Expanding your business while monitoring your finances: A balancing act

When reconciling payments for businesses of any size, monitoring the flow of funds is one of the important process. The ledger, which systematically records all of your business's debit and credit transactions across key categories such as assets, liabilities, equity, revenue, and expenses, is a central and powerful tool. However, it is not easily accessible and requires specialized knowledge to utilize.

PayRex simplifies this recording process through balance and balance transactions. 

What is a balance?

Balance mirrors how a general ledger works. It is a historical record of your every PayRex transaction, with payments received being added to the balance. Conversely, deductions from your PayRex balance occur when you issue refunds, relevant fees are taken out, and payouts to your bank account are made.

How can balance help your business?

1. Guarantees that every transaction is accounted for: PayRex provides a complete and accurate history of all your transactions, making your balance the definitive source of truth for your account. Balance transactions may be categorized as either debits or credits:

• Credit transactions are those that are added to your PayRex balance. These are:
  
  • Payments: The net amount of transactions made via PayRex's supported payment methods.
  • Chargebacks: If you were able to justify that the disputed transaction is genuine, the chargeback fee will be credited back to your balance.
  • Other credit adjustments to your balance.
• Debit transactions, on the other hand, are those that are deducted from your PayRex balance:
  
  • Refunds: The funds you issued back to your customers due to unfulfilled orders or overpayment.
  • Chargebacks: If a customer or a cardholder disputes a payment made using their card, the chargeback fee will be deducted from your balance.
  • Payouts: Once your payouts are generated, they will be recorded as debit transactions in your balance.
  • Other debit adjustments to your balance.

You can have confidence that every debit and credit activity is properly recorded, accurately tracking all money that flows into and out of your account.

2. Simplifies forecasting and managing cash flow: Your PayRex Balance is the total of all funds received and deducted from your transactions, making it a crucial tool for forecasting your future payouts and effectively managing any necessary refunds. 

On your dashboard, you can view your available and pending balance. The available balance comes from your cleared payments, which will be included in your next payout. The pending balance, on the other hand, is made up of your incoming transactions.

• Ensures accuracy, transparency, and compliance in financial reporting: Balance transactions are recorded in detail, which is crucial for generating essential financial documents like income statements and balance sheets. 

COMING SOON: You can view and export these transactions from your dashboard and reconcile them with your internal records to easily produce necessary financial reports.

Whether you are running a one-man show or have a separate Finance team, PayRex makes it easy for you to balance growing your business and managing your financial requirements.

👉 Sign up now and let PayRex support your overall business needs.