Payment Reconciliation

I have worked out a system to track applied and accepted shops. However, reconciliation of payments is still a challenge since MSCs lump payments together and use a variety of names. Any suggestions?

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Applied, accepted. The next logical step is tracking accepted shop: performed, submitted. I use a budget app, many use spreadsheets. You can track expenses, travel mileage, expected reimbursement and fees, actual payment: The numbers that affect your taxes.

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What works for me is to keep detailed records of each shop showing the fees and reimbursement I am due, the shop date, the MSC, etc. Then, if I have a payment to my bank or PayPal account I don't recognized, I look at unpaid shops from that general time frame, and try to match the amount paid to the amount due. Also, most of the shopping platforms have a screen where you can see a record of paid shops, amounts, etc.
I keep everything in my spreadsheet. I update it real time, so I always have running totals.

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Are you using a spreadsheet? Here is one from a forum member []. You'll notice there are columns for Amount Due and Date Paid (or something similar). A blank cell in the Date Paid column lets you know that payment is outstanding.

I created pivot tables based on that spreadsheet. The tables are very flexible. For example, I have a minimum dollar amount I want to earn each month, so I have a pivot table that shows whether or not I'm on track.The best part is...all I have to do is maintain the shop log in the sample spreadsheet, and the pivot tables take care of themselves. (I'm kind of an Excel nerd. Sometimes I wonder if I MS for the money or the chance to play with the spreadsheets. smiling smiley)

My payment reconciliation is very simple.
Each moth has it's own tab. On that tab is a "Payments Expected" section. When I do a shop I put an entry into that section in the month I expect to be paid. It includes the date payment is due per their terms, the MSC, client, location, and total expected payment. That section is sorted by date. When I get a payment I simply cut and paste it from that section into the "Payments Received" section. My summary page links that so at the end of the year I have a simple glance at my summary page and can see exactly what my total income for the year was. I can also look at the Payments Expected section and see immediately if any payments are past due. At the end of the month everything unpaid gets cut from that month and pasted at the top of the expected payments for the next month. Not only is it easy to see what's past due and what's upcoming, I also have an easy to see total of how much I expect to be paid for each month. It's a pretty handy system.

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