At Loop, we provide you with a detailed overview of your finances, including payouts. Payouts are calculated based on various factors, including the number of orders, total sales value, taxes, 3rd party commissions, marketing spends, and chargebacks. In order to ensure that the payouts are accurate, it is important to perform payout reconciliation. In this article, we will guide you through the process of performing payout reconciliation by checking orders in Loop.
Steps to Perform Payout Reconciliation
Step 1: Access the Payouts Tab
To begin, log in to your Loop account and click on the "Finances" tab. From there, select the "Payouts" tab. Here you can see an overview of your payouts, including the total payout amount, expected payout date, and the number of payouts you can expect to receive.
Step 2: Check the Orders
To perform payout reconciliation, you will need to check the orders that were included in the payout. Click on the "List of Payouts" sub-tab. Here you will see a list of all the payouts that have been made.
Step 3: Review the Details
Once you have selected the payout, you will see a detailed breakdown of the payout. This includes information such as the payout ID, the host kitchen, the total sales for the week, taxes, commissions, and the final payout amount. Review this information carefully to ensure that everything is accurate.
Step 4: Cross-Check with Orders
To ensure that the payout is accurate, cross-check the information provided in the payout details with the orders. To do this, navigate to the "Transactions" tab and click on the "Order Attributed Transactions" sub-tab. Here you will see a list of all the transactions attributed to orders.
Step 5: Filter the Transactions
Filter the transactions by host kitchen and the date range corresponding to the payout. This will allow you to see all the orders that were included in the payout.
Step 6: Check the Orders
Review the orders to ensure that all the details match with what is shown in the payout details. This includes information such as the order type (delivery, pickup), transaction ID, transaction date, order value excluding tax, tax, commission on the order, marketing spend for that order, and the net payout.
Step 7: Perform Reconciliation
If everything matches, then the payout has been reconciled successfully. If you find any discrepancies, you will need to investigate further to determine the cause of the error.
Performing payout reconciliation is an important task that helps you ensure the accuracy of your finances. By following the steps outlined in this article, you can easily perform payout reconciliation by checking orders in Loop.