Bank reconciliations of your payments and invoices made with Yapla in your accounting system are an important task to maintain accurate and up-to-date accounting, and to ensure effective cash flow management for the association.
To consolidate a period with Yapla (Canada), you must ensure that you have properly entered the revenue and expense accounting items (especially transaction fees) as well as their bank accounts. For users of accrual accounting, it is also important to take into account accounts receivable and deferred revenue. By performing these steps accurately, you will be able to quickly consolidate your revenue and bank account entries using the reports provided by Yapla.
Important: don't forget to create account 1200 in your accounting system to gather the amounts receivable from your Yapla credit card account.
In this article, you will find a quick and adapted technique for all accounts with the Essential, Plus, or Premium packages. The last step is specific to Premium clients who have enabled accrual accounting.
Consolidate a Period
Create the Appropriate Accounting Items
Make sure you have properly created your accounting items as they are in your accounting system using Yapla's Accounting feature and used them in your event rates, memberships, etc. It is also recommended to have a bank account-type accounting item for each payment method.
Determine a Consolidation Period
Determine the period you want to consolidate. It is recommended to do it monthly. Choosing a bi-monthly period is also a common method.
Go to the section Accounting > Reports > Consolidation and + Consolidate a period. Export in Excel format. If this is your first consolidation, start with a first consolidation from the beginning of your usage up to the day before the chosen period.
Processing the Consolidation Report
When processing the report, it is recommended to add two new columns: one named Credit and one named Debit. You can then enter the amount from the Total column into one or the other of the two new columns.
- Revenues and taxes payable should be entered into the credit column.
- Bank accounts, transaction fees, and accounts receivable into the debit column.
| Account Code | Account Name | Number of Transactions | Total | Credit | Debit |
|---|---|---|---|---|---|
| 3100 | Registrations - Training | 1 | $555.00 | $555.00 | |
| 3103 | Registrations - Webinar | 9 | $575.00 | $575.00 | |
| 3104 | Membership Fees | 3 | $400.00 | $400.00 | |
| 3105 | Registrations - Networking | 3/6 | $0.00 | ||
| 3102 | Registrations - Revenue Options | 1 | ($841.00) | ($841.00) | |
| 3301 | Training Revenue | 7 | $575.00 | $575.00 | |
| 3103 | Job Posting | 2 | $100.00 | $100.00 | |
| 1000 | Bank | $686.92 | |||
| 4100 | Transaction Fees | 87 | $48.59 | $48.59 | |
| 1200 | Yapla Account | 87 | $427.49 | $427.49 | |
| 2205 | GST Payable | 83 | $98.25 | $98.25 | |
| 2255 | QST Payable | 83 | $78.65 | $78.65 | |
| 3107 | Other Revenue | 1 | $15.00 | $15.00 | |
| 3108 | Donations | 3 | $157.15 | $157.15 | |
| 3109 | Registrations - Golf | 392 | ($270.00) | ($270.00) | |
| $308.02 | $308.02 |
Verifying Revenue and Tax Totals
Export the Sales by Accounting Item report for the same period. If you want to verify the bank account entries, export the General Ledger for the same period.
If applicable: Export the accounts receivable report if you are using accrual accounting.
You can now, using your processed consolidation report, enter everything into your accounting system. Don’t forget to create account 1200 in your accounting system to register the funds that are in your Yapla virtual account (account 1200) and not yet in your bank account.
If you need more advanced training to manage your accounting, feel free to contact our support team.
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