Hello Ackroo Community!
Today we are bringing you several improvements to reconciliation reporting to help make your Gift Card & Loyalty operations run even more smoothly. What exactly is a reconciliation report? It is a document that reconciles funds between 2 or more locations. Ackroo offers two reconciliation methods: Location Reconcillation Reporting & Location-by-location Reconcillation Reporting.
- Location Reconciliation Report is a summary report used for multi-location businesses and assumes that gift card revenue from all sites is pooled into a single corporate account, from which funds are circulated. A location pays into the account when a gift card(s) is sold, and the corporate account pays out a location when a gift card is redeemed.
- Location-by-location Reconciliation Report refers to gift card funds that are held and deposited to the individual store locations’ business account after a gift card is sold. (Versus pooled into a corporate account). This report takes account of any gift card funds that are cross-spent, that is, redeemed at an alternate location than where originally funded. When spent, the spending location is owed money from the original selling location. (Funds not pooled are potentially more risky than pooled because you rely on the location to have funds available. The question remains, “What if that location goes out of business? Who now will pay for it?”. We advise using pooled funds; however, we recognize cases where there is no head office).
Let’s dive into the latest updates, shall we?
We have updated all reconciliation reports by adding additional transaction information to help speed up reconciliation disputes between locations. We have also improved the “unit” reporting in these reports to reflect a specific unit description (ex. “1x salad” rather than “1 x Unit”).
Location-by-Location Reconciliation Reports
Location Transaction Reports
A new title column was added (red box). Previously you could only see the amount of units but not what units were being funded/redeemed. This has been updated to show exactly what each unit is (based on your unit descriptions in program setup)
Reports are available now!
Our clients typically use them at the end of the month or quarterly period.
Our customers were telling Ackroo that they needed more information to speed up the easy of reconciliation between locations.
1. Head to your program console. Click on Reporting > Reports.
2. Click Reconciliation Reports in the left menu & choose “configure” the desired report.
3. Choose when you would like to receive the report (ongoing)_. You can choose “none” if you only want to see the report one time.
4. Choose the period the report will cover.
5. Choose your liability type to report on.
6. Choose the file format you would like to receive the report.
7. Enter the email address of the person who should receive the report (by location). Leave blank if you do not want a location to be sent the report.
8. Check your email. Depending on how larger the report is, it may take some time to receive. Depending on the file format chosen, you may see another download type than what is pictured here.
9. You can now view your “configured” reports by clicking >Configured in the reports menu.
Interested in learning more? Check out this handy article that explains a little more about reconciliation at Ackroo. As always, if you need help, reach out to firstname.lastname@example.org.