General Ledger Payout Reconciliation

General Ledger Payout Reconciliation Page 

In this article, we will explore the functionality of Blue Onion’s General Ledger Payout Reconciliation Page. This page equips companies with a comparison of their payouts in NetSuite to the Source Account’s data for the payouts. Once the details within the settlements are reconciled to the General Ledger (GL)  you will have the ability to push journal entries or deposits directly into your NetSuite Account, automating the complete order-to-cash reconciliation and recording process.

The Payout Reconciliation page displays each payout received into your bank account with corresponding transactions broken out into three columns: Total Transactions, Fees, and the Settlement amounts. The General Ledger column displays the totals for orders in your GL related to the payouts.

The Variance column provides comparisons of values in different sources in two categories: Settlement and Total Transactions. A Settlement Variance indicates that Blue Onion has been unable to identify all payment processor records that comprise a payout in the bank. A Total Transaction Variance occurs when Blue Onion has been unable to identify all of the relevant GL transactions to account for a payout.

To investigate differences by following the instructions in our NetSuite Payout Detail article or you can click into the “Settlement Amount” column and compare the transaction amounts to the GL amounts, using the filter for General Ledger Reconciliation Status. These detailed comparisons will reveal any corrections that are required in your GL. Once the changes are made in your GL and the variances are null a settlement we can then push the deposits or journal entries for the settlements directly into your GL.