Reconcile SQID Payments settlements in Xero [Video]
Simple reconciliation of SQID Payments settlements in your Xero online accounting system.
Steps to reconcile SQID Payments settlements
- Find the SQID Settlement deposit in the left side of your reconciliation screen in Xero.
- Click Find and Match button to get a list of your transactions to match to the deposited amount
- Tick off the invoices that match the transactions in your settlement report you received from SQID Payments
- When you have all the transactions the “out of balance” amount should match the “fees” component on the settlement report.
- Click the Adjustment button and fill in details to get the deposit to balance with the invoices selected.
A few tips to make reconciliation of SQID Payment Settlement easier with Xero Accounts
- SQID fees include GST so to make it easier to calculate this GST component create a separate account for SQID Fees
- The reference ID you entered is shown in the settlement report for each transaction. This can be the quickest way to locate transactions in your invoice list, so you have up to 50 characters available for a Reference ID so be creative! Some examples you could use Invoice numbers, dates of purchase, product codes, student number, training course number, or whatever you find easiest to identify the sale.