NetSuite - Payout reconciliation
Payments collected on a given day are grouped together and settled in one lump sum, minus fees. The GoCardless for NetSuite integration retrieves the details of the lump sum payout and the associated transactions (payout items), and reconciles this data within NetSuite.
Payout Reconciliation record
A custom Payout Reconciliation record is created in NetSuite to store the data for each GoCardless payout. These records can be found under GoCardless > Payouts > Payout Reconciliation.
A script runs every 30 minutes to process this data, and generate a linked deposit record (to reconcile the payout items) and journal entry (to reconcile the fees). The following details are populated on the Payout Reconciliation page:
| Field | Description | Editable? |
|---|---|---|
|
Reconciliation ID |
The GoCardless payout ID |
N |
|
Bank Deposit |
A link to the related Deposit which is used to reconcile the GoCardless payout items. This will be populated once the "Status" of the Payout Reconciliation record transitions to "processed". |
N |
|
Journal entry |
A link to the related Journal Entry which is used to reconcile the GoCardless fees that were deducted from the payout. This will be populated once the "Status" of the Payout Reconciliation record transitions to "processed". |
N |
|
GoCardless fees |
The total fee amount that was deducted from the payout in the local collection currency |
N |
|
Payout currency |
The local collection currency for the payout |
N |
|
FX currency |
The currency in which amounts were paid out (after foreign exchange). Only applicable when collecting payments in one currency and being paid out in another using the GoCardless FX feature. |
N |
|
Payout amount |
The net payout amount (gross amount minus fees) in the local collection currency |
N |
| Reference |
The reference of the GoCardless payout that's displayed on the payout bank statement |
N |
|
Payout data object |
The JSON of the GoCardless payout (i.e. the lump sum payout details). This includes the GoCardless FX rate that’s applicable when collecting payments in one currency and being paid out in another via the GoCardless FX feature. |
N |
|
Payout items object |
The JSON of the GoCardless payout items (the details of the transactions that contributed to the lump sum payout amount) |
N |
|
Status |
When a payout is marked as "paid" in GoCardless, a corresponding Payout Reconciliation record will be created in NetSuite. The status will be one of the following: |
N |
|
Error message |
When this "Status" field is set to "failed", the error message will be displayed in this field. |
N |
Fees Journal Entry
The payout reconciliation script uses the summed amount of all fees per payout, and books a journal entry representing the fees with the following information:
| Field | Description | Editable? |
|---|---|---|
|
Document Status |
Set to Approved for Posting |
N |
| Currency | The currency the fees were settled in. When using the GoCardless FX feature, this will be the FX currency from the Payout Reconciliation object. |
Y |
|
Exchange Rate |
The FX rate to convert the Currency (see above) to the base currency of the subsidiary. Daily exchange rates are defaulted and can be adjusted under Lists > Accounting > Currency Exchange Rates. |
Y |
| Memo |
States the ID of the related GoCardless payout |
Y |
| Subsidiary |
Subsidiary for which the bank account is set |
Y |
|
Lines > Debit/Credit Amounts |
The amounts on the Lines tab reflect the total fees amount deducted from the payout. When the GoCardless FX feature is used, these amounts will be converted to the payout's FX currency (displayed in the Currency field). |
Y |
|
GL impact > Debit + Credit Amounts |
The amounts on the GL Items tab will equal the amounts on the Lines tab. If the Currency on the Journal Entry differs from the subsidiary's base currency, the "Exchange rate" from the "Primary Information" section would be applied. |
N |
|
Lines + GL Impact > Account (Debit) |
Sourced from GoCardless configuration record (Fees Account) |
Y (Lines tab) |
|
Lines + GL Impact > Account (Credit) |
Sourced from GoCardless configuration record (the NetSuite bank account that’s mapped to the GoCardless payout bank account on the ‘Bank Accounts’ tab) |
Y (Lines tab) |
|
Department, Class, Location |
Sourced from GoCardless configuration record |
Y (Lines tab) |
Deposit
A deposit record is created to reconcile the payout items from GoCardless (i.e. the individual transactions that contributed to the lump sum payout amount). The deposit will book all related payment and refund records from the Undeposited Funds account to the appropriate bank account.
Note: the chargeback and late failure payout items are reconciled through journal entries as outlined here. Therefore, these transactions are not booked against the deposit record.
The following information is populated on the deposit:
| Field | Description | Editable? |
|---|---|---|
| Account |
Set to the NetSuite bank account that's mapped to the related GoCardless payout bank account on the GoCardless configuration record |
Y |
| Amount | The gross amount of the GoCardless payout. The GoCardless FX rate will be applied when using the GoCardless FX feature. |
Y |
| Currency | The currency the payout was settled in. When using the GoCardless FX feature, this will be the FX currency from the Payout Reconciliation object. |
N |
|
Exchange Rate |
The FX rate to convert the Currency (see above) to the base currency of the subsidiary |
Y |
| Memo |
The ID of the related GoCardless payout |
Y |
| Subsidiary |
Subsidiary for which the bank account is set |
N |
|
Deposits tab |
The linked payment and refund records that correspond to the GoCardless payout items |
Y |
|
Deposits > Amount |
The amounts on the Deposits tab reflect the amounts of the related transactions (payments or refunds). When the GoCardless FX feature is used, these amounts will be converted to the payout's FX currency (displayed in the Currency field). |
Y |
|
GL Impact > Amount |
The amounts on the GL Items tab will equal the amounts on the Deposits tab. If the Currency on the Deposit differs from the subsidiary's base currency, the "Exchange rate" would be applied. |
N |
|
GL Impact > Account (Debit) |
Undeposited funds | N |
|
GL Impact > Account (Credit) |
Sourced from GoCardless configuration record (the NetSuite bank account that’s mapped to the GoCardless payout bank account on the ‘Bank Accounts’ tab) |
N |
In case of any exchange rate discrepancies between the deposit record and the related payments and refunds, NetSuite will automatically book an adjusting journal on the bank deposit level. This will impact the Undeposited Funds account, using the Unrealized Matching Gain/Loss account as a contra. Therefore, no adjustment journals need to be created by the integration.
Note: chargeback and late failure payout items may require manual adjustment when using the GoCardless FX feature. Chargeback and late failure payout items are represented as journal entries in NetSuite, and not reconciled through a deposit record. These journal entries would be created in the payment’s collection currency, with the NetSuite exchange rate applied to convert their amounts to the subsidiary's base currency. Therefore, when the GoCardless payout currency differs from the collection currency, this could cause minor discrepancies.
Data flow - payout reconciliation