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Reconciliation Setup

Reconciliation

 

This feature and corresponding reports allow child accounts to transfer payments for gift cards, packages, and memberships from one child account to the next. 

*At this time, this is not available for reconciliation for multiple locations on a single child account. 

Setup:

This is enabled from the Parent account. This will apply to all child accounts. 

Business Setup > Settings > Compensation Settings > Reconciliation Settings


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Reconciliation Setup includes 5 sections: 

1. Toggle to enable or disable Reconciliation Settings

2. Designation for what will be reconciled

  • This will allow you to choose 1, 2 or all 3 options.

3. The percentage of the dollar value that will be transferred from one child account to another. 

  • This is a set percentage for all child accounts.

4. How Frequently reconciliation will run for your accounts

  • We recommend it once a month. 

5. Reserve Bank Data- Typically this is a corporate account. 

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Some key notes about Reconciliation: 

  • If there is not a bank account or the bank account is not allowing deposits (invalid, closed, etc) No deposit will be made to that child account. The funds will stay within the reconciliation pool until it has been updated. 
  • If funds cannot be collected from a child account that owes, this will stop the reconciliation process. To avoid this you will want to set up a reserve account. This ensures that funds are still collected. 
  • Changing the Reconciliation Frequency is not recommended once it has been set.
    • In the event you do have to change it, it will run a reconciliation once the change has been set, and will begin from the date of the change.  
    • We recommend it once a month.
  • The overall goal of this reconciliation process is to utilize as few bank transactions as possible.
    • To best do this the amount owed and the amount due for each child account is taken into consideration. If the amount they owe and are due equal out, Nothing will be collected or paid to them as the net amount equals $0.
    • All the funds collected are put into a “pool” to then be transferred to the child accounts that are owed money. 

 

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