Reconciliation ensures the accuracy and consistency of financial records, particularly between the Fee Collection Report and the Settlement Report. Below is a step-by-step guide to conducting an effective reconciliation.
Part 1: Understanding the Reports
1️⃣ Fee Collection Report
Overview
The Fee Collection Report provides receipt-wise collection details for all active collections under Normal Collection in NextOS.
It includes key details such as:
✅ Receipt No.
✅ Collection & Payment Date
✅ Payment Mode & Instrument Details
✅ Payment Status
✅ Fine & Concession
✅ Fee Type-wise Breakup
✅ Total Collected Amount
How to Download
📌 Navigate to: Finance -> Fee -> Fee Reports -> 1.1 Fee Collection Report
📌 Generate the Report
📌 Export as PDF or Excel
📖 For a detailed guide, refer to:
[Fee Collection Report Overview]
2️⃣ Settlement Report
Overview
The Settlement Report provides details of successful and refunded online payments.
📌 Note: Settlements occur T+2 days after a successful payment.
How to Download
📌 Navigate to: Finance -> Payment Gateway -> Payment Gateway Reports -> Settlement Report
📖 For a detailed guide, refer to:
[Settlement Report Overview ]
Part 2: Reconciling the Reports
1️⃣ Match Receipt IDs
✔️ Use the Receipt ID from the Fee Collection Report to locate the corresponding payment in the Settlement Report.
✔️ Ensure each receipt ID has a matching entry in the Settlement Report.
2️⃣ Verify Payment Status
✔️ Ensure each transaction in the Settlement Report is marked as Settled.
✔️ If a payment is still Pending, check with the Payment Gateway Provider for the reason.
3️⃣ Account for Settlement Delays
✔️ Online payments usually take 2-3 days to settle.
✔️ Confirm that the settlement period matches the transaction date in the Fee Collection Report.
Part 3: Resolving Discrepancies
1️⃣ Unmatched Transactions
🔸 If a transaction appears in the Fee Collection Report but is missing from the Settlement Report, check if:
✅ The transaction failed or was reversed.
✅ Contact Support for further clarification.
2️⃣ Duplicate Entries
🔸 Ensure no transactions are recorded twice in either report.
3️⃣ Partial Settlements
🔸 If only part of a payment is settled, investigate the remaining amount with the payment gateway provider.
4️⃣ Offline Payments
🔸 Exclude offline payments from reconciliation, as they do not go through the payment gateway.
Part 4: Real-Life Example
📌 Scenario:
A parent paid Rs. 5,000 via the NLP app for a student’s fees.
- The Fee Collection Report shows Receipt ID: RCPT12345, with the payment marked Successful on January 1, 2024.
- However, the Settlement Report does not show the payment as Settled.
✅ Steps Taken:
✔️ Checked with the Payment Gateway Provider – Transaction was processed but pending settlement.
✔️ Amount was credited to the school’s bank account on January 4, 2024.
✔️ Updated the Settlement Report to reflect the settlement date and successfully reconciled it with the Fee Collection Report.