Settlements
Settling is the act of connecting the actual posting on your bank account with the invoice.
Settlements in a Subscription Business
When we pay an invoice using an online payment method like a credit card or a bank-to-bank transfer we have good indication the payment went through, but there's still a long way to go in order to actually receive the funds on your bank account. Digital payment means is not a guarantee of final payment, as online payments are often times delayed, fees subtracted, changed due to currency exchange among other things. Even fraud or payment score can partly or fully halt the payout of the funds and sometimes technical issues can have caused the funds to be withdrawn twice. Keeping track of these things is crucial for your financial reports. Furthermore, the Payment Service Providers will often decide to pay out in bulk making the manual process of connecting payments with invoices a troublesome task.
There's also still a very high amount of payments being carried out through non-digital old fashion bank wire transfers, pay-in cards like for example Fælles Indbetalingskort. These types of payments are digital, but Upodi has no direct way of knowing about these payments unless we can intercept that postage through manual imports from yourself or connecting with a service that allows us access.
Upodi Settlement
All invoices in Upodi has a can be settled through a manual settlement on the actions-menu for an invoice. By providing the amount and the date you can settle an invoice, mark it paid and cancel any ongoing collection functionalities.
The settlements can also be created and imported through the API Settle the invoice.
curl --location --request POST 'https://api-front.upodi.io/Invoices/8dcfc0ea-6f88-42f2-8a72-7dd9f080cbe9/settle' \
--header 'Content-Type: application/json' \
--header 'Authorization: Bearer {ApiKey}' \
--data-raw '{ "amount": 100,"currency": "DKK","sourceReference": "R25552477" }'
Settlements are visible on the invoice in the Reconciliation section below the invoice details.
Updated about 1 year ago
You can also connect your Upodi to services like Aiia, which allows Upodi to read from your bank account and automatically populate your Invoice Settlements rather than doing it manually