Accounting for Transaction Movements with Adyen: Best Practices
In this guide, we outline our recommended procedures for recording transactions initiated through Adyen, documenting payouts, and accounting for transaction fees.
Prerequisites:
Before you begin, ensure you have access to the following:
- Clock PMS+: Ensure the user has adequate report access rights.
- Adyen Essentials Platform Access: If unavailable, submit a request to our Service Desk at clockpms@clock-hs.com.
- Accounting System Setup: Establish an account within your accounting system corresponding to each Adyen merchant account.
Recording Transactions:
Information from Clock PMS+:
- Navigate to Reports -> Payment report.
- Input the desired date range for viewing transactions.
- Opt for 'Through payment gateway only' and then generate the report.
This report will display all transactional activities, including payments and refunds, which need to be posted as receivables in the accounting system
Information from Adyen Essentials:
- Login to your Adyen Essentials platform.
- Navigate to the "Finance" section and select "Aggregate settlement."
- Choose Manage report -> Manual.
- Input the desired month for inspection and click "Generate report."
The report provides details such as:
- Processed and confirmed (Settled) transactions by payment method.
- Fees incurred during transaction settlements (when transaction status changes from SentForSettle to Settled).
- Fees that are posted at the end of the month.
- Payouts made to you
For accounting, extract values from the "Bank/Card Commission (NC)" column and the "Fee" row. These represent monthly transaction-level fees and end-of-month charges. Post these values as debits for the supplier "Clock Ltd."
Additionally, the "MerchantPayout" section reveals payouts Adyen made to your bank account during the month, as provided during the KYC procedure.
Monthly Invoicing
You will be issued a monthly invoice from Clock Ltd at the subsequent month's start. Ensure that this invoice is posted as a credit under the supplier "Clock Ltd"