Reconciliation and Accounting

Reconciliation describes the process of verifying the integrity of data between banking statements or other associated reports from payment services providers and a company’s internal financial records.

Reconciliation

Reconciliation refers to the reconcilement of payout records on the bank account against the transactional data in the shop and the payout records of the payment processor. When discrepancies are found, investigation is performed to determine the appropriate corrective action. This data builds the foundation to automate and book the revenues and income in the companies' internal book keeping software.

Reconciliation Process

wallee functions as a matching engine between bank reports and payment transactions in your online shop.

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. Reconcilation 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.

Transaction Import and Matching

Transactions will be imported and reconciled automatically through wallee.

Depending on your bank account or payment provider we do provide you with a report processor that allows either the manual or automated import of the files into the application.

After the files are imported we do the reconciliation of transactions automatically. We are able to identify matched and unmatched transactions rapidly. Stop the insanity of ticking and tying spreadsheets manually and refocus your efforts on investigating discrepancies. Based on the information gathered from the reconciliation files and matching process we are then able to synchronize this information into your accounting software to easy your accounting efforts massively.

Payment Trace

As soon as the transactions are matched, information regarding revenue, transaction costs, bank account payout entries are stored on the transaction. This information is needed for the further import into the ERP.

The matched transactions also give you transparency. You are now able to trace a transaction and see to which payment on your bank account this transaction belongs to. We are working with ERP and accounting software provider to export this information into account platforms in the future.

Dunning

Reconciliation is not only used for credit cards we also use it to process invoices and match incoming payments to open invoices for certain invoice formats such as the ISR Payment Slips in Switzerland.

You can manually upload the payout report of your bank and match payments to the invoices. We do support the legacy format of .v11 and the new ISO 20022 format camt. As soon as the amount is fully paid the invoice is automatically closed. In case the payment is overdue we start to send a reminder via email or print it based on your dunning flow settings.

Default interest rates and dunning fees are added based on your settings. More Information about ISR can be found on our ISR Product Sheet.

Dunning Documentation

Cloud Printer Documentation

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