounts and route them all to a single QuickBooks company, using different revenue accounts to keep the books separated.
Example: A company with US and EU storefronts:
| Stripe Account | Revenue Account | Fee Account | Bank Account |
|---|---|---|---|
| US Store | Sales - US | Processing Fees - US | Business Checking |
| EU Store | Sales - Europe | Processing Fees - Europe | Business Checking |
Each Stripe account has its own Account Mapping configuration, so transactions are categorized correctly.
Multiple Stripe Accounts → Multiple QuickBooks Companies
If each entity has its own QuickBooks company file, you can set up separate connections for each. Each Stripe-to-QuickBooks pair operates independently with its own mapping and sync configuration.
Multi-Currency Transactions
How Stripe Handles Currency
Stripe settles payouts in the settlement currency of your Stripe account, which is typically the currency of the country where the account is based. For example:
- A US Stripe account settles in USD
- A Canadian Stripe account settles in CAD
- A UK Stripe account settles in GBP
If a customer pays in a different currency (e.g., a EUR payment on a USD Stripe account), Stripe automatically converts the funds and includes any FX fees in the payout.
How SyncFast Records Multi-Currency Payouts
SyncFast records all journal entries in the settlement currency of the Stripe account, i.e. the same currency as the payout to your bank. This means:
- A USD Stripe account → journal entries in USD
- A CAD Stripe account → journal entries in CAD
The amounts recorded in QuickBooks reflect the post-conversion values (what Stripe actually deposited), including any FX fees bundled into the total fee line.
Cross-Currency Example
A CAD Stripe account receives a payment of €85.00 from a European customer:
- Stripe converts the payment to CAD $125.00 (at the current exchange rate)
- Stripe charges a processing fee of CAD $3.93 (including FX spread)
- Stripe deposits CAD $121.07 to your bank
SyncFast records:
| Account | Debit (CAD) | Credit (CAD) |
|---|---|---|
| Stripe Deposit | $125.00 | |
| Sales Revenue | $125.00 | |
| Payment Processing Fees | $3.93 | |
| Stripe Deposit | $3.93 |
After this journal entry posts, Stripe Deposit has a net balance of CAD $121.07, matching the payout Stripe will deposit. When the deposit appears in your bank feed, you match it to Stripe Deposit to clear the balance. The original EUR amount is not recorded in QuickBooks, only the converted CAD amount.
CAD Stripe to USD QuickBooks
If your Stripe account settles in one currency (e.g., CAD) but your QuickBooks company uses a different home currency (e.g., USD), there are a few things to consider:
- QuickBooks multi-currency feature: If enabled in QuickBooks, you can set up a CAD bank account in your chart of accounts and map payouts to it. QuickBooks will handle the currency tracking.
- Single-currency QuickBooks: If your QuickBooks company only uses USD, you'll need to convert the CAD deposit to USD yourself (e.g., using the exchange rate on the deposit date) and reconcile accordingly. SyncFast records the amounts as reported by Stripe in the settlement currency.
Recommendation: For the smoothest experience, match your Stripe settlement currency with a bank account in QuickBooks that uses the same currency.
Limitations
- SyncFast does not perform currency conversion. All entries are recorded in the Stripe settlement currency.
- QuickBooks Desktop (which has different multi-currency handling) is not supported.
- Stripe accounts that settle in multiple currencies (available in some countries) will have separate payouts per currency, and each is synced independently.
Recommended Setup
| Scenario | Recommended Configuration |
|---|---|
| Single country, single currency | One Stripe → one QuickBooks, standard mapping |
| Multiple brands, same currency | Multiple Stripe → one QuickBooks, per-brand revenue accounts |
| Multiple countries, multi-currency | Multiple Stripe → one QuickBooks with multi-currency enabled |
| Separate legal entities | Multiple Stripe → multiple QuickBooks companies (one per entity) |