Reconciling entries related to online payments

You offer online payment on your forms (memberships, donations, events, and product sales). This article explains how these payments can affect your bank reconciliation statements.

• Reconciling e-wallet entries
• An entry doesn't appear on your statement
• Mistakes to avoid

Reconciling e-wallet entries

Recording online payments in your books

You've enabled online payment on your platform and offer this option in your forms. This means funds are collected into an e-wallet, not directly into your bank account.

Here's how this is reflected in your bookkeeping:

• Transactions affecting your bank account are recorded under account 512;
• Transactions affecting your e-wallet are recorded under account 517.

Your bank reconciliation statements only cover bank entries and transactions — that is, movements on account 512. It's therefore expected that e-wallet entries (account 517) won't appear directly on these statements.

Getting e-wallet entries to show up on your bank account

For funds from your e-wallet to appear in your bank account (and therefore in your bank reconciliation statements), you first need to transfer the available balance. This article explains how: View and manage your e-wallet (past and upcoming payments)

Once funds are transferred from your e-wallet to your bank account, the software automatically generates the relevant entries — no action required on your part. For reference, funds transit through account 580000. The example below shows the book entries generated during the transfer.

Example: I want to transfer $1,000 available in my e-wallet to my bank account. Here are the book entries generated automatically:

Your bank reconciliation statement therefore shows:

• the receipt-of-funds entry on your account 512 - Bank accounts (on the right);
• if you import your transactions (via a bank file or Linxo), the receipt-of-funds transaction on your bank statement (on the left).

Please note: your bank statement shows the total amount transferred to the account. It cannot display each individual payment received in the e-wallet as a separate line item.

An entry doesn't appear on your statement

You can't find the e-wallet entries on your bank reconciliation statement. Here are a few simple checks to run depending on the situation:

• The total amount appears, but not the detail of each transaction
• The e-wallet transfer date is incorrect
• The transfer appears in Linxo but not on my bank statement

The total amount appears, but not the detail of each transaction

For example, several members paid their membership online, and you then transferred the collected funds from your e-wallet to your bank account. As explained above, only the total transfer amount appears on your bank statement and in your books — individual payment details are not shown.

To find this information, you can either:

• go to the relevant form (filtering by payment method: Online Payment);
• check your wallet statement (Online Payment > My Wallet Statement);
• go to Accounting > Documents > Contact General Ledger to view entries linked to a specific person.

The e-wallet transfer date is incorrect

When you transfer funds from your e-wallet to your bank account, there may be a few days between the transfer request and when the funds actually arrive in your account.

If that's the case, you can update the date on the transfer's book entry to match the actual bank transaction date. To learn how, see this article: Edit or delete a book entry

The transfer appears in Linxo but not on my bank statement

You've set up automatic import of your bank transactions via Linxo. Please note that imports run every night — you'll need to wait until the next day to see your transactions on your bank statement.

For more information, this article can help: What to do if bank transactions aren't importing?

Mistakes to avoid

E-wallet entries are generated automatically. You should never manually enter entries related to the e-wallet.

For example, suppose you manually entered membership entries into your bank account in order to see the detail of online payments in your bank reconciliation and match them against the receipt-of-funds transaction.

This causes your bank balance to be doubled, because:

• you're recording payments made online (account 517) directly in your bank account (512);
• when the e-wallet is transferred to your bank account, a receipt-of-funds entry is automatically generated from your e-wallet (517) to your bank account (512).

The funds are therefore recorded twice in account 512 (Bank).

Further reading:

• Tracking reconciliation and discrepancies
• View and manage your e-wallet (past and upcoming payments)