You may sometimes encounter problems when you sync payments into the same account in your accounting package that you also use to sync with bank transactions, causing income to be double-counted.
This is because Halaxy does not have access to your bank account. In Halaxy, income is counted when the invoice is marked as paid, not when it actually appears in your bank account. Then your bank account feed syncs the actual money going into your account as income, creating a duplicate record.
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Your Halaxy sales invoice with a fee of $140 is synced, along with a synced payment to your bank account ledger in your accounting package, showing that you had income.
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When the actual money ($140) is deposited into your bank account, it is also synced to your accounting package.
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Your accounting package now shows that you have $280 credited total in your accounting package, which is incorrect.
You have two options to prevent duplicate payments from happening:
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Configure Halaxy to sync invoices but NOT payments. Then you manually reconcile each sales invoice in your bank account by manually comparing your invoices with each incoming transaction in your bank account. For the example, you match the $140 invoice with the $140 that was deposited into your account.
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Configure Halaxy to sync payments into a clearing account instead of your actual bank account. It's best to use a different clearing account for each payment type (EFTPOS, BPAY, cash etc.). A clearing account is a temporary "sorting" account that you can use to record payments before they're actually received. At the end of the day, you create a bulk "receive money" transaction from your bank account coded to the clearing account to reconcile. This should zero out the clearing account.
The advantage here is that rather than needing to reconcile every single invoice, you can simply reconcile the total of your invoices for the day with the balance in each of your clearing accounts. If the totals do not match, you can investigate further.
Xero and QuickBooks have articles on how to set up a clearing account. Please note that these articles are intended for accountants. Please read or share these articles with your accountant or bookkeeper, who can provider further advice.
Handling payment processor receipts in Xero
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