Point Of Sale acting as your primary payment processor
If your POS provider is also your payment processor, Shogo may break out your fee and deposit amounts, easing the bank reconciliation process. Currently, the following POS partners break out the fee and batch/deposit amounts:
- Toast
- Square
- Shopify
- Arryved
If your POS provider is not your payment processor, Shogo will not typically receive fee data and therefore reports only the gross amounts collected by payment method. You may therefore need to reconcile these amounts with your fee statements on a regular basis and add adjustments.
Third Party Integrator Processing/Other Fees
If you use integrated third parties such as UberEats, GrubHub, DoorDash and more, your POS will typically only receive gross amounts collected from the third party providers' systems. Since Shogo can only retrieve the data available from your POS, fee data is not typically included for third party orders/payments.
Shogo customers commonly request Shogo to break out Third Party fees. If Third Party providers make their fee data available for integration partners in the future, Shogo will be able to build the functionality to break out the fees.
You may want to consider the following the following option to make reconciliation of those deposits easier.
Map the third party tenders to an Other Current Asset Clearing Account such as "Due from Merchant Services"
Pros: The closest approach to a "set it and forget it" workflow. Expected deposits are booked by Shogo into the clearing account as they are recorded in your Point of Sale and Actual deposits are cleared out of the clearing account when the actual deposit reported on your bank statement is processed. This approach also allows you to precisely gauge the amount of money you will have coming into the bank in the near term from your processor.
Cons: You are shifting the audit trail process from a transaction based process to a balance based process. This can be a pro and con - the pro being that you only need to look deeper into your transactions whenever the balance veers from its expected amount; the con being that it could take you longer to find and resolve if you have not verified your account balance for some time. For reference, the "expected" balance in this account should always equal your most recent credit card sales for which you have not yet been paid.