This guide will show you how to apply Zip pay or Zip Money and reconcile the payment in Xero once received.
Create sale in Lightspeed and reconcile in Xero
Note
If you need to apply a Zip Pay merchant fee to a NetSuite Invoice that has been imported into Xero, please scroll further down and follow the instructions under the title "NetSuite Invoices in Xero'
Example Use Case:
Susy Dirtypool buys $214.07 of product for you. The sale is created in Lightspeed and Susy Pay’s via ZIPPAY.
The next day the Zippay appears on your bank feed for the total amount less $5 fees. Total amount received into bank accounts = $209.07
Lightspeed
Create the sale in lightspeed > click on Pay > Select payment type 'other'. When you close the register, the payment will record the payment in the 'undeposited funds - lightspeed' account in Xero.
Note
Like in-store sales made using the windcave payment type, when you select the payment type 'other' you will see the sale as part of your register close totals in Lightspeed and that payment will go into your 'Undeposited Funds - Lightspeed' account in Xero. The actual sales (invoice) does not sync to Xero on the customer account.
Xero bank reconciliation
In Xero the bank statement line usually appears in your bank feed (right hand side) the next day.
1. Click Add details (on left hand side)
Enter details
- From = Zip Pay
- Reference = enter approiate reference (eg. Client & invoice number)
- Total = The actual amount received on bank statement (in this example $209.07)
- Description = enter appropriate descriptions (eg. copy from reference)
- Account = undeposited funds - lightspeed
- unit price = Total amount of sale (in this example 214.07)
New line
- Description = enter appropriate descriptions (eg. copy from reference)
- Account = Merchant fee
- Unit Price = amount of merchant fee represented as negative number (in this example -5)
- Check that the total matches the amount received in your bank statement.
2. Save Transaction
3. Reconcile
NetSuite invoices in Xero
NetSuite Invoice unpaid in Xero
In the bank feed, click on Match and find the invoice to be paid and select it
Scroll down to section 3 > select Adjustments > Bank Fee
Enter Detail ensuring you select the Merchant fee account
Click Reconcile
