Reconciling PaySafe with SchoolsBuddy

How to reconcile income via Paysafe with SchoolsBuddy

Schools will receive a weekly (or daily) payout from Paysafe. This will be the net amount after the % card charges have been deducted, however, for reconciliation this would be done against the gross amount. The details below show how to identify the relevant gross amounts in your Netbanx (Paysafe) statement and SchoolsBuddy. You can then use the SchoolsBuddy data for accounting purposes. Netbanx holds minimal information and would not be much use for any additional details such as transactions by student or by group/event. 

Log into your NETBANX account
If you do not know your NETBANX login this would have been sent to the email address used during the application. If you need help with this please contact uk.customerservice@paysafe.com or call +44 (0) 1189 285 075.

Go to the Account Statement (1), then On Demand (2)
Set the required Start and End dates (3 & 4), click Generate (5)
(Note you can set a wide range of dates to show a range of data, this is easier than trying to pick an exact week)

For each date where transactions exist, there are two rows - Settlements (Credit) and Discount Fees (Debit)

Payments are 7 business days in arrears and shown with the description Payment Sent - the figure will equal the Settlements figure minus the Discount Fees figure.

This will match the Received Total figure on SchoolsBuddy

Example

In the example shown, we can see on 30th May transactions to the value of 33.97 with charges of 0.54. 
The 33.43 balance is then paid on the 9th June (Daily payouts, we recommend weekly to simplify reconciliation, if you are currently receiving daily payouts and would like to switch to weekly please contact help@schoolsbuddy.com and we will arrange with PaySafe).



Log into SchoolsBuddy

Go to the Fees tab
Click Reports
Select Finance Dashboard from the dropdown
(Make sure you are clicked onto the 'Transactions' tab initially)

Click Filters on the right-hand side to expand and locate the Transaction Date filter box (1 red)
Set the 'is after' and 'is before' dates (2 & 3 red), click Apply filter (4 red)
View the Total shown at the bottom of column 'Received'

IMPORTANT: Ensure you select the Paysafe option within the 'method' selection box (1 - green) as for this reconciliation you are only interested in the monies received via PaySafe.

This should match the Settlements (Credit) figure on Netbanx

Example

Setting the correct date range of 30th May 2019 - 31st May 2019 will show transactions of 33.97 (gross amount) (2 green) for the matching period within Netbanx. Once this amount matches then you can use all other tabs at the bottom of the report screen to view data grouped by groups, events or billing codes. All of this data can be exported to excel/csv as required (3 green).

To understand how to export and use the filters within SB reports please click here