Third party cash sale entries and reconciliation

Question

Hello everyone,&nbsp;I am really hoping you would be able to help me to find the best way to reconcile sale entries between MYOB and a third party booking platform called Rezdy. We are currently using Rezdy to book diving and snorkelling trips to the Great Barrier Reef. We then take the daily sales reports from Rezdy and enter them into MYOB as Cash sales for that day, some clients might pay with Paypal which we then are able to receipt against the sales. However, with Rezdy it's more complicated as we receive payout settlement remittance once a week for the week but not all bookings we entered into MYOB for that day go ahead due to weather conditions and other factors (perhaps not enough numbers for the boat ride) . I am looking for a best way to be able to reconcile these transactions. Paypal transactions against the sales is reconciled using the statement and creates no issues but Rezdy doesn't provide a bank statement and reconciling is almost impossible.&nbsp;&nbsp;Thank you so much for any suggestions how I could make my life easier.&nbsp;:)&nbsp;

lrbooks61 · Answer

Hi&nbsp;Its a bit difficult - what do you want to achieve. Which system do you want to reconcile?&nbsp;I take it that the paypal payments are in the bank daily but the rezdy payments are only done weekly? Am I correct?&nbsp;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.&nbsp;ORYou can enter the daily sales into MYOB from Rezdy as an invoice for the day. You can save as a recurring transaction.&nbsp;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&nbsp;Hope that helps&nbsp;Lisa

monicka11 · Answer

Hi Lisa,&nbsp;Thank you for your prompt response.&nbsp;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.&nbsp;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. :)&nbsp;Thank you,&nbsp;Monika&nbsp;

lrbooks61 · Answer

Hi Monika,&nbsp;When you say this:&nbsp;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.&nbsp;Do you mean that the sales are coded to the asset account in your GL ?eg&nbsp;The weekMon6 trips booked&nbsp;@ $ 20 =$120Tues5&nbsp;@$20 = $100Wed&nbsp;20&nbsp;@ $20= $400thur10@ $20 = $200fri&nbsp;5&nbsp;@ $20 = $100&nbsp;You record an invoice for rezdy coded to the asset account for each dayM&nbsp; $120T&nbsp; $100W $ 400T $200F $100&nbsp;Total $920&nbsp;So the Rezdy asset account has $920 sitting in it&nbsp;So when you receive the money on friday&nbsp; you receive&nbsp; $828 from RezdyLets say they take out 10% commission ( $92)&nbsp;So at present you have produced 5 invoices for the week that equal $920In you bank feed you have received $828 payment&nbsp;&nbsp;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&nbsp;So from the bank feed ( or receive money in sales) you Receive paymentsSelect Rezdy as the customer&nbsp;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&nbsp; should match the bank feed.&nbsp;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 )&nbsp;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.&nbsp;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&nbsp;Hope that this helps and I have understood correctly&nbsp;Lisa&nbsp;&nbsp;&nbsp;&nbsp;

monicka11 · Answer

Hi Lisa,&nbsp;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.&nbsp;Thank you Lisa,Monika&nbsp;&nbsp;&nbsp;

lrbooks61 · Answer

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?&nbsp;I can try to formulate a way forward for you but I need to understand the processes&nbsp;job classification is no problem&nbsp;cheers&nbsp;lisa

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Third party cash sale entries and reconciliation

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