Third party cash sale entries and reconciliation

Hi 

Its a bit difficult - what do you want to achieve. Which system do you want to reconcile?

I take it that the paypal payments are in the bank daily but the rezdy payments are only done weekly? Am I correct?

You could just simply enter all the payments to the bank account in MYOB directly as sales ( or if they take a commission grossed up sales less commission taken)and reconcile the rezdy account to ensure that all expected payments have been made.

 OR

You can enter the daily sales into MYOB from Rezdy as an invoice for the day. You can save as a recurring transaction.

Then as you receive paypal and rezdy payments into your bank you can apply them against the relevant invoice.by receiving payments against the invoice.

You can make any adjustments to the daily invoices for trips not taken etc by either amending the invoice or creating a credit for them and appling to the invoice

Hope that helps

Lisa

Hi Lisa,

Thank you for your prompt response.

You are correct in saying that the Paypal transactions are received in the Paypal account daily and hence we have to enter the sales each day despite knowing that Rezdy won't be correct at the end of the week. I like your suggestion to make adjusments to the entries I've entered during the week once we get the rezdy payout report. Rezdy is set up as an asset account and they receipt the deposits that we get into our bank against Rezdy Pay and that's what makes it so hard to reconcile and make adjustments as you suggested. I think that it would be better for me when the payout figure sits in the bankfeed to click spend money and bring up the cash sales and apply the amount, record the commision and make an adjustment at the same time. What do you think Lisa. :)

Thank you,

Monika 

Hi Monika,

When you say this:

Rezdy is set up as an asset account and they receipt the deposits that we get into our bank against Rezdy Pay and that's what makes it so hard to reconcile and make adjustments as you suggested.

Do you mean that the sales are coded to the asset account in your GL ?

eg

The week

Mon

6 trips booked @ $ 20 =$120

Tues

5 @$20 = $100

Wed 

20 @ $20= $400

thur

10@ $20 = $200

fri 

5 @ $20 = $100

You record an invoice for rezdy coded to the asset account for each day

M  $120

T  $100

W $ 400

T $200

F $100

Total $920

So the Rezdy asset account has $920 sitting in it

So when you receive the money on friday  you receive  $828 from Rezdy

Lets say they take out 10% commission ( $92)

So at present you have produced 5 invoices for the week that equal $920

In you bank feed you have received $828 payment 

You could then enter a credit note for Rezdy from Sales and code against commission ( if there are other fees etc you code those here) that totals $92

So from the bank feed ( or receive money in sales) you Receive payments

Select Rezdy as the customer 

You should get a warning about the credit note which tells you that you can apply it to an invoice or automatically.

Receive all and the total  should match the bank feed.

So therefore you reconcile the Rezdy asset account as it has paid you the $960 ( less GST)as expected and you have accounted for the commission expense for using their platform for $92( less GST )

At the time of creating the credit note you can also account for any cancelled/refunded trips by allocating them to the rezdy asset account therefore reducing the balance.

Paypal if it is part of the rezdy invoice should be treated the same way, i.e. received against the invoice less any commission etc

Hope that this helps and I have understood correctly

Lisa 

Hi Lisa,

No, sales get allocated to one of the income accounts depending what trip this is and we use Job Codes. Rezdy has been set up as an asset account such as Paypal, Bank account etc. And yes, any payment received from Rezdy directly to the bank accounts gets recorded against Rezdy, so via bank feeds, receive money the full amount against Rezdy 11366 - commission $xx = $xx amount received into the bank account. Nothing against the cash sales that has been created on daily bases. I was told that I just pay that off at the time of entry - regardless of knowing if that amount was going to match what Rezdy payout. They then expect me to reconcile that like a bank account. Impossible. I have just tried your suggested method of adjusting the cash sales already entered against the amount received in the bank. In the bank feed I clicked Receive payments and bring up all the cash sales. I then went through the remittance and tried to best match it, but it is a nightmare still, but I feel like the correct revenue is reflected at least. But going forward let's say I would use the other suggestion - Rezdy Payout Excel Spreadsheet and enter the income retrospectively after receiving the payment, I come across a problem of not having the Paypal transactions included. Maybe I would just have to go through Paypal and enter that after, however we have these Job codes allocating income from different trips as the boss likes to see which venture is most profitable so I have to run those daily reports in Rezdy as they show not only what activity the income is coming from and allocating that to the correct income account and also I'm able to sort by all types of payments, (refunds, Paypal, Rezdy). Also the huge problem is that nobody has reconciled anything since June 2021 and Rezdy doesn't give you a statement so it's a bit hard to get the balances right. Hopefully you'll be able to find the best way going forward.

Thank you Lisa,

Monika 

Are you able to private message me and attach some of the reports you are using so I can get my head around what you are working with?

I can try to formulate a way forward for you but I need to understand the processes 

job classification is no problem

cheers

lisa

Hi Lisa,

I'm not sure how to share privately. Sorry new to all this. :)

Thank you,

Monika 

If you press on my  I'd a few icons come up and send message is on the bottom

Otherwise if you are happy to just attach some reports to a reply you can do that

lisa