When you accept online payments through MaterioPay, the funds get deposited into your firm's bank account as a batch, once daily. For instance, if you accept 3 online payments of $1,000 each in a single day, then on a subsequent day you will see a single batch deposit into your firm's bank account of $3,000 (minus any platform fees). Each such batch deposit from MaterioPay is called a Payout.
Because a single payout can contain multiple payments, and because platform fees are deducted, the amount deposited into your bank account will typically not exactly match your original invoice amount. To understand which payments are included in each payout, use Materio’s built-in Payout Report feature.
Tip: Also turn on the QuickBooks Payout Sync feature to automate most of your QuickBooks batch reconciliation.
Using the Payout Report
First navigate to https://app.materio.co/invoicing/payouts. You will see all your MaterioPay payouts listed, with the most recent payout at the top.
If you need to find an older payout, use the pagination buttons at the bottom right to look through older pages, or click “Filter by date” to search for the specific payout date range you are interested in.
Click on any row in the report to open up a detailed view of that payout. The detailed view shows you every payment included in the batch, as well as any platform fees that were deducted. From within the detailed, view, you can click on the document number or on the project name to open either one of those in a new tab.
FAQs
Does this report cover payouts from my connected Stripe account?
No, this report only includes payouts from MaterioPay.
Can I create my own payout to represent a batch of client checks that I’ve deposited at my own bank?
Not at the moment, but let us know more about your use case by writing to support@materio.co.
What does “ACH Return” mean in the payout report?
An “ACH Return” essentially means a bounced or failed ACH transfer. This can happen for a variety of reasons. By far the most common reason is that your client mistyped their routing number or account number when entering their payment info. Other less common reasons include an insufficient balance in the customer’s account or your customer revoking payment authorization after the fact.
Why do I see two entries for the same ACH payment in the report?
When an ACH payment bounces or fails, you may see two separate entries for it on the same report. The first entry is for the payment itself and will be labelled “Payment”. The second entry is for the bounce and will be labelled “ACH Return.”
What does “Linked document deleted” mean?
If you see the text “Linked document deleted”, that means that you or a member of your staff has deleted the original invoice, retainer, or deposit document from Materio.
How can I make my reconciliation process more efficient?
By turning on the QuickBooks Payout Sync feature, you can automate the majority of the batch reconciliation you would otherwise need to do by hand in QuickBooks.
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Have questions? Chat with us from your project dashboard or email us at support@materio.co.