Payouts play a crucial role in the financial management within Zomentum Payments, facilitating the transfer of funds from processed sales to your designated bank account. This guide covers integrations with both QuickBooks Online (QBO) and Xero, providing a thorough overview of how payouts are managed.
TABLE OF CONTENTS
- Overview of Payouts
- Minimum Payout Amount
- Timing and Frequency of Payouts
- Recording Payouts in QuickBooks Online and Xero
- Handling Payout Reconciliation Failures
- Conclusion
Overview of Payouts
After payments are processed through Zomentum Payments, the funds are accumulated in a balance account. These funds are later disbursed to your bank account as a single daily deposit.
Minimum Payout Amount
Payouts are processed only when there is a minimum of $25 or £25 accumulated since the last payout. This minimum threshold ensures that payouts are economical and efficient for both processing and managing financial records.
Timing and Frequency of Payouts
Payouts are typically processed daily, ensuring a consistent flow of funds. However, the actual timing when funds appear in your bank account may vary depending on the bank's processing times and the method used.
Here is the expected timeline for the settlement of payouts based on the mode of payment:
| Payment Method | Payout Settlement Time |
|---|---|
| Credit Card | 2-3 Business Days |
| Direct Debit (UK) / ACH (US) | 2-3 Business Days |
| ACH (First Transaction) | 2-4 Business Days |
| Direct Debit (First Transaction) | 8 Business Days |
'Business Days' exclude weekends and public holidays.
'First Transaction' refers to the first payment against each individual customer's mandate.
Recording Payouts in QuickBooks Online and Xero
Accurate recording of payouts in your accounting software is essential for maintaining up-to-date bookkeeping and financial reporting. Zomentum Payments integrates seamlessly with both QBO and Xero.
QuickBooks Online (QBO)
- Payout entries are automatically created in QBO.
- For a detailed guide on QBO integration, visit: Automated Bookkeeping Processes for QuickBooks Online Integration.
Xero
- Each payout is accurately recorded in Xero.
- For more information on Xero integration, see: Automated Bookkeeping Processes for Xero Integration.
Handling Payout Reconciliation Failures
In cases where there are discrepancies between the recorded transactions and actual bank entries, known as payout reconciliation failures, Zomentum provides tools for resolution:
- Email Notifications: Customers receive an email summary of the payout issue.
- Payout Information on Platform: Customers can click on the problematic payout listed on the Zomentum platform to view a detailed explanation of the failure.
Conclusion
Efficient management of payouts in Zomentum Payments ensures that your financial operations are streamlined, with funds transferred to your bank account and accurately recorded in your accounting software. For additional support or more detailed configuration instructions, refer to the provided links or contact Zomentum customer support directly.