How to reconcile ParentPay settlements

ParentPay settles funds to bank accounts for customers on the Collection Service on a weekly basis. Settlement periods fall midweek; Wednesday to the following Tuesday inclusive.

The ParentPay Collection Service settlement statements give you a clear break down of:

• Refunds that have been applied against the settlement you have received
• The VAT applied to the payment service fees for each line item
• Accountancy codes, payment item, and bank accounts

 

Viewing the Settlement Statements

 

You can access your settlement statements via the Finance > Reports tab > Select Collection service

statements from the Invoice Reports section

The collection service statement defaults to provide information for the most recent settlement period. However, it is possible to change the settlement period dates, and to change the breakdown of the

payment data by different factors such as payment item, or financial codes.

 

 

The collection service statement defaults to provide information for the most recent settlement period. However, it is possible to change the settlement period dates, and to change the breakdown of the payment data by different factors such as payment item, or financial codes.

 

 

1. Select the appropriate settlement period from the drop down menu at the top of the page.

2. Select one of the following payment methods from Statement type:

• ParentPay - online payments
• Card - manual card payments, shop or payment page payments, or online payments prior to 08/06/2016
• PayPoint – payments made in a shop using a PayPoint barcoded card or letter

These payment types are settled in three separate figures, and so separate collection service statements are provided.

3. If a collection service statement is only required for settlement to one of multiple bank accounts, it is possible to select a single bank account from the Filter by bank account drop down menu. The same can also be applied to payment items.

4. A series of filtering options is provided in three drop down menus titled ‘Totals broken down by’ and ‘then broken down by’ (twice). In these drop down menus, anything purporting to account codes or management codes is in reference to the finance codes applied to payment items.

5. Once the appropriate filters have been chosen, select either Show report or Download to excel. The collection service statement will then be displayed in the chosen format.

 

 

VAT on Payment service fees

 

There is a payment service fee applied to all online and PayPoint payments. This is taken off of the payment figure prior to settlement. Due to the way the service is operated, and payments are processed through the banking system, VAT is charged on the transaction fee. The VAT amount is shown alongside each line item and a total is displayed at the bottom of the report. VAT invoices are available for you to download once payment has been settled.

 

Accessing your VAT invoices

1. Navigate to Finance > Reports
2. Select ParentPay collection service invoices
3. Select Show
4. Click on the link to access the invoice you require

 

Please note: If all or part of the settlement will be going to a 3rd party such as a caterer or Local Authority, it is unlikely that you will have access to a VAT invoice for that portion of the settlement.

 

Although money will be settled to your bank account separately for Card and ParentPay, both figures will be combined on the payment report when reconciling. It is important to run both a ParentPay and a Card collection service statement when reconciling to ensure the figure on the payment report is correct.

In order to reconcile the ‘Paid less refunds’ settlement figure from the collection service statement, you will need to cross reference with the payment report.

1. To access the payment report, navigate to the Payment Items > Reports menu option in the ParentPay manager screen.
2. Select the payment report, and enter the dates corresponding to the collection service statement into the ‘From date’ and ‘To date’ boxes.
3. Change the payment method to ParentPay online, or PayPoint dependent on the collection service statement which is being reconciled.
4. Select 'Search’ and a report will be displayed outlining a list of all of the online or PayPoint payments made during the settlement period selected.

 

 

The report will be grouped by payment item, with a total collected for each payment item provided at the top of the grouping. The full settled amount will be provided at the bottom of the report.