How does reconciliation work between PayFast and Xero?
You are required to have two bank accounts in Xero for reconciliation to be successful, that is a current account and a clearing account. Because PayFast charges a small fee for every successful transaction that your customers make, the net amount received against any invoice will not equal to the gross amount due on each invoice. As the fees that PayFast deduct from the payment needs to be recorded on both your accounts, using a clearing account will enable both accounts to be reconciled.
So every time a client pays your invoice, the payment will be deposited into your clearing account. Then when you request a payout from PayFast, we will deduct our fees and transfer the net amount into your current account. This process guarantees that the correct transactions reflect in your clearing account, simplifying the reconciliation process between the two accounts.
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