What Financial Documents will I receive?
This article explains the financial documents suppliers receive, what each one shows, and how they work together.
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Statement - details of sales were made for that period and any refunds
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Invoice - records the service fees deducted
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Remittance - confirms the payment to your bank
This video is from our Webinar series and is called Finance Common Gotcha's!
In this video, Kristina walks through the points covered in this article, including the explanation if statements, invoices and remittances, as well as payment timings.
Click here to see our other Webinar recordings, and to sign up for the next upcoming Webinars!
Table of Contents:
How the Process works and payment timing
Weekly Services vs Events Payments
How do refunds and cancellations appear on statements?
Why doesn’t my Flexipos Transaction Summary match my payout?
How the process works and payment timing
Flexischools aims to process/release the School's or Supplier's Payments by midday every Monday. Our commitment to suppliers will remain COB Monday.
If a National Public Holiday falls on a Monday, the payment will be released next business day. State holidays we will continue to commit to every Monday.
A. Statement
Account statements are sent each Saturday and summarise sales for the previous week up until 5pm Friday.
Statements show how many sales the supplier has had across different sites, such as the canteen, uniform shop, or events.
The Statements show:
- Total sales
- Refunds
- Fees withheld
- Net sales
Statements can be sent to multiple contacts.
B. Invoice
Invoices may be sent to multiple recipients.
C. Payments & Remittance
Payments are processed on Monday after the statement is issued, with Flexischools aiming to issue both the payment and remittance advice before midday Monday.
The remittance advice confirms the payment amount and payment date.
Funds are typically received on Monday afternoon or Tuesday, depending on your financial institution. Public holidays may cause delays.
Remittances can only be sent to one nominated contact only.
Please note: Sales made on Saturdays and Sundays are not included in the following Monday’s payment run, as they fall into the next payment period.
Weekly Services vs Events Payments
For more information around the timing of Weekly and Once off Event payments, please see the following article
Statements Explained
What is a statement?
A statement summarises your sales activity for a set period (usually weekly) and explains how the sales were calculated.
Statements are emailed to the finance contact, but can also be accessed via the Supplier portal.
Please see this article for further information on where you can find your statements.
What does a statement show?
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The statement period
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Total sales for the period
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A breakdown of the sales and any refunds
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Account Summary
- Remittance from the past week's payment
Statements can be used for reconciliation and accounting.
For an in-depth break down on how to read your Account Statement, please see the following article: How to read your account Statement
Invoices
What is an invoice?
An invoice shows the Flexischools service fee calculated from the sales on the corresponding account statement.
Invoices are provided for record‑keeping only. invoice includes:
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The service fee period
The date range the fee applies to. -
The account statement reference number
The statement number and total sales figure used to calculate the fee. -
The service fee rate %
The percentage applied to calculate the fee -
The service fee amount
Shown as: Amount (ex GST), GST, and Total (incl GST) -
Confirmation of payment from withheld funds
This line shows that the fee has already been deducted from your sales. -
Amount outstanding
$0.00, confirming that no payment is required, as the service fee is withheld from the total sales
You may receive more than one invoice if activity occurred across different services
Remittance Advice
What is a remittance advice?
A remittance advice confirms that money has been transferred to your bank account.
What does a remittance advice show?
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The total payment amount to be deposited to the nominated bank account and the fees that have been withheld, including an outline of the gross sales and payment received.
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The payment date
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Payment Reference; including the account the deposit is coming from and the description, which will be the statement number associated with this remittance
If you receive a remittance advice, your payment has been processed.
How do refunds and cancellations appear on statements?
Refunds are shown as “Debit” entries on your statements and will be deducted from the sales within that period.
Cancelled Orders do not appear on your statement, as they are cancelled before payment is processed and are not recorded as completed sales.
Once the due date has passed, orders are closed and move into a refundable state, and these will appear as debit entries.
Why doesn’t my Flexipos Transaction Summary match my payout?
The Flexipos transaction summary provides a breakdown of the sales processed through your POS terminal, and include cash, eftpos and (if applied) student card sales.
While Flexischools may provide reporting that includes your EFTPOS sales for visibility purposes, these transactions are not paid out by Flexischools.
EFTPOS funds are settled separately by your EFTPOS or POS provider/merchant and will be paid directly to your nominated bank account.
Only the student card purchases will be recorded in your statement and included in your sales payout.
Example of student card payments on the Flexischools statement:
If you’re unsure who your EFTPOS provider is, check your terminal or bank documentation (e.g. ANZ Merchant Services).
Common Questions
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Why doesn’t my payment match my sales?
Sales are before fees. Payments are after fees and adjustments. -
Why does my invoice say paid?
Service fees are deducted automatically - no action is required. -
Why did I receive more than one document?
You may receive multiple statements or invoices if activity occurred across different services or sites. -
Which document should I give my accountant?
Use the statement for reconciliation and reporting. -
How do I update the email address for the finance contact?
Please see this article for instructions on how to update your Finance contact details