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Lesson 8 Reconcile Your Payouts

Lesson 8 Reconcile Your Payouts
 

Overview

Payouts are simply cash transfers from one account to another; they are not a batch of transactions. Payouts are like transferring cash from one personal bank account to another.

In this lesson we cover:

  1. Reconciling payouts
  2. Ensuring data completeness

Reconciling Payouts

If you have bank feeds set up in your accounting package, transactions (deposits) will appear that represent the payouts from your selling platform.

Since Greenback exports the sales and expense data, while we leave the transfers to your bank feed, every deposit in your bank feed can be simply marked as a transfer on your books. Your accounting package may either remember you did this after the first time, or you can set up a rule to have it do that every time.

Ensuring Data Completeness

To ensure data completeness with reconcile payouts, the best practice is to reconcile overall balances and net-profits.

Additionally, if you have set up a funds accounts for your selling platform in your Chart of Accounts, then the balance in your selling platform should match it. The only exception would be a payout currently in-flight (since bank transfers can take a few days).

-> Reconciling Payouts and Transfers Guide



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