‘Silver Siphon’ is an accounting product delivered by the software company named Aktura Technology, which aims at developing web applications and software products for small business. This web application acts as a buffering agent between ‘Xero’, a small business accounting software and ‘Stripe’, an online payments solution.
Silver Siphon, thereby, helps to reconcile transactions with respect to invoices generated in Stripe for a payment that has taken place; which is then imported into the Xero accounting software. These imported stripe transactions and other Pin Payments accounting can then be automatically reconciled like other bank transactions. This feature of Silver Siphon enhances the performance of small business, online accounting software, such as Xero, by importing payments from online payment solutions and automatically reconcile these transactions with the invoices generated in online business accounting applications.
Silver siphon thus acts as a link between payment applications and an accounting software by integrating the transactions through three simple steps:
Now, these imported transactions need to be accurately categorised based on factors like income, expense and asset. This is made possible by ‘Banking Rule option’ that is provided by QuickBooks software. In this way, creation of rules on bank accounts for selected fields help in managing transaction activities for frequently imported transactions; which needs to be regularly checked in an efficient manner within a limited frame of time.
Banking Rules for imported transactions help to segregate uncategorised banking entities that do not fit within the set bank rules and thus saves time in identification of valid transactions.