Payouts are run every Wednesday and the corresponding report is emailed to all businesses on the same day. Funds are also deposited into your business’ nominated account on Wednesday but depending on the bank may not clear on the same day.
Payouts are done by nominating a range of payment batches. The normal payment batch range is a Monday – Sunday – includes all collections from Monday – Friday, reversals from Monday – Monday (before batch banking is run).
This first page is your tax invoice so please ensure only the applicable staff members are receiving this report.
When the settlement of funds is done, the default (penalty) fees owed by the client is deducted from the gross amount collected.
There is a GST charged on the default (penalty) fee amount irrespective of whether it is paid by the customer or the client.
The penalty fees paid by the customer is not exposed through the payout reports. ‘Penalty Fees paid by you’ refers to the penalty fees paid by the client.
Payout Facility Report – Net Settlement Format
The above sample is from a Net Settlement report.
Consolidated Payout Summary Report
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