After connecting Rvvup to your Xero account, you’ll have the ability to import your transaction & disbursement history to assist in reconciling your payments.
Before we discuss using Xero to reconcile, let’s recap the two routes that Rvvup settles your payments:
Rvvup Payouts & Partner Payouts
For a full breakdown of Rvvup Payouts vs Partner Payouts, check out this support article.
🏦 Rvvup Payouts
Pay by Bank, Pay by Card, and Apple Pay (Visa & Mastercard) transactions are settled to an e-money account that Rvvup holds for each merchant. Fees and refunds are deducted from the balance of this account. Each business day, the balance of the previous day’s transactions is disbursed to your bank account.
🤝 Partner Payouts
PayPal, Clearpay, and Amex (via Cards or Apple Pay) are settled directly by these service providers. Each partner is responsible for fee deductions and disbursement of funds to your bank account at intervals agreed in your partner relationship.
Rvvup Merchant Account
In Xero, Rvvup refers to the e-money account used to process Rvvup Payouts as the Rvvup Merchant Account.
During the initial connection between Rvvup and Xero, we create the Rvvup Merchant Account to be listed as a “bank account” in the Xero Dashboard. The account receives daily statements from Rvvup via bank feeds including disbursements, payments, fees, and refunds.
Xero + Rvvup Overview
With Xero + Rvvup connected, there are 3 main features you can explore. Some may require additional set up!
👀 Viewing Rvvup Payout Disbursements in Xero: See what’s included in each Rvvup daily disbursement
🏦 Reconciling Rvvup Payouts with your Bank account: Compare each Rvvup Payout and match it to your business bank account deposit (requires your bank account to be connected in Xero)
🧮 Reconciling Orders to Payments: Match up your Orders & Invoices to your Rvvup Payments (requires your order/invoice history to be imported into Xero)
Read more about each feature below:
👀 Viewing Rvvup Payout Disbursements in Xero
If you’d like to view your disbursements to see which payments, fees, & refunds are included in each daily settlement, follow these steps:
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From your Xero Dashboard, click on Rvvup Merchant Account
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Next, click on the Bank Statements tab
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From the Showing drop down menu, select Statements
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Choose the statement for the period of time covering the disbursement you want to check (each statement is one disbursement)
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You should see that the list of payments, fees and refunds are balanced to zero by the disbursement
🏦 Reconciling Rvvup Payouts with your Bank account
Assuming you already have your bank account syncing to Xero, you can now reconcile each disbursement between your bank account and the Rvvup Merchant Account within Xero. This will allow you to confirm the amount of your Rvvup Payout matches with the amount transferred into your bank account.
To get started, click on your bank account from the Xero Dashboard and then click on Reconcile. You’ll need to reconcile this as a Transfer to the Rvvup Merchant Account. For more help on this topic, check out Xero’s guide to bank account reconciliation, specifically Transfers between 2 bank accounts in Xero.
💡TIP: We have found that adding a Bank Rule to automatically create a transfer when “RVVUP” is used can help make this process quicker:
After the rule is in place, it will look like this:
🧮 Reconciling Orders to Payments
To reconcile the payments within the Rvvup Merchant Account against orders and invoices, you first need to import your order history into Xero.
Xero makes this simple by providing two options for importing:
- Many popular eCommerce platforms (like WooCommerce) have pre-built extensions available in the third-party App Stores to automatically sync orders and invoices to Xero
- Xero also supports manual imports of Orders/Refunds as Invoices/Credit Notes through csv files. Check out this Xero Support article for more info
Once imported, you can use the Reconciliation suggestions within the Rvvup Merchant Account to match payments and refunds to their respective orders, invoices, or credit notes.
🤝 Reconciling Partner Payouts
Connecting Rvvup + Xero will not automatically import details related to your Partner Payouts processed via Rvvup. If you’d like to also import Partner Payouts, we’d recommend looking into each partners direct integration options:
PayPal provide a Xero integration similar to Rvvup’s which regularly syncs details from your PayPal account to Xero, allowing you to reconcile Orders and Disbursements in a similar way to the above. For more information, check out Xero’s information on PayPal syncing.
Clearpay and Amex allow you to download an extract of settlements which you can then upload as a CSV file to Xero.
That’s it 🏁. For more information on connecting Xero, check out this support article.