Once you start taking payments in Upstock, you’ll receive weekly payouts. Each payout includes customer payments, refunds and transaction fees for the period.
When you receive a payout, you’ll need to reconcile it in your accounting system. If you use Xero you can automate this process. If you use another accounting system, the Payouts Report in Upstock will help. Here’s what you need to do…
1. Identify the payout
The payout will show as an unreconciled bank statement line in your accounting system.
The first thing to do is identify the matching payout in Upstock. Go to Reports › Payouts Report. The report lists all of the payouts you’ve received.
Use the info shown in the report (date, reference, amount, etc) to help identify the payout that matches the one shown in your accounting system.
2. Match customer payments with invoices
Once you’ve found the matching payout, drill into it. You’ll see a summary of all the transactions that make up the payout.
Match each customer payment with an invoice in your account system. Use the date, amount, customer name, etc to find the correct invoice. When you’ve found the matching invoice, reconcile the corresponding portion of the payout to the invoice and mark the invoice as paid.
3. Match refunds to credit notes
If the payout includes any refunds, reconcile each refund amount to a credit note in your account system. Note that fees charged when the payment was collected are not refunded.
4. Record transaction fees as an expense
At the bottom of the report, the total transaction fees are shown. The fees you paid should be recorded as an expense in your accounting system. Note that the transaction fees include GST. The total GST amount is also shown at the bottom of the report.
When you’re finished the invoices, credit notes and fees expense will equal the payout amount. We recommend following this process regularly, to keep your accounts up-to-date and to avoid mistakes.