Reconciliation is particularly important for businesses (small and large) in the wellness industry, as this helps in preventing fraud and corrects financial statement errors, resulting in smoother operations.
Zenoti understands this need and allows you to perform a reconciliation of your collections and payouts. The reconciliation report displays a list of all of your collections and compares it with the payouts received. This gives you a complete picture of what your collections were and what your payouts were for a given time.
This report is especially helpful to the business owners and the accountants.
Note: The reconciliation report is only available for businesses on Zenoti Payments.
See the below infographic for more information:
Before you Begin
- To enable Zenoti Payments Reconciliation Report, reach out to Zenoti Support.
- You can view the reconciliation report only if you have the Reconcile Payments role permission:
- At the organization level, navigate to Admin > Organization > Security Roles > <Employee Role> > Permissions > Administrator > Payments > Reconcile Payments.
To View the Auto-Reconciliation Report
- Do one of the following:
- If you are reconciling at the organization level, navigate to Org Level
Admin > Zenoti Payments > Reconciliation.
- If you are reconciling at the center level, navigate to Center Level
Admin > Zenoti Payments > Reconciliation.
The Reconciliation report and the report preferences pop-up appears.
Note: The first time you open the report, it is mandatory for you to set up your preferences.
Reconciliation Time Interval:
- Weekly: Select this option to reconcile for a weekly payout period.
Note: The beginning date for the reconciliation, for the preference Weekly, is picked up from the Week Starts On setting in the Hours tab of the center settings.
- Monthly: Select this option to reconcile for a monthly payout period.
- Automatic Approval: Specify Yes, if you want Zenoti to automatically approve the reconciliation report if there are no errors or No, if you want to manually approve the reconciliation report every time.
Note: The view of your dashboard is completely based on the options you select in the View/Edit Preferences window. If you set the preferences as Weekly, you will see a week wise data for reconciliation. Similarly, if you select Monthly, the dashboard displays month-wise data.
2. Select the filter criteria and run the report.
3. The report runs and displays the following:
4. You will see the following columns in this report:
- Payout Period: This column displays the period of reconciliation. The period of reconciliation will change based on the report preferences you set. For example, you may have set your preference to a week or a month. If you have selected a week, your payout period could be 1 March to 7 March. Similarly, if you have selected a month, your payout period could be 1 March to 31 March.
Note: The Zenoti reconciliation report allows you to reconcile the payouts and collections for the past week or past month (depending on the set preferences). Reconciliation of current week’s transactions can only be done in the following week.
- Payouts: This column displays the payouts deposited in your bank account for the reconciliation period.
- Collections: This column displays the collections received during the reconciliation period.
- Difference: This column displays the difference between the payouts column and the collections column.
- Reconciliation Status: This column displays either of the following statuses:
a) Reconciliation Pending: The reconciliation for the particular period is not yet run. Click Start to begin the reconciliation for the selected period.
b) Reconciled/Reviewed: The reconciliation for this period is done and you
have successfully identified the collections and its corresponding payouts.
Click Payout Details to view all the payout information for the given period. Similarly, click Collection Details to view the collections information for
the given period.
c) Reconciled/Not Reviewed: The reconciliation for the particular period is run,
but there are some mismatches that are yet to be reviewed. Click Review
to proceed with the review of the mismatched transactions.
d) Not Reconciled/Not Reviewed: The reconciliation for this period is available
but is not yet reconciled and reviewed. Click Review to proceed.