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Reconcile a Payout

Reconcile a Payout

Owned by Sauharda Rawat (Unlicensed)
Last updated: Mar 17, 2020
2 min read

When you add a payout, the Eshopbox App uses a set of rules to reconcile each transaction in the report. If a transaction satisfies any defined reconcile rule, it is matched to a receivable for information and reconciliation is initiated. This is done for both receivables and payables.

This process helps you to:

  • track and understand payments for your receivables,

  • make sure you are not charged payables more than your agreed rates.

Before you start

  • You have subscribed to a Sales channel.

  • You have configured fees for payables you want to reconcile

  • You have configured all transaction rules and added all applicable fees to it.

  • You should have booked a payout report.

How it works

Following steps are performed by Eshopbox app to reconcile a payout report:

  1. Record each transaction of a payout report containing an amount value, either debited (-) or credited (+).

  2. Assign a name to identify what does the amount relate to. Receivables are assigned 'receivable amount' and Payables are assigned the name of the fee used to calculate it.

  3. Assign the fund transfer date to all recorded transactions.

  4. Each transaction recorded would perform any one of the below actions in your Eshopbox App:

    1. Receive funds for a receivable. You can receive payment either partially or completely. This is a credit transaction and is stored as a positive value.

    2. Issue a refund for a receivable. It occurs when at least a single item returned. This is a debit transaction and is stored as a negative value.

    3. Create a payable. It can be created in any of the payables statuses. This is a debit transaction and is stored as a negative value.

    4. Receive a refund for a payable. This is a credit transaction and is stored as a positive value.

  5. Assign a status by comparing and matching the recorded transaction with the expected amount. A receivable can have following statuses: Paid, Awaiting Payment or Refund. Whereas a payable can have one of the following statuses: Reconciled, Disputed or Failed. Click on the link to learn more about the building blocks and their statuses.

 

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