Diagonal Wallet¶
Diagonal Wallet holds the money of a Workspace: invoices, payments, payouts, and the books that record them. Staff with the Manage Diagonal Wallet permission open it from Diagonal Wallet in the System Admin sidebar.
The Diagonal Wallet page lists each accounting entity first, with the state of its Stripe account and its latest payout. An entity that needs attention comes first. A row without a badge takes payments and has no open problem. The Accounting section opens the invoices and the list of accounting entities.
Accounting entities¶
An accounting entity is a separate set of books, for example a chamber of commerce and its foundation. Each entity has its own chart of accounts, its own Stripe account, and its own QuickBooks Online company. An invoice belongs to one entity, and its payment goes to the Stripe account of that entity.
Open an entity from the Diagonal Wallet page or from Accounting entities. The page of an entity has one row of tabs:
| Tab | What it shows |
|---|---|
| Payments | The payments that the Stripe account received, with refunds and disputes. |
| Payouts | Each bank deposit, with the payments, refunds, and fees in it. |
| Disputes | Payments that payers dispute with their bank, and the evidence to answer. |
| Balances | The available and pending funds, and the payout schedule. |
| Stripe account | The bank account, the accepted payment methods, and the card processing fee. |
| Details | The name and description, the default entity, and deactivation. |
| Chart of accounts | The accounts that the entity's books use. |
| QuickBooks | The QuickBooks Online company and the account matching. |
Use the entity list at the top right to open the same tab of another entity. Each entity that needs attention shows its state in the list, for example (payout failed) or (Stripe action required). An entity with no Stripe account shows only the Stripe account tab and its books tabs.
The header of an entity shows only the states that need attention:
| Badge | Meaning |
|---|---|
| Payments paused | Stripe stopped payments and payouts until you answer its review. |
| Payout failed | The latest payout did not reach the bank account. Select View the payout to open it. |
| Payout canceled | The latest payout was canceled before it left Stripe. |
| Stripe action required | Stripe needs information or a review before it continues payments or payouts. |
| Stripe onboarding incomplete | Stripe needs more information before the entity can take payments. |
| No Stripe account | The entity takes no online payments. |
| Inactive | The entity takes no new subscriptions, accounts, Stripe or QuickBooks connections, or account matches, and it cannot be the default. Its history stays available. |
Default entity¶
The default entity gets each new invoice and subscription that has no accounting entity. To change it, open the entity, then select Make default… on its Details tab. A workspace with one entity has no choice to make.
When the default entity changes, each payer's Default Payment Method field changes to the payer's default card on the Stripe account of the new default entity. When the new default entity has no active Stripe account, the field is cleared. Invoices that already have an entity, and payments, do not change.
Stripe accounts¶
Each entity connects its own Stripe account on its Stripe account tab. Stripe asks for the business details and the bank account of the entity. Invoices of the entity cannot be paid online until Stripe completes onboarding.
When Stripe requires action on an account, the Diagonal Wallet page and the entity menu mark the entity, and other System Admin pages show the Stripe banner of the account. The entity page shows the Stripe banner with a Review button. Complete the review there.
The Stripe account tab has these sections:
- Business and bank account: the details that Stripe holds, and the bank account that receives payouts.
- Accepted payment methods: cards and US bank accounts for new payments.
- Card processing fee: an optional surcharge that payers pay on card payments. It is a different fee from the payment processing fees on a payout.
- Advanced: disconnect the Stripe account. Setup and support details holds the Stripe account ID and, on the default entity, the payer customer sync.
Payouts¶
Stripe pays the available balance of each Stripe account out to its bank account on a schedule. The Payouts tab lists each payout, newest first. Open a payout to see its arithmetic and the transactions in it:
| Term | Meaning |
|---|---|
| Gross payments | The payments in the payout. |
| Refunds & disputes | The money returned to payers. |
| Payment processing fees | The fees that Stripe kept for processing the payments. |
| Other adjustments | Other movements, such as a returned payout. |
| Payout amount | The amount that Stripe sent to the bank account. |
Stripe details… opens Stripe's view of the payout. Download CSV exports its transactions. Reconciliation report on the Payouts tab matches automatic payouts over a date range with the transactions in each one.
Failed payouts¶
A payout fails when the bank rejects it, for example because the bank account details are wrong. Diagonal Wallet shows a failed payout on the Diagonal Wallet page, in the header of the entity, and on its Payouts and Stripe account tabs. The message includes the reason from Stripe. The Payouts tab marks the payout Failed, funds returned.
When a payout fails, Stripe returns the funds to the balance of the entity. Stripe pays them out again after the bank account is updated:
- Select Update the bank account, or open the Stripe account tab of the entity.
- In Business and bank account, sign in to Stripe when it asks, and update the bank account.
- Stripe includes the returned funds in a later payout. The returned amount appears as a Returned payout in that payout.
A canceled payout stays in the balance of the entity and is paid out later.
When an older failed payout's funds are already in a later payout, the page of the older payout names that later payout and links to it. In the later payout, the Returned payout line links back to the payout that returned the funds. Only the latest payout tells you whether anything is still outstanding.
What to do depends on the reason from Stripe:
- Bank account details: update the bank account, as above.
- Insufficient funds: the Stripe balance did not cover the payout, for example after refunds or disputes. Stripe pays out again when the balance covers it. You need to do nothing.
- Other reasons: open Stripe details… on the payout to see what Stripe needs.
Disputes¶
A dispute starts when a payer asks their bank to reverse a payment. The Disputes tab lists each one. Open a dispute to send Stripe the evidence that answers it, before the date that Stripe shows.
Card processing fee¶
An entity can add a surcharge to card payments, to pass on the cost of card processing. Turn it on in Card processing fee on the Stripe account tab, then set the name and the percentage that payers see before they confirm payment. Bank payments do not get the fee. The example on the page shows what a payer pays on a 100.00 payment.
Chart of accounts¶
The chart of accounts lists the accounts that an entity records payments, payment processing fees, and payouts in. Open the Chart of accounts tab of the entity, then select New account… to add one. Each account has a code, a name, and a type. An inactive account keeps its history and takes no new entries.
QuickBooks Online¶
Each entity can connect one QuickBooks Online company on its QuickBooks tab. The company of a connection cannot change. After you connect the company, open Account matching to match each Wallet account to a QuickBooks account.