Reconciliation is the most important part of any online payment system for school. To start, you will first need the email that is sent to you by sQuid directly containing your weekly statement. This statement will outline the total of payments made, the amount deducted to cover Transaction Fees (1.29%) and finally, the amount you will see on your bank statement.
You will receive one of these for each bank account on the system, as well as a separate one for Catering/School Dinners regardless of the account that money is settled to.
To reconcile this, first access Weduc Payments.
Now select Manage Sales
Then select Settlement Report.
Here, first start by selecting the account you are wishing to reconcile from the drop down.
Next, add in the start date shown on the statement that you received by email. The end date will populate itself to match.
You will then receive a pop up like the below. Click View Report.
Your report may take a moment to generate, the screen will auto refresh once the report is ready.
Once ready, click the Report Title to download it.
Once downloaded, your main focus will be on Column S. The total of Column S will match the figure shown under Net of All Transactions on the statement.
Note: This export (Settlement Report) shows transactions in pence, not pounds.
Your bank statement will then match the figure shown at the bottom of the statement next to Cumulative Total due (to)/from you.
The middle section will detail the discrepancies between the two figures for audit.
Transaction fee percentage charged - This is the rate in which Transaction fees are charged. This will typically be 1.29%.
Transaction fee (Exempt from VAT) - This will be the monetary value that is deducted to cover the total 1.29%.
Amount due (to)./from you for this weeks activity - This will show the amount due to you for this week after Transaction Fees have been deducted.
If you use an external Catering system (ie. BioStore, Cunninghams, Civica, LiveRegister, etc) you will need to use that system for all reconciliation. sQuid does not provide system reports for this to avoid duplication of data.
Should you use the Weduc Meal Manager platform, please click here for instructions on how to reconcile meal payments.