Reconciling Zip Payments in Brewquets

Shopify will automatically create and pay the Zip Payments invoice in XERO. The invoice is created for the full value of the products, without accounting for the Merchant fees.

The actual payment of the invoice is recorded in the Shopify Holding account. The physical transfer of the amount less Merchant fees is then paid to the Master bank account, and needs to be transferred to the holding account. A bank rule has been created to handle this. Clicking OK below will then send the payment received in the Master account (where the money has physically landed) to the Shopify the account to partially balance the transaction.

This still leaves the Merchant fee unaccounted for. On a monthly basis a disbursement report is generated from ZIP Money to handle the Merchant fees. This report goes into Reamaze and will be forwarded to [email protected]

The file can be saved into the folder located at:

The total fees are calculated by summing the Merchant Fee incl Tax and Transaction Fee incl Tax columns in the disbursement spreadsheet.

Once the total is known a bill in XERO is created as at the last day of the relevant month, and the Merchant fee is included (after removing the negative sign) and the Account is Merchant Fees, with GST inclusive.

Once saved the Bill is then paid off to the Shopify Holding account, again on the last day of the relevant month.

Pressing the Add Payment button will pay the bill off against the Shopify holding account. This will then balance the transaction in the Shopify account, correctly record the Sale amount, and account for the Merchant fees.