I've just installed the Xero app on Shopify, and in the settings, there is something called [Export your payout fees and adjustments from Shopify Payments]
There's a dropdown to choose something, I presume an account, but my dropdown is empty.
Two questions:
(1) how does this work? I presume it can create the necessary double entries in Xero for the Stripe processing fees.
(2) Is there something I need to do in Xero to create this account? Currently I had an an Expense account called "credit card processing fees" as I was manually entering in invoices for the full amount, and reconciling to the Stripe payments in my bank account feed.