Auto Reconciliation of PayU Money Payment Gateway Transactions
Commonfloor Groups team has released the new feature on the Accounting Module “Money Manager” Auto Reconciliation of PayU money Payment Gateway payments. This feature saves a lot of time of the Treasurer and or the Admin of the Apartment Association or Society Management Committee considerably.
The Challenge of Reconciliation:
Whenever a Resident is making payment online using the PayU Money payment gateway the Receipt is generated automatically and is mailed to the Resident, simultaneously the Receipt and the Amount gets reflected on the House Statement and the Default Bank Account of the Association or Society. Earlier such payment(s) reflecting on the default bank account of the Association was to be reconciled by the Treasurer or the Admin of the Apartment Association or Society manually as the PayU Money payment gateway make settlement or credit the Amounts into the Bank account of the Association or Society in bulk. The admins had to reconcile the bulk payments along with the Transaction report of PayU Money manually and were facing difficulty in finding the breakup of the Amount as well as the Flats or Houses which made such payments for a particular credit of bulk settlement of transaction amount. The manual reconciliation was time-consuming and was difficult to reconcile each of the PayU Money transactions on a daily or weekly or monthly basis.
How does it work?
As PayU Money payment gateway is integrated with the Commonfloor Groups Software the Product team of Commonfloor has enhanced the integration to fetch the Settlement data from PayU Money by an advanced automation process. Now the Commonfloor Portal can provide the Receipt No, Settlement date correctly along with the Amount for each of the Transactions and with the UTR No. for easy reconciliation and to get the breakup of the Amount plus the Flat or House No.
Secondly, such Transactions for which settlements are made are automatically get reconciled on the Bank Statement of the Association or Society’s portal of Commonfloor groups and a Green Colour Tick mark appears against such auto reconciled Transactions. Thus saving a lot of Time and Effort of the Treasurer and or the Management Committee member who voluntarily work for the common cause of the community.
