Revenue Reconciliation with PodPlay

PodPlay is the system of record for venues. That is, PodPlay triggers and records every single revenue transaction that was made through the PodPlay system (web-app, iOS app or Android app). PodPlay uses Stripe as its payment processor, which is the technology that actually charges your customers’ cards and manages refunds and chargebacks.

PodPlay is not an accounting platform. The platform that the majority of PodPlay clients use to generate accounting statements is Quickbooks Online (QBO). There is no direct integration that exists between PodPlay and QBO or Stripe and QBO.

There are two methods for transferring your club’s revenue records into QBO.

1. Use athird party application, such as Synder or Amalgam to connect Stripe with QBO.

2. Export the revenue transactions into excel → sum up your main revenue categories → manually enter your monthly revenue totals into QBO.

Method 1:

• Method 1 is an automated solution. However, Synder and other third party applications are a bit expensive. For Synder, the pricing model is a fixed monthly charge and additional fees if you exceed certain transaction thresholds. At PingPod, we found that the transaction limits were low and we were paying thousands of dollars for the service. We also looked into Amalgam, an excel plug-in, but found it too complicated to implement.

• The other drawback to using a third party connector is that occasionally the link between Synder and QBO breaks and requires a manual reset of the connection.

Method 2:

• At PingPod, we switched to Method 2 in order to avoid paying the third party fees.

• On the admin dashboard simply navigate to your Purchases Page → Export Button → Select the time frame. Two files will upload; a “Summary” file and a “Comprehensive” file.

The Summary Sheet is a concise overview of your transaction revenue grouped by revenue category (Bookings, Event Signups, Membership, etc) as well as by location. The summary sheet is useful for a quick overview of your revenue categories and total revenue for a given period.

However, we advise using the itemized sheet for a more detailed and accurate breakdown of revenue.

Once you export the itemized file to excel you can use the filter function to group your revenue transactions by location, customer, revenue category or otherwise. Click into the top row of the sheet → Data → Filter. You can also manipulate this data any way you like using custom excel formulas.

Note:

1. Stripe has a 2-day delay in payouts. Sometimes Stripe will hold funds for slightly longer than 2-days, though the majority of payouts are 2-days.

   1. Revenue generated on a Monday will payout to your bank on a Wednesday

   2. Revenue generated on a Thursday or Friday will payout to your bank the following week

2. The Purchase page Export uses the UTC timezone to keep true-to-source because Stripe charges Customers in the UTC timezone. Thus, to calculate the UTC timezone to your club’s timezone:

   • Eastern timezone = 5 hours behind UTC

   • Central timezone = 6 hours behind UTC

   • Mountain timezone = 7 hours behind UTC

   • Pacific timezone = 8 hours behind UTC

Once you have your revenue category totals and revenue total for a given period (e.g., monthly) you can directly enter those revenue totals into QBO.

The vast majority of transactions in a given month are triggered, processed, and recorded automatically by the PodPlay system. However, occasionally you or your employees (i.e., General Manager, Customer Support, etc) may have had reason to trigger a manual payment through the system. In order to maintain a clean revenue ledger, it is important that employees are thoughtful when setting up a manual payment. That means selecting the correct category that the charge should fall into rather than defaulting to a catch-all category such as “Various”.

In the event that a manual charge does not fall cleanly into the set of pre-existing categories the system offers and they have no other choice but to select “Various”- it is advisable that they include a description to go along with the charge (see below). That way when the item ends up on the Comprehensive export, the description will help clarify which revenue category the charge belongs to.

The PodPlay system records all of your Coaches’ private lessons (Reservations) and Clinics (Events). On the admin dashboard, navigate to your Coach Page → Export Button → Select the time frame. One file will download to your computer for all Coach lessons (Reservations & Clinics).

• The Revenue Amount in column E is the amount of revenue generated by that Event or Reservation for the Club

• The Transfer Amount in column F is the amount that is transferred over to the Coach

By default, your Coaches will have the opportunity to set up a payment profile through their coach settings. If they complete the payment profile, they will receive revenue from lessons through the PodPlay system. If you do not want to have your Coaches paid through the PodPlay system, we can turn off the payout system.

Whether using the system to pay coaches or not, this export from the coach page helps to track their potential payouts.