If you receive payouts from GoCardless, DoubleAgent can reconcile them automatically for you in FreeAgent.
All you need do is connect your GoCardless account(s) and DoubleAgent does the rest. All payments from your customers in GoCardless will be recorded as invoice payments against the appropriate contacts in FreeAgent, and all fees will be explained correctly.
In fact DoubleAgent uses this very feature to reconcile and account for all DoubleAgent's own customer payments entirely automatically. It's a huge timesaver :)
How does it work?
Every time you receive a payout, DoubleAgent gets a breakdown from GoCardless of everything making up that payout: customer payments, fees charged by GoCardless, etc.
DoubleAgent goes through each item and finds the relevant contact in FreeAgent. If the contact doesn't yet exist, because it's a new customer, DoubleAgent creates it in FreeAgent using the information from GoCardless.
Once it has the FreeAgent contact, DoubleAgent looks for an invoice corresponding to the payment (in the case of a payment). If no such invoice exists, DoubleAgent creates it, again using the information from GoCardless. Then DoubleAgent settles the invoice with funds from the payout. Alternatively, if the payout item is a GoCardless fee, DoubleAgent creates a suitable explanation for the transaction in FreeAgent.
Before you start
First you have to tell FreeAgent not to guess explanations for your transactions. This leaves the transactions free to be explained by DoubleAgent.
- In FreeAgent go to your bank account's page and click the Edit Details button (in the top-right corner);
- Untick the "Guess explanations for my transactions" box and save your changes.
DoubleAgent lists on the Logs page every change it makes to your FreeAgent account. All changes made when reconciling GoCardless payouts – adding a contact, raising an invoice, explaining invoice receipts, explaining fees – refer to the GoCardless payout reference. This makes it easy to see exactly what DoubleAgent is doing for you.
Naturally you can undo any change DoubleAgent makes to your FreeAgent account. Just click the delete icon next to the change you want to undo.
GoCardless has certified DoubleAgent as a GoCardless Partner. This means DoubleAgent meets GoCardless's requirements for security, data handling, and so on.