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Reconciling Payments in Xero/Quickbooks

Every time uCollect initiates a collection on an invoice (or when a customer uses PayNow to pay an invoice) uCollect will mark that invoice as paid in Xero/Quickbooks.  The payment is is recorded in the Xero/Quickbooks Bank account (or other payments-enabled ledger account) nominated in your Payment Gateway setup (Edit Organisation screen) in uCollect.  Every invoice will have a separate payment transaction, even if there were multiple invoices in that batch (this is due to Xero/Quickbooks not allowing the creation of Batch Deposits through the API – but this proves to be helpful when dealing with returned payments).

Reconciling uCollect payments in Xero/Quickbooks is pretty easy.

  1. Find the incoming settlement transaction on the left side of the Reconcile tab.
  2. Click “Find & Match”
  3. In the search area enter “Payment” to filter the list to only payments.  You can also enter the uCollect batch number or the payment code that you entered into the gateway settings (e.g., “DD”).
  4. Select the items that make up the settlement batch (they should all be the same date, and a few days before your settlement date – depending on your gateway).  If your gateway settles gross of commission then the settlement amount should be EXACTLY the sum of the payments.
  5. If your gateway settles net of commissions and uCollect has calculated an expected commission, enter the name of the gateway contact (e.g., “Stripe” – you set this in the Gateway definition) and click “Show Payments”.  If uCollect has calculated a commission then it should be listed here.
  6. If there are commissions that uCollect hasn’t calculated, use Adjustment, Bank Fees to add the commission to balance your batch.

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Got lots of transactions?

If you have lots of transactions then we recommend that you DO NOT post payments to your normal bank account.  Instead, use a “fake” bank, or clearing, account.  To do this:

  1. In Xero/Quickbooks create a new bank account.
  2. In uCollect go to Edit Organisation, edit the gateway definition and change the nominated bank account.
  3. When a settlement transaction comes in through your bank statement feed code it as a TRANSFER to the clearing account.
  4. In the clearing account you activate Mark as Reconciled (help icon, Enable Mark as Reconciled) if it is not already activated.
  5. For each settlement batch, select all the elements in the batch (you may need to create a Spend Money transaction for any fees or adjustments) – the total of the selected transactions should be 0.00.  Click Mark as Reconciled.

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