Overview
To access Finance Reconciliation, navigate to the Finance tab> Finance Reconciliation and you'll be able to track estimated vs. actual payouts, POS vs. off-premise reconciliation and get detailed transaction insights.
Finance reconciliation offers an overview of the overall revenue, deductions, actual vs. estimated payouts, and payment discrepancies for the selected time.
Payment difference
Payment difference refers to the difference between expected and actual payouts across all sales channels, primarily due to the error charges and marketing/ad fees.
Payment differences can be filtered for a specific period and it offers a breakdown of the following:
Total Revenue: The Total Revenue for the defined period
Deductions: Various deductions (such as delivery fees, tips, marketing fees, payment transaction fees, etc.)
Tax to be paid: This is the tax amount based on the total revenue. It's important to note
Estimated Payout: This is the initialy expected earning amount before any adjustments
Difference Bifurcation: This is part of the adjustments between the Estimated payout and the Net Payout. It categorizes variances such as error charges and payout adjustments
Refund by Voosh: These are the issued refunds that contribute to the payout adjustments
Net Payouts: This is the final payout, calculated after accounting for differences and refunds.
Tax Breakdown: Below the payment differences, you can see the high-level tax information. This is a breakdown of the total tax amount remitted by the channels to either the state or the merchant for the selected time.
Payment Drilldown
If you scroll down the Finance Reconciliation tab, you can see the Payment Drilldown that gives a detailed view of orders captured on POS vs 3PD, and transactions and deductions from the revenue:
Estimated vs. Actual Payouts
Here you can compare the expected payouts with the actual amounts deposited.
You can see the total Revenue, defined as gross sales or total revenue generated before deductions for the selected period. Also, you can track the Estimated Payout which is calculated as the location's gross sales minus the deductions for the selected period. Also, you can see the Actual Payout defined as the location-based Net payout received for the selected period.
This data helps clients identify and resolve discrepancies, whether they're due to fees, commissions, or marketing adjustments.
POS vs. Third party
This feature allows clients to align Sales Data across all sales channels
Here we can reconcile POS data with off-premise orders from platforms like UberEats, ezCater, and DoorDash. This feature ensures that the sales data matches up, giving a unified view of the finances and preventing any revenue loss.
You can view:
The Order difference between the number of orders received on POS vs 3PD
The Subtotal difference between the subtotals of orders received on POS and 3PD
The Status difference between the status of orders received on POS vs 3PD
Tax details
The next tab offers tax information broken down to location level and it shows Tax remitted to the State and Tax remitted to the Merchant per location/ channel.
Tax remitted to the state is only done in states that are marketplace facilitators. All other states have the tax remitted to the Merchant.