The Payment by item report shows how much money was exchanged between you and your clients (and why) by showing how each transaction was applied and what portion of payment was allocated to taxes.
You'll see all payment, refund and payment cancellation transactions within the date range, along with the invoice/credit memo number and the ledger code of each item the transaction is reconciled to. Include additional columns of data such as (but not limited to): taxes invoiced on the item, basic person information, Workstation, membership, etc. Each report generates up to 30 000 rows of data.
Important information about this report:
⚠️ Reconciliation affects the report
The Payment by item report relies on accurate reconciliation. If you delete a reconciliation and reconcile the transaction(s) to something new, the data in this report changes. Only admins with an understanding of how reconciliation affects your reports should be allowed to modify them.
If a transaction isn't reconciled with an invoice item or credit memo
If a payment isn't reconciled to an invoice or credit memo (or at all), it still appears in the report, albeit without additional details on how the transaction was applied.
If a transaction is partly reconciled
If a transaction is partly reconciled, the reconciled portion(s) appear on its own row(s) to show how it was applied.
💰 Amount (paid) & Transaction amount aren't the same
The Amount (paid) column appears by default, with the option to include the Transaction amount column. Don’t confuse the two.
Transaction amount is the total sum (including the amount allocated to taxes) paid with 1 transaction ($500 credit card payment).
Amount (paid) column is the portion of payment (minus the amount allocated to taxes) applied to items (e.g., the same $500 credit card payment may have been applied to 5 separate $100 items).
To match this report to other payment reports, don't sum the Transaction amount column, as the same transaction may be listed in multiple rows. Rather, refer to the total under the Amount (paid) column.
💵 Amount/Tax Invoiced vs. Amount/Tax paid
There are columns for up to 3 different taxes (the tax columns don't yet reflect the actual name of taxes charged at your organization).
The Amount invoiced and Tax invoiced columns separates the base amount from the taxes invoiced on the item.
The Amount paid and Tax paid columns separates which portion of the received payment was allocated to the base amount and the taxes. When an item is paid in full, all the tax invoiced on the item is paid. In the case of partial payments, only a partial amount of tax on the item is paid.
Above, two mugs were invoiced for $10 each ($8.70 plus taxes). If we refer to the Amount paid and Tax paid columns, we see the first mug was paid in its entirety. The second mug was only partially paid, resulting in a lesser amount allocated to taxes.
✏️ What happens if you modify a ledger code
The Payment by item report always tracks the ledger code that was assigned to an item the moment that it was sold. If the ledger code assigned to an item is changed after the fact, it's recorded for future sales, but past sales that were recorded under the original ledger code are not changed, to maintain the most accurate history possible.
💸 How to track payment status/ failed payments
The Payment Status column helps identify if any credit card or e-Check payment is currently ‘Processing’ or is ‘Completed’. It won’t display a ‘Failed’ status because failed payments have been omitted from this report. Failed payments can be found and tracked in our Payment Action Center. When it comes to refunds, keep in mind that Credit card refunds can take up to 48 hours to process, and E-checks can take up to 10 days. It is recommended to wait until all payments are listed as “processed” in the Payment Status column for accounting purposes.
🔍 Find contract numbers and invoice details
You may cross-reference payments to contract bookings and other invoice types using columns that provide the invoice description, invoice date/time and invoice number, as well as the ability to filter by item type (rental contracts, memberships, activities, service fees, etc.).
