How to reconcile SumUp Income
This help guide article covers how to reconcile SumUp Income. SumUp is similar to Square and Zettle in that as well as enabling organisations to accept income payment by card, it's also possible to be used as a till system, with both cash and card transactions being recorded.
NOTE: if you are using GiveALittle (which processes payments via SumUp), please switch over to this help guide article which covers GiveALittle.
Within ExpensePlus there are 2 choices for how to reconcile SumUp Income (you will need to pick the one that will work best for you):
- Option 1: Splitting payouts manually using the 'mixed income' option - This can be a good option where you have only a small number of SumUp Transactions, or all transactions are typically either just card donations, or relate to just one event (where you wish to bulk together similar income transactions in addition to doing the same with fees).
NOTE: Option 1 can't be used if you are using SumUp as a till system through which you are also recording cash income.
- Option 2: Adding SumUp as an account and uploading and reconciling transactions - this option enables you to upload and reconcile the transactions that form part of your SumUp payouts in a highly automated and efficient way using the quick-match feature in ExpensePlus and avoiding the need to try to manually split payouts into gross income and fees manually.
IMPORTANT: You should not reconcile payouts from SumUp as 'Income Received'. SumUp charges transaction fees, so recording the net amount that arrives in your bank account simply as income is incorrect from an accounting perspective. Instead, choose one of the above options - both of which enable you to ensure the gross amount of income collected via SumUp is recorded as income, and the SumUp transaction fees are correctly recorded as expenditure.
Option 1: Splitting payouts manually using the 'mixed income' option
Reconciling SumUp payouts appearing on your main bank account statement
When you reconcile your uploaded bank transactions, select the SumUp payout on the left-hand table of your match transactions screen, click the + button, then, in the popup that appears, select the transaction type as 'mixed income'.
Within the 'Enter Mixed Income' screen, enter the details for the transactions in the SumUp payout:
- GASDS Donations - for any contactless card donations where the amount given is £30 or less
- Income (other) - for all other income, such as ticket / book / cafe sales (along with contactless card donations greater than £30 which are not eligible for GASDS)
- Less Expenditure - for the total of the fees deducted (typically grouped into a single expenditure line).
NOTE: Typically, the named donation option isn't used since most donations will be contactless card donations, which can be claimed under GASDS (removing the need to try and manually track at the point of donation which donor with which card number gave which amount).
Any card donations over £30 are not eligible for GASDS and should be entered instead in the 'Income (other)' section.
Note: if you are finding the process of splitting payouts as described above tedious or time-consuming, then we'd recommend you consider option 2 which is far quicker and doesn't require manual data entry.
Option 2: Adding SumUp as an account, and uploading and reconciling transactions
Reconciling SumUp payouts appearing on your main bank account statement
When you reconcile your uploaded bank transactions, select the SumUp payout on the left-hand table of your match transactions screen, click the + button, then, in the popup that appears, select the transaction type as 'Payout from Payment Processor', and then select your SumUp account.
Note: you will need to set up SumUp as a payment processor account before you can do this - click here to find out how to do this.
Note: This first step may temporarily make your account balance of your SumUp account balance in ExpensePlus go negative (until you upload your SumUp transactions).
Downloading SumUp transactions
Sign in to SumUp and click 'Home' to go to the dashboard:
Select 'Transaction Reports':
In the next screen, select the report period, then click download 'Transaction Report':
In the popup, click 'export file':
IMPORTANT NOTE: DON'T click the 'use the old format' checkbox, otherwise you will find you are unable to upload the file into ExpensePlus.
Importing SumUp transactions
Within the bank reconciliation screen, select your SumUp account and click 'upload transactions'.
The upload process works similarly to a regular bank account, except that each line on the statement will show as two transactions within ExpensePlus - one relating to the income, and the other to the transaction fee deducted.
NOTE: If you are using SumUp as a till system, ExpensePlus can cope with the transactions you import being both cash income and card income.
Reconciling SumUp transactions
The bank matching process for SumUp transactions works similarly to a regular bank account - with the ability to remember and quick match transactions.
This means that once you have reconciled SumUp transactions for the first month, you won't need to manually enter these transactions for future months - instead, you can simply click the 'quick match income' button at the top of the match transactions screen.
TOP TIP: updating the description field on your SumUp card reader between events / when accepting donations for a special offering will make it easy to differentiate between different income transactions, and to allocate money to the correct fund/category when reconciling transactions. To find out more, search SumUp Helpguide for 'Assign transactions for payout reports'.
Where transactions haven't been previously reconciled and auto remembered:
GASDS Donations
To reconcile contactless card donations that are £30 or under:
(1) select the transaction in the left-hand table of the match transactions screen;
(2) click the '+' button to the right of the transaction;
(3) select the 'GASDS Donation' option in the popup and enter the details.
NOTE: Contactless card donations over £30 are not eligible for GASDS and should be entered instead as 'Income Received'.
Income Received
To reconcile income for an event or sales income:
(1) select the transaction in the left-hand table of the match transactions screen;
(2) click the '+' button to the right of the transaction;
(3) select the 'Income Received' option in the popup and enter the details.
TOP TIP: consider shortening the 'Description to Remember' field to just the first part of the description as this will enable all future sales / event income to auto-match!
Card/Payment Process Fee
To reconcile SumUp transaction fees:
(1) select the transaction in the left-hand table of the match transactions screen;
(2) click the '+' button to the right of the transaction;
(3) select the 'Card/Payment Processor Fee' option in the popup and enter the details.
TOP TIP: consider shortening the 'Description to Remember' field to just 'Fee -' as this will enable all future SumUp transaction fees to auto-match!
Recording SumUp CASH that is banked (not relevant for most organisations)
NOTE: This is only applicable where SumUp is being used as a till system through which cash is being recorded.
If you are using SumUp as a till system where both cash and card sales are being recorded, then your SumUp balance will be made up of both cash held and card transactions that have been collected and awaiting payout to your bank account.
If you wish to bank cash from your till, then to record this within ExpensePlus, you need to go to the Bank Deposit screen, and record the cash being banked in the 'Plus Cash Added from Petty Cash / Till System' section.
This will automatically create an entry in your SumUp account in ExpensePlus, causing your SumUp balance to reduce - reflecting that the money has been banked.
Why is my SumUp statement not uploading?
Most likely, you are not uploading the statement detailed above. Whilst you can try uploading a different formatted statement, for it to work, you will need to update the column names, and the file must contain ALL of the following headers (spelt exactly as stated below):
- Date (each transaction must contain a date)
- Transaction Type (each transaction must contain a transaction type)
- Status (each transaction must contain a status where this is provided)
- Last 4 digits (each transaction must contain the card number)
- Payment Method (each transaction must have a payment method)
- Description (each transaction must contain a description)
- Total (each transaction must contain a non-zero income amount)
- Fee (each transaction must contain a transaction fee)
(Additional columns can be present, but won't be imported).
IMPORTANT NOTE: If you DIDN'T click the 'use the old format' checkbox this is highly likely to be the reason why you are unable to upload your transaction file into ExpensePlus.
To better understand the Bank Reconciliation functionality, please watch the module overview video here.