Ingest settlement reports from each marketplace or payment service provider (PSP) via their API or SFTP export, extracting: payout_id, settlement_date, gross_sales, refunds, fees, and net_payout_amount.
Fetch the corresponding order and refund records from your order management system for the same settlement period, matching on the PSP's transaction reference or order ID included in the settlement line items.
Post the gross sales amount as a debit to the clearing account and a credit to revenue or accounts receivable; post fees as a debit to payment processing expense and a credit to the clearing account; post refunds as a debit to the refunds/contra-revenue account and a credit to the clearing account.
When the bank deposit arrives, post a debit to the bank account and a credit to the clearing account for the net payout amount; the clearing account should net to zero for each fully reconciled payout cycle.
Identify residual clearing account balances after the bank deposit: unmatched items represent either orders not yet settled, disputed transactions, or data mismatches — age the clearing account and escalate items outstanding beyond your SLA (e.g., 30 days).
Produce a payout reconciliation report per PSP showing: orders in settlement window, total gross, total fees, total refunds, expected net, actual bank deposit, variance, and a list of unmatched items with their order IDs for investigation.
Known gotchas
Marketplace fee structures often include variable components (referral fees, fulfillment fees, advertising credits) that change by product category; a static fee-rate assumption in the automation will produce clearing account residuals — always source fee amounts from the settlement file rather than computing them independently.
Currency conversion by the PSP (for cross-border sales) means the PSP's reported net payout is in the payout currency, not the transaction currency; the FX conversion gain or loss relative to your functional currency must be posted to an FX gain/loss account, not left in the clearing account.
Settlement timing cutoffs differ across PSPs and can straddle accounting periods; a payout initiated on the last day of a period may not bank until the following period — ensure your accrual logic recognizes the receivable in the period the settlement was earned, not the period the cash is received.
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