Since our last major update, we’ve been hard at work on version 6.0, as well as the recently released, 5.3. I won’t spoil the 6.0 release details, but it’s going to be a big update. This is all about version 5.3 though, and we have some exciting new features we know you’ll be pleased to hear about.
One of the largest complaints we’ve heard from clients centered around Payshift deposits to their bank account. Deposits are done in batches and it’s sometimes hard to tell which payments from tenants are included in those deposits. We’ve begun addressing this concern in 5.3 with a whole new deposit reconciliation platform. Version 5.4, following this release, will provide even more detail.
On your “Received” tab under “Accounting”, you’ll now see a new status icon for payments that are pending deposit to your bank account.
There are some important changes under the hood that support this new status.
When a payment is made via Payshift, it is designated to your “Undeposited Funds” suspense account. It will remain in this suspense account until the funds have cleared and have been sent for deposit.
In addition to the new status icon on your “Received” tab, you’ll now be able to view all of your Payshift payments that are pending, and assigned to your “Undeposited Funds” account, on your “Undeposited” tab as well. Previously, this tab only supported manually recorded payments designated to the “Undeposited Funds” account. We’ve expanded this system to include Payshift payments as well.
As you can see, these Payshift payments are greyed out and there isn’t any interaction options available. That is because Payshift payments are fully handled by system automations. But, you are provided insights into which payments are currently within your “Undeposited Funds” suspense account and can track them under the “Undeposited” tab, as well as your “Received” tab.
If you’re using the “Undeposited Funds” account for your manual payments, you’ll see those payments mixed in with your Payshift payments. The functionality for depositing manually recorded payments hasn’t changed.
What to Expect Next
Version 5.4, which is currently in development and coming soon, will expand on this new deposit system and provide you even more insight into the actual deposits – which payments are included within them. You’ll be able to view full deposits with references to your payments, and even be able to identify which deposit batch a given payment is included within by viewing the payment, itself.
We’re really excited to provide these additional insights into payments, tracking and deposits, as it eliminates much of the confusion that has existed to date.