Reconciliation and Accounting | wallee.com

Reconciliation and Accounting

wallee synchronizes transactions into cloud accounting system or provides you with an export of your transaction data that can be used to import. This reduces your monthly accounting effort drastically.

Reconciliation and Accounting

While your business grows you need to make sure that you are also able to manage your back-office financial processes and make sure that they are in line with your legal and financial reporting needs. Reconciliation and Accounting describes the process where we check that you as a merchant receive the expected funds from your payment provider and at the same time we ensure that they can be exported or synchronized into accounting systems.

We have conducted a survey among merchants and we found out that today's merchant spend approximately 3 to 4 working days every months depending on their volume to reconcile and account for their payment transactions in their accounting software. There is therefore a huge potential to save time and costs that can be used otherwise as those processes can be automated or at least massively simplified.

The Reconciliation Process

The reconciliation process describes the process where pay out reports and bank account statements are imported into the application and matched against the payment records in your shop. Reconciliation serves multiple causes:

  • It allows to check the integrity and correctness of the received payouts by your payment processor.
  • As payouts are received as compound entires of all transactions that happened that day it is also useful to see how transaction costs and revenue are split up.
  • The reconciliation entries are fundamental to import the transactions made in the application into the financial statement of a company by generating the journal entries based on this information.

The reconciliation feature is not available for all payment methods and highly depends on your setup. Especially for the credit cards it depends on the used acquirer. Should your acquirer or payment method not be available now, we encourage you to get in touch with us so that we can check what would need to be done in order to integrate it.

You can contact us via the support page.

Accounting Synchronization

Beside the reconciliation you want to make sure that the reconciled transactions can be exported into your accounting application so that you are able to report for turnover and expenses. wallee will help you to synchronize and export all gathered data during the transaction process and synchronize them into your accounting software. Here is how it works:

  • First of all you setup an account processor for your bank and for your payment service provider. This will make sure that bank and payment files will be imported automatically. Where not automatic import is available yet you will have to regularly upload the files.
  • As soon as you start processing payments through wallee, payment and debtor recrods will be created and matched against payout records of your payment processor.
  • The matched entries can now be exported or synchronized into selected accounting software.

The accounting feature will be available very soon inside wallee. We will keep you posted when there are updates and once it becomes available.

If you are interested get in touch with our sales team.

Accounting Integrations

We are currently planning to integrate the accounting synchronization into the following systems:

Should your platform not be on the list we encourage you to get in touch with us so that we can plan our development accordingly.

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