Managing Credits for Families
Managing Families and Billing Plans
Canceling an Invoice and Handling Overdue Payments
Transaction Reconciliation: Matching Payouts with Invoice Payments
Understanding Payouts: How Businesses Receive Funds
Understanding Auto-Deduct to Collect Payments from Families
Accepting Payments: How Parents and Students Can Pay Invoices
Processing Refund Requests for an Invoice
Editing Existing Invoices
Bulk Invoice Generation for Multiple Families
Splitting Payments for a Manual Invoice
Understanding Transaction Fees When Processing Invoices
Understanding Invoice Statuses
Understanding Automated Invoicing
Overview of All Invoicing Features
Advanced Invoicing for Multi-Tutor Businesses
Understanding Invoicing Subscription Plans
Understanding Manual Invoicing
Introduction | Invoicing by Evallo
Transaction Reconciliation: Matching Payouts with Invoice Payments
Transaction Reconciliation: Matching Payouts with Invoice Payments
Here's how you can reconcile transaction information from Evallo with your bank account.
What Is Transaction Reconciliation?
Transaction reconciliation is the process of comparing the payments received (as reflected in your bank deposits) with the invoices generated and marked as paid in Evallo. This ensures that there are no discrepancies between what parents have paid and what your business actually receives. Essentially, it’s a way to validate that the payout you see on your bank statement corresponds with the payments recorded in Evallo.
What Is Transaction Reconciliation?
Transaction reconciliation is the process of comparing the payments received (as reflected in your bank deposits) with the invoices generated and marked as paid in Evallo. This ensures that there are no discrepancies between what parents have paid and what your business actually receives. Essentially, it’s a way to validate that the payout you see on your bank statement corresponds with the payments recorded in Evallo.
Steps to Reconcile Your Transactions
1. Gather Your Payment Records
Start by collecting all the relevant data:
Log in to your Evallo admin dashboard and navigate to the Invoices section.
Filter your invoices by status, focusing on those that are marked as "Paid".
Export or print a list of these invoices, including the invoice ID, total paid amount, and the payment date.
If you have received
email confirmationsfor processed payments, keep those handy as well.
Steps to Reconcile Your Transactions
1. Gather Your Payment Records
Start by collecting all the relevant data:
Log in to your Evallo admin dashboard and navigate to the Invoices section.
Filter your invoices by status, focusing on those that are marked as "Paid".
Export or print a list of these invoices, including the invoice ID, total paid amount, and the payment date.
If you have received
email confirmationsfor processed payments, keep those handy as well.
2. Obtain Your Bank Statement
Next, access your business bank account to download your bank statement covering the same period as your Evallo invoice records. Look for deposits that correspond to the payout amounts you expect based on your invoices.
2. Obtain Your Bank Statement
Next, access your business bank account to download your bank statement covering the same period as your Evallo invoice records. Look for deposits that correspond to the payout amounts you expect based on your invoices.
3. Compare the Data
With both sets of records in hand:
Match each invoice’s total paid amount with the corresponding deposit in your bank statement.
Note any differences in amounts or dates. Often, you may see that deposits appear a day or two later due to processing times (remember, payouts take up to 2 business days).
Verify that the net amounts received (after any convenience fees are deducted) match what your invoice records show.
3. Compare the Data
With both sets of records in hand:
Match each invoice’s total paid amount with the corresponding deposit in your bank statement.
Note any differences in amounts or dates. Often, you may see that deposits appear a day or two later due to processing times (remember, payouts take up to 2 business days).
Verify that the net amounts received (after any convenience fees are deducted) match what your invoice records show.
4. Identify Discrepancies
If you notice discrepancies:
Confirm that all invoices included in the payout period are accounted for.
Check whether any invoices might have been processed late or if there were adjustments made for refunds.
If some transactions are missing or the amounts don’t add up, record these details for further review.
4. Identify Discrepancies
If you notice discrepancies:
Confirm that all invoices included in the payout period are accounted for.
Check whether any invoices might have been processed late or if there were adjustments made for refunds.
If some transactions are missing or the amounts don’t add up, record these details for further review.
5. Follow Up on Issues
Should you find any unresolved differences:
Contact your bank first to verify that all deposits are correct.Then, reach out to Evallo Support with the specific invoice numbers and details. Provide copies of your invoice records and bank statement segments so they can assist with any discrepancies.
5. Follow Up on Issues
Should you find any unresolved differences:
Contact your bank first to verify that all deposits are correct.Then, reach out to Evallo Support with the specific invoice numbers and details. Provide copies of your invoice records and bank statement segments so they can assist with any discrepancies.
Best Practices for Effective Reconciliation
It’s a good idea to reconcile your transactions on a regular basis—weekly or monthly, for instance—to ensure that issues are identified early . Keeping a detailed log of your reconciliation process, including any notes about adjustments or follow-ups, will help streamline future audits. Although Evallo does not currently offer integrated reconciliation tools, maintaining organized records will help you manage your
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