Financial accounting

Overview

Dashboard allows you to monitor the current state of the company's balances, get information about exchange rates used for currency conversion, and work with your designated bank accounts for funds withdrawal from the company's balances at ecommpay in the Finance section. This section can be accessed only with a separate set of permissions provided by default to user accounts with the assigned Finance and Merchant Admin roles.

Dashboard allows you to monitor the current state of the company's balances and get information about exchange rates used for currency conversion in the Finance section. This section can be accessed only with a separate set of permissions (learn more).

When working with the Finance section, you should keep in mind the following special aspects of using the information it contains:

  • Availability. Only IN/OUT and OUT balances are shown in the interface by default. To be able to view IN balances, contact your ecommpay account manager.
  • Applicability. Information shown in the Finance section should be used for reference. It is not recommended that you use this information for performing final review and account reconciliations. The information should be seen as tentative because processing cash inflow and outflow data may lead to inevitable technical and organizational lags stemming from the specifics of interconnection between payment service providers, process of finalising fees, and other procedures. Dashboard presents a snapshot of data available at the moment, hence it may differ from the consolidated results. If you need to check the accuracy of the real-time balance information, contact your account manager.
  • Accuracy. Balance information is shown with a delay of up to 30 minutes. The time lag stems from the specifics of technical procedures including various calculations, checks, and transfer of information to long-term storage. If you need to obtain up-to-date information on specific operations, you can use payment information tabs, callbacks (learn more) and HTTP requests to the Gate API (learn more).
  • Data refreshing. Auto updating of the information in the Finance section is not supported, but you can use the tab refresh feature of your browser.

The overview of balance information and guidelines on how to monitor balances, get information about exchange rates used for currency conversion, and work with bank accounts are provided below.

Monitoring balances

Balances and the special aspects of their use

Within the framework of the payment platform as a whole and Dashboard in particular, the term balance refers to a balance in a certain currency available for the merchant's operating activities which includes withdrawing these funds to the merchant's settlement accounts. On the basis of their intended operating purpose, balances are divided into the following types:

  • IN—for cash inflows from processing purchases and refunds
  • OUT—for cash outflows from issuing payouts
  • IN/OUT—for all kinds of operating cash inflows and outflows from processing purchases, refunds, and payouts

When working with balances, you should keep in mind the following special aspects and restrictions:

  • A balance can reflect data only in one currency.
  • Currencies in which balance data is shown are determined by ecommpay. Default currencies include USD, GBP, and EUR; for availability of other currencies, refer to your account manager.

    In cases when currencies in which operations are processed differ from balance currency, currency conversion is performed.

  • Operations pertaining to card payments (with the direct use of payment cards) and to alternative payments (with the use of alternative payment methods) are always separated into different balances.
  • Operations pertaining to payments made with different alternative payment methods in one balance currency can be separated into different balances or consolidated in one.

    For instance, when several payment methods from one provider are integrated for payment processing in a specific region with local settlement currencies and one balance currency (for example, EUR), all operations pertaining to payments made with these methods can be consolidated in one balance.

  • Operations pertaining to purchases and payouts made with a specific payment method are consolidated in one IN/OUT balance and are not separated into balances of different types (IN, OUT, IN/OUT). IN or OUT balances can be used in case when only purchases or only payouts are supported for a specific payment method.
  • The ecommpay specialists set up balances and link them to the corresponding agreements and payment methods only after the merchant submits a request to the account manager. If you have any questions related to working with balances, contact your account manager.

Monitoring real-time balance data

Real-time balance information includes total amounts for each currency used and the list of balances. (Keep in mind that balance calculation may take up to 30 minutes and, consequently, balance information may reflect the aforementioned delay.)

  1. Open the Real-time tab of the Finance section.
  2. Expand the tab you need (IN, OUT, IN/OUT) and make sure the balance register displays the required information: total amounts in available currencies at top of the tab and the list with balance information below.

    If the IN tab is not available in the Finance section, you should contact your ecommpay account manager.

  3. If necessary, filter the information by relevant agreements.

    You can use the dropdown list of agreements concluded with ecommpay.

Figure 1. The Finance section

Monitoring the information about currency conversion rates

Dashboard supports the capability to obtain the information about currency conversion rates against the US dollar (USD) that are applied to operating and non-operating inflows and outflows. These rates are provided for each hour of the selected date.

To view the conversion rates of a required currency on a particular date, go to the Currency Rates tab in the Finance section and select a date and a currency.

Figure 2. The Finance section

Working with bank accounts

Overview

Dashboard allows users to create and manage records with the details of bank accounts that merchants can use for funds withdrawal from ecommpay balances. In each case, the following requirements must be met:

  • Two-factor authentication is required for accessing Dashboard in order to work with bank accounts.
  • The user account must be granted the appropriate role and permissions for working with the bank accounts in the Finance section. To learn more about how to access this section in the Dashboard interface, see Core capabilities and role-based access model.

In the Finance section, you can monitor all accounts added to the list in the Bank Accounts tab and access details of individual bank accounts in the dedicated tabs. Each bank account tab includes a control panel and a panel with the bank account and beneficiary details. In the list of bank accounts, you can also monitor records created by the ecommpay specialists.

Figure 3. List of all added bank accounts
Figure 4. Tab with the bank account details

A record with the bank account details can have the following statuses:

  • Draft is assigned to records saved as drafts; the record can be edited (with no time limitations).
  • Waiting for approval is assigned to created records that have been sent for approval by ecommpay.
  • Correction is needed is assigned to records that have not been approved by ecommpay and require the bank account details corrected (according to the recommendations provided on the control panel of the tab).
  • Active is assigned to records that have been approved by ecommpay and can be used to perform financial operations.
  • Blocked is assigned to records that have not been approved by ecommpay (with no possibility to edit a created record or to add a new bank account using the same details).
  • Archived is assigned to records that have been deactivated by a Dashboard user (with no possibility to edit a created record or to add a new bank account using the same details).

Adding a bank account

To create a record with the bank account details, you should:

  1. Open the tab for adding a new bank account by clicking Add bank account in the top left corner of the Bank Accounts tab in the Finance section.

    To do so, go to the Bank Accounts tab of the Finance section and then click Add bank account in the top left corner of the tab. In the window that opens, select the merchant legal entity and confirm the action by clicking Continue.

  2. Specify the information necessary for performing funds transfers.

    To do so, provide the bank account and beneficiary details in the following fields (some of them will be prefilled):

    • Merchant legal entity—the name of the merchant legal entity (selected at step 1 and not editable at this step).
    • Agreement number—one or more agreement numbers that are associated with the specified merchant legal entity. Withdrawal of funds to the bank account you are adding will fall within the scope of these agreements.
    • Multicurrency—an indicator showing that the multicurrency operations are supported (by the bank) for the bank account; possible values are Yes and No.

      Note that if the bank account you are adding does not support payments in one of the ecommpay default currencies (USD, GBP, or EUR depending on the utilised interaction flow with the platform), then the transfer of funds to this account will include currency conversion. You also have an option to add an intermediary bank account on the Intermediary bank panel.

    • Desired settlement currency—codes of the ecommpay default currencies that are preferred for transfers to the multicurrency bank account.
    • Account currency—a currency code for the single currency bank account.
    • Bank BIC/SWIFT—an international identification code of the bank where the account is held. When you are filling in this field, you can use the dropdown list that becomes available if at least three characters have been entered.
    • Name of the financial institution—the name of the bank where the account is held prefilled according to the specified SWIFT code, not editable at this step).
    • Registration country of the financial institution—the country where the bank is registered prefilled according to the specified SWIFT code, not editable at this step).
    • IBAN (Account number)—an international bank account number for funds withdrawal from the merchant's balances at ecommpay.
    • Beneficiary type—the type of the funds transfer recipient that owns the bank account in question; possible values are the merchant legal entity specified at step 1 (Merchant Company) or a third party (Other Company).
    • Beneficiary name—name of the funds transfer recipient as specified in the bank account details (if the beneficiary type is Merchant Company, this field is prefilled according to the merchant legal entity specified at step 1; if the beneficiary type is Other Company, you have to fill in the field manually.
    • Registered address of the beneficiary—the funds transfer recipient's registered address (if the beneficiary type is Merchant Company, this field is prefilled according to the merchant legal entity specified at step 1 and can be edited; if the beneficiary type is Other Company, you have to fill in the field manually.
    • Beneficiary registration number—an identification number of the funds transfer recipient from the relevant national register of beneficial ownership (if the beneficiary type is Merchant Company, this field is prefilled according to the merchant legal entity specified at step 1 and can be edited, albeit only for the bank account being added; if the beneficiary type is Other Company, you have to fill in the field manually
    • Additional information—proof confirming that funds can be transferred to a third party specified as the Other Company beneficiary type (for example, you can add digital files of contract documents between your company and the third party in question).
    Notice: If you save the record with the bank account details as a draft, you can continue working on it later. To edit the draft, open the bank account tab and click Edit on the control panel.
  3. Send the bank account information for approval to ecommpayby clicking Create bank account.

    To do so, click Create bank account. Once you click the button, the added bank account is marked as Waiting for approval in the list and can only be edited if its status changes to Correction is needed.

  4. Make sure that the added bank account has been approved by ecommpay or, if necessary, return to step 2.

    To do so, monitor the its status in the bank accounts list: within five business days, the status should change from Waiting for approval to either Active (if the bank account is approved by ecommpay and the bank account can be used) or Correction is needed (if the bank account details require corrections and you need to return to step 2 to edit the account information according to the recommendations provided on the control panel of the tab).

Below are the tabs for a multicurrency bank account that belongs to a third-party beneficiary and a single currency bank account that belongs to the merchant's legal entity.

Figure 5. Adding a multicurrency account
Figure 6. Adding a single currency account

Archiving a bank account

In the list of bank accounts, you can archive those that are no longer used for performing financial operations. Note that an archived account cannot be reactivated. If you need to use the bank account details from an archived account, you should add a new bank account with the same details.

To archive a bank account, you should:

  1. Locate the account in the list of all bank accounts and open the corresponding tab.

    To find the account you need, go to the Bank Accounts tab and use the Merchant Legal Entity filter.

  2. Archive the account by clicking Archive on the control panel.
  3. Confirm the action in the pop-up window.
  4. Make sure that the account has been archived by checking its status that should change to Archived.

    To do so, check the status of the record with the bank account details in the list. The status should state Archived.