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Thread: Processing Yoco Card Transactions in Pastel

  1. #11
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    Thanks Andromeda

    You are so right, it is not a quantum leap forward. For me it is important to see the entire transaction and to then setup your structure and Pastel in such a way that it reflects it.

    I have gone further and also made the following illustration of the transaction as it happens.

    Attachment 7636

    I really appreciate us all having this conversation as I do believe YOCO is a fast and inexpensive solution for SME's. But the standard Pastel processing method is not fast and cost efficient, so we need to see how we can set processes in place to make it quick to capture in Pastel.
    www.mybi.co.za
    alec@mybi.co.za

  2. #12
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    Hi Guys.

    I sat with my team and we created a 3 step procedure how we think you can capture YOCO transactions in Pastel quickly. I loaded the video on a LinkedIn post here:

    https://www.linkedin.com/posts/alec-...943645184-hst4

    I am sorry for not posting the video here, but I am not able to upload a video in this post.

    Would love to hear your opinion on it.

    Kindest regards,
    Alec
    www.mybi.co.za
    alec@mybi.co.za

  3. #13
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    Hi HJVW

    The fee calculation as far as I can see from their website is 2.95% x 1.15 of the total cash paid.

    It unfortunately is not always an exact science as different ERP systems have different decimals after the zero.

    Hope this helps.

    All the best.

    Alec Candiotes
    www.mybi.co.za
    alec@mybi.co.za

  4. #14
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    Hi Guys,

    Thank you for all of your responses.

    Unfortunately I cannot properly see the video you posted Alec, however I really appreciate your guys' input on this. The way I'm currently capturing this is extremely confusing and tedious. There MUST be an easier way!

    I'm using Pastel Accounting Xpress V17, and here's what I ended up doing:

    As YOCO sends me an invoice at the end of every month for all of the fees deducted, I ended up creating a supplier account for YOCO.

    When capturing my bank statements, I allocate every YOCO settlement to the respective customer account, using the FULL AMOUNT invoiced to the customer. For instance: If the settlement amount is R2415.19, and the original amount swiped was R2500.00, I capture R2500.00. This way, the customer account balances to R0.00.

    Then, using the same reference number (still on the receipts side), I capture the YOCO fee as a negative right below it (-R84.81), allocating it to the relevant expense account. (This also means I constantly need to reference back to the online portal or mobile app, to confirm the fee amount for each specific settlement/transaction).

    Ultimately, the transaction reflects as a consolidated entry of R2415.19 (R2500.00 - R84.81) in my cash book, which corresponds with my bank statement. At the same time, the supplier account is debited with R84.81. When capturing the YOCO invoice at the end of the month, I allocate all the relevant fees to this invoice, which also enables me to cross check and ensure every transaction & fee is accounted for, as the total fees should = the total of the invoice.

    This was the only way I could be sure that VAT would be accounted for in the correct way. What are your thoughts on this?

  5. #15
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    Hi Ola

    Have you considered creating a separate cashbook to record the YOCO entries in? Receipt the full R2500 from the customer into YOCO receipts. Then use the cashbook transfer wizard and do a cashbook transfer to the current account from YOCO receipts for the value less the fees. Raise the supplier invoice from YOCO as a 1 line entry to bank charges including VAT at month end. "Pay" the YOCO supplier at month end from the YOCO cashbook. The balance in the YOCO cashbook will be equal to the value on their invoice, if all entries were captured correctly. You will have a separate cashbook to trace all the YOCO entries in and can do a bank recon on their transactions, and your current account won't have all the consolidated entries to work through during the recon process.

    It doesn't really decrease the processing required, but might make reconciling the account easier.

  6. #16
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    Hello Ola

    My apologies that the link was not working and for talking long to respond to you.

    Our MyBI team has been setting up a Youtube channel to load the video we created so that I can send you the url to the video. Here it is:

    .

    Let me know what your thoughts are. I look forward to hearing from you.

    All the best,
    Alec
    www.mybi.co.za
    alec@mybi.co.za

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