The reconciliation process for gift cards occurs when a gift card was purchased at one franchise or location but used at another. To set up the reconciliation feature, follow the steps outlined here.
Things to know:
- To reconcile between 2 locations belonging to different franchises, global DB must be activated.
- To reconcile between 2 locations within the same franchise, Global DB does not have to be activated.
- Reconciliation for gift cards is based on the gift card amount used (redeemed) at the destination location x adjustment rate set on parent.
- Reconciliation records are created each time a ticket is closed if reconciliation is active at the time. We do not calculate retroactively on already closed tickets if you set reconciliation to start in the past.
- Case 1 - Client A bought a gift card at location A on May 1, 2021, and redeemed it at location 2 on May 8, 2021. Reconciliation was not configured until June 1st, 2021, the transaction for client A will not be reflected in the reconciliation report.
- Case 2 - Client A bought a gift card at location A on May 1, 2021. Reconciliation was not configured until May 8, 2021. Client A redeemed the gift card at location 2 on June 2, 2021. The transaction for client A will be reflected in the reconciliation report as the redemption occurred after reconciliation was configured.
Once the necessary steps are taken to set up the reconciliation feature, see an example below of how it all works for gift cards.
Configuration on parent
% of the price to transfer - This is the percentage of the service, product, or class value that should be transferred to the providing location from the location where a gift card was originally purchased.
- 5% of services
- 30% of products
- 20% of classes
The client bought a gift card at Franchise 1- Location 1.1 but used it to pay for a class, service, and product at Franchise 2 - Location 2.1
- Price for service - $60
- Price for class - $70
- Price for product - $30
Service - 5 % x $60 =$3
Product - 30 % x $30 = $9
Class - 20 % x $70 = $14
Total to be transferred -> $3 + $9+ $14 =$26
MyTime will debit (deduct) $26 from location 1.1 account and credit (deposit) $26 to location 2.1 account.
This information can be seen in the Reconciliation Detailed Report which can be accessed by going to Dashboard > Reports > Reconciliation Detailed Report.
- Reconciliation for Memberships
- Reconciliation for Packages
- Reconciliation Detail Report
- ACH Fee for Reconciliation