Xero | EOD Merchant Sweep - Reconciling Windcave payments (Undeposited Funds)

When you go-live with the new systems Vital, Lightspeed and Xero, you need to re-create / re-enter in Xero the transactions processed in NetSuite between conversion date and your go-live date.  This can done when reconciling the bank statement in Xero. 

How to reconcile Windcave deposits recieved.

Depending on the date of the deposits you will either match the deposit to transactions (eg. invoices & cash sales) impoted into Xero from NetSuite OR will code to the undepostied funds - lightspeed, Undepostied funds - Vital or Undeposited funds - Xero.

VIDEO GUIDE:  Reconcile bank deposts (incl. Windcave)

1. Payments processed in NetSuite before conversion date & deposit received after conversion date

This deposit amount usually equals the amount that was sitting in your NetSuite 'undeposited funds' account as at your books balanced date and is typically added to the Undeposited funds - lightspeed account in Xero as your conversion balance.   

This deposit be coded to the Undeposited Funds - lightspeed account. 

2. Payments and related deposit received between conversion date and go-live date

These deposits need to matched against the transactions imported into Xero from NetSuite.  Some FP's refer to the EOD report in NetSuite to identfy the transactions that match the amount deposited.  Alternateively use the Windcave settlement report.

3. Payment and releated deposit is received after your go-live date

These Windcave deposits need to be coded to the related Undeposited Funds account. This will offset the transactions in the related undeposited account and reflect the payment in the bank account. 

Reason why you need to code to the related undeposited funds account is that  windcave payments are made via lightspeed, vital or xero the invoice is marked as 'paid' and the payment transaction goes into the releated Undeposited funds account.

Note:  since the Windcave daily cut off is set by Windcave the Bank Deposit received from Windcave may not equal the daily payments pushed by Lightspeed into Xero if a Lightspeed payment is received after the Windcave cut off (eg. a customer pays an invoice online late at night after Windcave has already cut off payments for that day).

TRANSACTION REPORT RECONCILING TO UNDEPOSITED FUNDS ACCOUNTS

Create a contact in Xero 'EOD Merchant Sweep' to put all our sweeps into one location. 

Steps and screenshots as follows;

1. Open account transaction reports 

•         Accounting > Reports> Account transactions (if starred will be in the starred reports)

•  Select accounts (1004-001,1004002,1004003)
•  Select date range (day of the transactions you are performing the sweep for)
• Click 'update'

This will give you the amount that needs to be deposited from each undeposited location. Example below

2. Navigate back to your bank feed and find the deposit 

• On LHS select 'Add Details'

1. From = EOD Merchant Sweep
2. Date of transactions *not date it landed in the acocunt*
3. Reference (eg. EOD08092024)
4. Description (eg. EOD08092024 - Vital)
5. Unit price = closing balance undeposited Lightspeed (from the account transaction report)
6. Account = select the related undeposited funds account (in this eg. 1004-002 Undeposited funds - Vital)

7. Save transaction 

8. Match >OK

Repeat for undeposited vital and Xero (if you have it)