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Reconciling payments between Xero & PayVu

For payments and reconciliation to work between PayVu and Xero, each organisation in Xero must have:

  • A transactions bank account
    Used to make payments via the PayVu mobile app and to download (via bank feeds) or import (via file upload) the bank statements in Xero. This must have a valid/correct BSB of a bank that PayVu supports.
  • PayVu audit account
    This is the PayVu audit account in Xero and is created automatically by PayVu during Authoriser Registration. It is a virtual account and is available under the Chart of Accounts.

PayVu Bill Payments

Paid bills
When a Xero bill is recommended for payment via PayVu, PayVu will mark the bill as paid in Xero. In the example below, the bill for $78.00 has been recommended to the authoriser for payment via PayVu, and a Paid entry has been recorded in Xero.

PayVu will create a new bill to represent the aggregated payment of the bill and the PayVu fees of $0.01 (minimum). The $0.01 payment is charged so that we can confirm the funds have been disbursed by the bank.

The reference to the aggregated payment (E.g. Payment for 20 Jul 2020) made via PayVu will be available in the Bills – Paid tab.

Rejected or Cancelled bills
If a bill has been rejected by the payment authoriser or has been cancelled by the recommender via PayVu, PayVu will add a Payment Reversed entry against the bill in Xero, to reverse the bill payment. The bill will then have a status of Awaiting Payment in Xero.

PayVu will void the aggregated bill (which includes the bill amount and the PayVu fees of minimum $0.01).

Other PayVu Payments

Salary, Superannuation, Payroll Tax, PAYGW Tax and BAS payments
PayVu will add entries in the respective chart of accounts used for each of the payment types (Salary, Superannuation, Payroll Tax, PAYGW Tax and BAS), when a payment has been recommended for payment in PayVu.

In the example below, the salary payment paid via PayVu on 20 July 2020 has been added in the Wages Payable – Payroll account.

A manual journal entry will be created by PayVu for the salary payment in Xero.

An entry for the payments will also be added in the PayVu audit account.

For example, the entry for the Salary payment of $484.00 paid on 14 July 2020 via PayVu is shown below.

PayVu will create an aggregated invoice in the Paid tab to record the salary payment including the PayVu fees of $0.01 (minimum).

Bank Reconciliation
PayVu payment entries will be available for reconciliation against the relevant transaction bank account as shown below.

After the bank statements have been imported or downloaded, the PayVu payments can be reconciled manually via Xero.

The example below shows a payment of $0.51 which has a record in the bank statement as well as in Xero, added by PayVu.

If the items match, click on OK and these reconciled items will be marked as Reconciled in Xero.

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