Reconciling card payouts in Xero for a private practice
Why the payout in your bank never matches the day's takings, and what changes when each payment posts to Xero as a paid invoice.
The lump-sum problem
A card acquirer pays out in batches. One transfer lands in the practice bank account containing dozens of patient payments, minus fees, sometimes spanning more than one day. The bookkeeper sees one number and has to explain it with a spreadsheet of individual payments.
What goes wrong
- Fees are deducted before payout, so the payments never add up to the transfer
- Refunds net off against later payouts
- Weekend payments arrive together on a weekday
- A payment taken on a card machine and a payment taken online can sit in different batches
What Medipay does
Medipay matches acquirer payouts to the individual payments inside them, fee by fee, and shows the net amount line by line. Each payment carries the patient's name and reference, so the match is by record rather than by guesswork.
With Xero connected
Every Medipay payment posts to Xero automatically as a paid invoice, into the account you choose. The payout then reconciles against those invoices rather than against a mystery lump. Historic payments can be backfilled when you first connect, and a weekly statement email summarises what was posted.
Sage Accounting and QuickBooks Online work the same way, posting as a receipt and a sales receipt respectively.
Get your practice on Medipay
Tell us about your practice and we will have you taking payments in days.