You utilise Enrolmy's OSCAR Subsidy Reconciiation Process and are integrated with Xero
You want to know how to reconcile WINZ Payments to the WINZ Suspense Account
You want to know how to balance your WINZ Suspense Account
This document assumes you know the following:
You understand how to utilise Enrolmys OSCAR Reconciliation Process
You have completed your attendance, subsidies and invoice reconciliation process
You understand basic accounting principles
How To Reconcile WINZ Payments Inside Xero
Remember, WINZ Payments have already been reconciled against customer invoices inside Enrolmy as a WINZ Credit Note. Therefore, you do not need to match the WINZ Payment against the customer's invoice inside Xero.
Rather, you should code the payment to the EMY-WINZ- Enrolmy WINZ payment Suspense A/c.
Within the bank reconciliations section within Xero, against your received WINZ Payment, you should use the following reconciliation references:
WHO: Work and Income
WHAT: EMY-WINZ- Enrolmy WINZ Payment Suspense A/c
WHY: (Insert Statement Week Date)
How To Find Your WINZ Suspense Account Report
Log into your Xero account and select Accounting
Next, select Account Transactions and search for EMY-WINZ - Enrolmy WINZ Payment Suspense A/c
Select the date range of the month you are wanting to see and click update
Every week you reconcile WINZ payments that you are receiving into an EMY-WINZ Suspense account, and at the end of every month, you need to ensure this account balances. Once you have pulled up the report as instructed above - the first quick check to complete is by looking at the balance right at the bottom of the report. This should be sitting on a $0.00:
How To Balance Your WINZ Suspense Account
Match up WINZ credit notes against the WINZ payments received for each week
If there seems to be a missing WINZ payment, ensure you have reconciled each WINZ payment to the correct suspense accounts
If there appears to be a missing WINZ Credit Note:
Ensure you have fully reconciled your subsidies inside Enrolmy and generated the WINZ Credit Note.
Check the status of the WINZ Credit Note within Enrolmy and ensure it has been applied to an invoice.
Awesome! You now know how to reconcile WINZ payments inside Xero!