Using Silversiphon for importing transactions in accounting software
What is Silversiphon?
‘Silver Siphon’ is an accounting product 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.
Importing stripe transactions
Silver Siphon, thereby, helps to reconcile transactions with respect to invoices generated in Stripe for the payment. Then you have to import them 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. It imports payments from online payment solutions and automatically reconciles these transactions with the invoices the online business accounting applications generate.
Silver siphon thus acts as a link between payment applications and accounting software by integrating the transactions through three simple steps:
- Import transactions from Stripe and keep it ready for synchronisation with online business accounting software
- Crunch transaction data by converting it into a readable statement format to reconcile
- Integrate with a bank account in an accounting solution such as Xero for easy reconciliation and application of bank rules
Now, these imported transactions need to be accurately categorised based on factors like income, expense and asset. QuickBooks software provides the ‘Banking Rule Option’ which makes this possible. In this way, creation of rules on bank accounts for selected fields helps 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. Thus save time in identifying valid transactions.