Questions & Answers - Session 2 Advance Features & Reporting
Questions asked during the webinar: Advance Features & Reporting - Session 2
Q: Why do we need 2 GL codes please explain this fully?
Kindo Payables enables you to receipt cash, eftpos and bank transfer payments for payable items directly to the caregivers’ Kindo account using the POS page. This will ensure complete tracking and reporting of payables and associated payments. You will need to create the following 2 ledger accounts in your accounting system:
- Kindo Clearing Account (Current Liability account in your Balance Sheet) and is where all your POS transactions will get coded against in your accounting system
- Kindo fees (Expense account in your Profit and Loss)
In your accounting system - all eftpos, cash and bank transfers are coded directly to the ‘Kindo Clearing Account’. When you get our weekly reports (or daily if on a daily billing cycle) the amount against the POS transactions should match the amount you have coded to your 'Kindo Clearing Account'. In the Summary (Finance) report, items are coded to the correct revenue code.
For further information please refer to our support article – POS Accounting - simplified.
For further information please refer to our support article – POS Accounting - simplified.
Q: Are these dates for all users?
Yes, the dates discussed and shown on the roadmap in your webinar are for all schools going through that training block.
Q: What do you mean by saying turn off the etap payment portal for your families?
If enabled for your school, please stop using the payment facility in eTAP so that you are not receiving payments through eTAP anymore. Any payments you receive via cash, eftpos of bank transfer after you have sent us your outstandings report need to be held onto until you are live with Kindo Payables. You will then receipt these via the POS page.
Q: When we go live with payables, will there be a fee for transactions that we put through the Kindo POS page for cash, EFTPOS and bank transfers?
The Kindo pricing model has zero monthly licence fees. We charge a percentage fee on all transactions managed by the platform. We think this is the fairest model, as it means it’s affordable for schools of any size, and we only get paid if it’s used (unlike most software which has a fixed cost whether you use it or not).
As you can appreciate, there are lots of costs associated with building, maintaining and supporting the platform, regardless of which payment methods are used; and point of sale (POS) transactions still use the majority of the time-saving functionality of the platform. For that reason, we can’t exclude POS transactions from the pricing model.
When a caregiver decides to pay directly to the school – whether by cash, EFTPOS or into the school bank account – there is a lot that needs to happen beneath the surface. It goes beyond the burden of handling physical cash. Many of our schools are deciding to go ‘Cashless’, but for those that want to maintain this option, the below POS ‘Iceberg’ shows a visual representation of the process:
Q: Where do you find the GL Codes for each payment on the payment reports?
The GL codes that you have entered on the Partner site for your Payables can be viewed in the Current Available (Proto) Payables report and the Outstanding Payables (Advanced) Report. For more information on viewing the Outstanding Payables (advanced) Excel. One worksheet per ledger code option, where each ledger code is separated into a new tab within the workbook please click here.
You will also be able to view your GL codes for each payment in your Summary (Finance) report and Detailed (Sales) report in your Weekly reports for Kindo Payables.
Q: I believe that Kindo will charge for these entries that
are entered and received by the school and not Kindo, is this correct?
The Kindo fee is standardised across any type of payment
method, whether the caregiver pays through their own myKindo account or if you
are receipting their payment through the POS page. The great benefit of this is
that you won’t have multiple places to reconcile, reports are all on one system
and donation receipts can be sent to caregivers in either case.
Q: Where do we get the GL code?
Your General Ledger or finance codes are found in your
accounting system. For your new payables, you will need to create the following
ledger accounts in your accounting system:
1.
Kindo Clearing Account (Current Liability
account in your balance sheet)
2.
Kindo Fees (Expense account in your Profit and
Loss)
Q: When reconciling cash banking, eftpos payments etc in
Xero, do we use the GL Kindo Clearing Account code?
Yes, All POS receipts relating to payable items
(cash, bank transfer, eftpos) should be coded in your accounting system to the ‘Kindo
Clearing account’ (not the revenue account to which they relate). For more
information, please refer to our article on POS accounting.Contact our Customer Support on 0508 4 KINDO (0508 454 636)
Open 8am - 4pm weekdays.
Email: helpdesk@kindo.co.nz
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