Worldpay takings and banking reconciliation

Worldpay takings and banking reconciliation

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A hair salon client has done their best to comply with MTDfV and is becoming increasingly frustrated with the IT and IT costs.

They use EPOS Now till/booking system and pay an additional £25 pcm for Xero intergration. This generally works but there has not been a single month when at least one day is not missing from data imported. We tidy everything up when completing the quarterly VAT returns. It would probably be more cost effective to manually download the takings data from EPOS and upload this to Xero rather than searching for what is missing!

Epos pushes a daily sales invoice to Xero along with payment details being cash and card takings. Again this is not always accurate or complete.

So, before we even look at the bookkeeping, the client is paying £100 for software (Xero + Epos Now). This is a small salon with 3/4 workers.

.......it all seemed easier when the client simply dropped records off to us to record in VT!

The client uses Worldpay for merchant services and they appear to have further complicated things by introducing 'daily invoicing' taking their fees from takings prior to banking. Expected bankings pulled in from EPOS no longer match the amounts actually banked and I am assuming that the daily differences are Worldpay fees.

It now seems that we have to input a daily Worldpay invoice to reconcile the bankings.

Has anyone come accross this and, if so, managed to process this efficiently?

The deductions are not a flat % and vary between 1.5-1.9%.

 

Replies (9)

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Tornado
By Tornado
29th Mar 2024 17:14

".......it all seemed easier when the client simply dropped records off to us to record in VT"

NO, NO, NO. You have got it all wrong. Everything is much easier and simpler using IT (NOT!)

Thanks (4)
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By Matrix
29th Mar 2024 18:29

Why can’t you just book the takings as an invoice like before?

Thanks (3)
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By Paul Crowley
29th Mar 2024 19:17

My client has a pet shop.
The worldpay comes in gross, and he gets a a separate charge for fees.
Is the problem really the choices made by client in setting up Worldpay?
My client is on the cash basis.

Does his own VAT with no problems.

Thanks (2)
Replying to Paul Crowley:
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By Elgin
29th Mar 2024 19:34

That's how it worked for my client until the March when World Pay seem to have switched them to daily invoicing and deduction.

The client insists that this is not something that he has opted into knowingly.

This suggests that it might be a recent change https://central.xero.com/s/question/0D53m00009i6zJPCAY/reconciling-world....

I don't really want to me making a daily adjustment for fees and am hoping that this can be automated........

Thanks (2)
Replying to Elgin:
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By Paul Crowley
29th Mar 2024 19:49

Oh dear
I have only recently done the accounts to October 2023.
It sounds like Worldpay has messed the system up. I will need to contact my client to see if this has happened to him.

Thanks (5)
John Toon
By John Toon
02nd Apr 2024 10:09

The problem is poor integration choices and you've already identified that the £25/mth integration between EPOS Now and Xero isn't worth it (I could have told them that before the choice was made!!) I'm guessing they probably went with EPOS now because it's cheaper than others (hence why the integration is both paid for and poor) plus the Worldpay integration should have been a red flag - no one uses them anymore because they cost a fortune and the tech is abysmal but they may have been using their card readers in the past.

So, now the client has a choice - choose a better EPOS system with a more effective integration or stick with what they've got, aware that the integration is poor, and pay you to make up for it!

Thanks (3)
Replying to johnt27:
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By Elgin
02nd Apr 2024 13:25

Thanks for the reply.

Do you have a recommendation for a cost effective solution?

Thanks (1)
Replying to Elgin:
John Toon
By John Toon
02nd Apr 2024 14:32

Not without much more info, but the starting point should be to check out the Xero app store

Thanks (2)
Replying to Elgin:
Pile of Stones
By Beach Accountancy
04th Apr 2024 19:29

Clover FDMS pay gross, and the fees are a monthly invoice.

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