Single settlement reconciliation
This is the simplest scenario for reconciling:
1/ Amazon generates one settlement for the period from February 1st - February 15th:
2/ A2X fetches the settlement and you can either manually send it from A2X to QBO or set A2X to automatically post it for you.
Handy Hint: To enable auto-posting of settlements, go to A2X Settings > Auto Invoicing > Enable Auto-posting Settlements). Find out more about Auto-Posting here
3/ The settlement is sent to Sage and appears as a single Sales Invoice.
You can find the Sales invoice by clicking ‘Sales’ and in the drop down options select ‘Sales invoices’.
You can also search for an invoice by type. Go to ‘Sales’ > ‘Sales Invoice’ then by clicking on More and navigate to Status. Filter invoices by Outstanding, Overdue, Unpaid, Part Paid, Paid, Void, Draft and Pro-Forma
You can select the Sales invoice you've just posted to review its contents:
4/ And finally, reconcile the sales invoice to the Amazon deposit in your bank account.
Go to the Banking tab and click on imported transactions.
As you see below, the sales invoice for £3,273.84 has appeared. You will need to click match.
Then tick the payout which matches the payment transaction of £3,273.84
From there you can go ahead and click 'Match' and the settlement will be entered into Sage and reconciled to the bank deposit.
Split month settlement reconciliation
Our next settlement has now been generated by Amazon, covering period from January 18th to February 1st, with a total settlement value of £8,545.56
In Sage the first invoice will come through as a 0.00 value and the second invoice comes through as the total of the combined two invoices:
The first invoice will have the correct transactions lines as seen in A2X, and will have the carried balance transaction which makes the invoice total 0.00.
The second invoice has the other line items as seen in A2X and also has the carried balance brought forward.
The total amount in the second invoice will reconcile exactly with what the bank has deposited in the bank account. This means you do not need to find the two invoices, just the later of the two to reconcile.
To reconcile this settlement click record payment. Allocate the bank account and method of payment and click record.
Then go into the Banking page and click on import:
You will then need to find the matching settlement amount and make sure to select match.
From there select the transaction that makes up the total amount.
You can then click match and you have successfully reconciled a split month settlement.
Please note: The first invoice totalling 0.00 is not currently reconcilable. The team at A2X are working on bringing this functionality to our Sage users. Watch this space!
Multi-currency settlement reconciliation
Reconciliation for non GBP currency
Open up a Clearing Account bank account (will need to be in GBP)
2. Navigate to Sales Invoices and record payment
3. Make sure that the exchange rate used produces an exact match to what has been deposited in your GBP Bank account (you will need to manually change this in the exchange rate section)
4. Select the correct payment date and choose the bank account to be a ‘clearing account’.
5. Then click record and your payment will show it has been paid.
6. You will then need to go to your Banking page, and you will see the payment amount in the clearing account:
Click on the Banking account you recorded the payment into. In this example it is the HSBC Bank Account.
In the bank account you will find the £1,472.40 deposit. Select the option to ‘transfer’.
Then choose the clearing account and click the blue transfer button.
6. Then go to banking and into the clearing bank account. You will need to go to right hand corner and select ‘reconcile’.
Go ahead and select both transactions to reconcile and scroll to the bottom and click 'finish'.
At the bottom of the screen a notification the reconciliation has been successful will pop up.
This is how a non GBP settlement is reconciled.
If you have further questions, please reach out to us at firstname.lastname@example.org. We would be happy to help you.
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