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?
If you have not set up a GoCardless integration in FreeAgent
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.
If you have set up a GoCardless integration in FreeAgent
The process is similar to above, except DoubleAgent explains each unexplained payment as it appears in your "GoCardless Account" bank account in FreeAgent. You can read more here.
Before you start
First you have to tell FreeAgent not to guess explanations for your GoCardless transactions. This leaves the transactions free to be explained by DoubleAgent.
If you have FreeAgent's Guess switched on for your bank account:
- In FreeAgent go to your bank account's page, open the More dropdown (in the top-right corner), and click the Guess Rules link.
- Go to the Excluded Terms tab.
- Add the terms GC C1 and GoCardless to the list of excluded terms.
For more details see FreeAgent's How to manage Guess article, particularly the section How to exclude a transaction term.
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.