Payouts and reconciliation
How payouts and bank reconciliation work in the Configuration module, including the Axis Bank setup.
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Payout/Recon:
This section will guide you through the Payout/Recon section under the Configurations module. In this section, you will learn how to manage payouts and reconciliation reports efficiently.
Payout and Recon Overview:
- Payout: The Payout reconciliation report in Finnoto helps you match the payouts received in your bank account with batches of offline payments and other offline banking transactions related to them.
- Recon: Here you can store documents and data shared from your bank to match with the payouts, ensuring accurate reconciliation.
How to Generate Payout from Finnoto?
Follow these steps to generate a payout from the Finnoto portal:
Add and Attach Axis Bank Account
Before generating the payout please ensure that you must add and attach your Axis Bank account to your business. Here's how:
- Go to the "Parties" module.
- Select "My Businesses."
- Choose your business.
- On the selected business details page, locate the action button.
- Select "Add Bank Account" from the action button.
- Add your Axis Bank account number, confirm it, enter the associated Axis Bank IFSC code, and upload required documents like a cancelled cheque.
- Save the bank account details.
- Click the save button again to attach the newly added bank account.
- Now, your Axis Bank account is attached to your selected business.
If you already have an Axis Bank account, you can directly attach it to the business.
Configure Offline Banking Payment Mode
- In the Configuration module, select "Payment Modes."
- Click the "Add New" button.
- In the add payment form, enter a suitable name for offline banking.
- Select the type as "Offline Banking" and choose the added Axis Bank account for your offline banking payment mode.
- Save the payment mode.
If the selected Axis Bank account is already opted for the offline payment mode, you will receive a validation error.
Generate Payout Report
- Return to the Configuration module and select "Payout/Recon."
- On this page, select the "Payout" tab and click on the "+ Generate Payout" button.
- In the "Bank Account" field, select the Axis Bank account for which you want to generate a payout report.
- You will see the account number of your Axis Bank account along with its IFSC code and branch.
- Under "Formats," select the "Within Axis Bank"/ ”Outside Axis Bank” format by checking the selection box.
- Save the Generated Payout.
- The saved details will be reflected on the Payout page under the Payout tab. In the table, you will find the following details:Account Number: Displays the associated Axis Bank account number.IFSC CODE: Shows the IFSC code of the bank branch.Status: Generated: Indicates that the payout report has been generated.File: Provides a link to the generated file for downloading.Action: Allows you to cancel the generated payout using the meatball icon
How to Perform Recon in Finnoto?
Accessing the Recon Tab
- Start from the "Payout" page.
- Select the "Reco" (Reconciliation) tab.
Creating a Recon
- On the "Reco" tab, locate and click the "Create Recon" button.
Entering Recon Details
- A "Create Recon" form will appear.
- Enter a relevant name in the "Name" field to identify this reconciliation.
- Select the bank related to this reconciliation.
- Choose the respective format wisely: Within Axis Bank or Outside axis bank.
- Upload your Recon file provided by the bank for this reconciliation.
- Once you've uploaded the file, click the "Save" button.
- After saving, you will find the details of the reconciliation in the "Recon" tab.
Recon Tab Details
In the "Recon" tab, you will see the following details:
- Name of the Recon: This is the name you provided to identify the reconciliation.
- Account Number: Displays the associated Axis Bank account number.
- IFSC Code: Shows the IFSC code of the bank branch.
- File: Provides a link to download the uploaded bank file at any time.
- Created By: Shows the name of the user who created this reconciliation.
- Added At: Displays the date and time when this reconciliation was created.