Well… What a month it’s been! We don’t know about you, but January always seems a particularly tough month to get through. Maybe it’s the bad weather we had, or maybe it’s the post-Christmas blues. Either way, it’s over now, and to kick us on into February we have our latest Product Update for you! Lucky, aren’t you?
Let’s jump straight in . . .
Improved Feature: Transaction Reports
We have given the Transaction Reports a complete overhaul in this Product Update to make them more granular and transparent.
When you go to Payment Reports > View Reports > View transaction reports, you will now see a new report from the 1st January 2018.
New features include:
- The inclusion of PayOut ID so you can reconcile the transaction report to your bank statement.
- The option to search for transaction ID.
- The option to switch between a consolidated and itemised view.
- VAT breakdown in the transaction fees.
- A separate line entry for refunds.
- A separate line entry for GoCardless chargebacks.
- The ability to filter on PayPal or GoCardless payments.
- The ability to filter on credits, refunds or chargebacks.
- Improved table navigation.
- The ability to apply advanced filtering options on the column headings.
Please note: This is in BETA mode, so any feedback is welcome.
Why it’s Better…
There are several reasons why the new report is better, as follows:
- PayOut ID: When GoCardless deposits funds in your organisation’s bank account, the amount is calculated by aggregating all payments due to be paid out that day. Funds are transferred under the reference of the PayOut ID (this is the number that appears on your bank statement). To help you reconcile the deposits on your bank statement to the transaction report in the system, we’ve added the field ‘PayOut ID’ in the transaction report, so now you have a clear audit from a single transaction to the aggregated deposit in your bank account.
To do the reconciliation, download your bank statement to a spreadsheet and export the transaction report from the system. Copy and paste the data from your exported file, ensuring the PayOut ID is aligned to the PayOut column in your bank statement. Apply a filter to the spreadsheet and then sort A-Z on the PayOut ID column. Highlight that column, and if you’re using Excel, use the ‘Highlight Duplicate Data’ tool which will identify if there are any single PayOut ID’s. We’re confident there won’t be, but if there are, you now have the information to investigate.
- Transaction ID: Previously, you couldn’t search for a Transaction ID within the transaction reports without exporting the data first – now, you can. This makes finding a specific payment quicker than before.
- Consolidated and Itemised View: We have added functionality for a user to switch between a consolidated view and an itemised view. Consolidated is the default view and this shows a single line entry per transaction. The itemised view splits out each payment request that was paid under one transaction so you can allocate transactional cost accordingly. So for example, if you had one transaction covering multiple membership categories but paid together, you can use the itemised view to allocate the cost to each category (if that was important for accounting purposes).
- VAT: Within the consolidated view (and soon to be added to the itemised view), we now display the VAT within the transaction cost – important for those organisations that can claim back VAT on expenditure.A separate note on VAT will be sent to all clients shortly.
- Refunds: Previously, refunds were shown in a combined line entry against the original payment, so it wasn’t clear this was a credit back to your organisation. We now show this as a separate line entry and highlight in red.
- Chargebacks: When a payee raised a dispute for a GoCardless payment, previously we didn’t report the funds being transferred back to the payee in the transaction report. Now we do, making the report consistent with the debit from your organisation’s bank account.
For full information on GoCardless Chargebacks, see details further down in this Product Update.
- Filtering: You now have the ability to filter on PayPal and GoCardless payments so if you’re after a quick summary of fees for each, you can apply the filter. Additionally, if you want to see a separate (or combined) list of your credits, refunds or chargebacks, you can without having to export the data.
- Improved Table Navigation: Previously, all transactions were loaded in one table which, if you had a few hundred/thousand transactions, meant a long list to load. We’ve now added paging to the table, so you can skip between pages and set the number of results per page as per your requirement.
Each column heading in the table comes with a detailed set of filtering tools to help you narrow down the information you view. For example, you might set the date range from the 1st – 5th of February in the transaction report for activity period and want to see all transactions that range between £2 – £10. Using the filtering option on the gross amount, you can find what you’re looking for quicker. This is a great time saver!
New Feature: Refund Column
Before this Product Update, in a member’s record, refunds were only shown by clicking on ‘Details’ in the payment history. Now, refunds will be shown in the initial payment history table in the member’s record.
Why it’s Better…
It’s easier to see at a glance when refunds have been made.
Improved Feature: Deleting Instalment Payment Requests
Previously, when members opted to pay by instalments but left the organisation before all payments were made, the remaining balance could not be deleted. In this Product Update, we have added the ability to delete the balance of the instalment payments.
Why it’s Better…
In the scenario described above, you now have the ability to maintain accurate records (previously, we had to correct the numbers for you in the back-end).
Dan signs up for a class which he has opted to pay in five instalments. Dan pays 2 of 5 instalments, but then leaves the club so the remaining three are left outstanding. Previously, these remaining three requests couldn’t be deleted easily, whereas now you can delete them directly from within the member’s account. Simple!
Improved Feature: GoCardless Chargebacks
The system now identifies GoCardless chargebacks so when one occurs, the associated payment request is now shown as outstanding and the system will send main administrators a notification to alert them. The chargeback will be shown in the ‘Cancelled / Failed / Chargeback’ column in the payment history table in the member’s record. It’s also recorded as a debit in the new transaction reports and soon we’ll be adding them to the failed transaction report.
Chargebacks occur when the payee raises a payment dispute. This typically happens when a member doesn’t recognise the payment reference on their bank statement, they forget they’ve pre-authorised payments to your organisation or dispute the amount charged. Under the Direct Debit Guarantee, payment is returned to the payee.
Why it’s Better…
Previously, the system didn’t report the chargeback, so a payment was showing as paid when in fact, it had been returned to the payee. Now the system accurately reports the numbers.
Improved Feature: Ad Hoc Payment Requests
When scheduling a future Ad Hoc Payment Request, due to this Product Update, they now show up under ‘Financials > Upcoming Payments’ in the same way as other scheduled payment requests.
Why it’s Better…
Previously, an Ad Hoc Payment Request scheduled for a future date would only show up in the member’s account (under the Upcoming Payments menu option). This was inconsistent with the way we reported on other upcoming payments under Financial Reports > Upcoming Payments.
Unfortunately, we have come to the end of this months Product Update. Don’t worry though, there are only 28 days in February which means you’ll get the next one sooner than usual to satisfy all your product enhancement needs!
If you aren’t already a member of the PaySubsOnline family, why not book a free tour of our software today and see first-hand just how much time we can help you save? To book a free, no-obligation tour, click here!