05. Auto BPAY Receivables Reconciliation - BPAY files

Background:

Parakeet automates the reconciliation of inward BPAY receipts based on the:

• For NAB: BRF (BPAY remittance file) or 
• For CBA: CSV file provided by the BPAY provider.

Purpose:

This document outlines how to reconcile invoices that are 'auto-matched' by Parakeet

For transactions that are un-reconciled, please refer to process here.

Auto Reconciliation Steps by Parakeet:

Parakeet

• Parakeet receives the BRF/CSV file from you / BPAY Provider
• Parakeet translates the BRF/CSV file and allocates the BPAY receipts to the customer's outstanding invoices
• Parakeet marks the BPAY receipt to the appropriate invoices in Xero
• Parakeet marks the invoice as paid in Xero
• Parakeet allocates a Payment reference to the invoice
• Invoice marked as "paid" and allocate the invoice to the pre-agreed bank account in Xero
• Email is sent, summarising the payments that has been reconciled (screen shot)

• Parakeet attaches the BRF/CSV as an attachment to the invoice within Xero

• The Payment reference is recorded in the format of: "CRN | Payment Reference from Payer Bank"

Your Action: Bank statement Reconciliation

CBA / NAB - For Batch BPAY Credits 

• When the Batch BPAY deposit is received from your BPAY provider, go tor the 'Reconcile' tab in Xero
• Click "Transfer" and select Parakeet AR FINAL Clearing Account.
  
• Click OK and the invoice is reconciled

• Optional Step - (Recommended)
  • Go into the Parakeet AR FINAL Clearing account.
  • Mark the transfer as ‘reconciled’ within the Parakeet AR Final Clearing Account by clicking into the options and ‘Mark as reconciled’.

• Note: Parakeet record paid invoices against the Parakeet AR INTERIM Clearing Account and then automatically transfers the bulk amount received to the Parakeet AR FINAL Clearing Account.  

Others - For Individual BPAY credits - (e.g. Macquarie/ANZ/WBC)

• When the individual BPAY deposit is received from the BPAY provider, go tor the 'Reconcile' tab in Xero
• Xero will provide the best match based using the  information provided by Parakeet (e.g. CRN | Payment Reference)
• Click OK and the invoice is reconciled
• (Option: User can also create 'bank rules' in Xero to automate some of these task)