Payhawk exports only settled transactions in the reports you can generate in the system as well as when the system pushes data to integrated ERP systems, such as Oracle NetSuite, Xero, DUO (DATEV), and QuickBooks Online.
Authorized vs. settled card transactions
When a card payment is made, the card transaction is authorized but no money is actually transferred to the merchant. An authorized card transaction means that the system verifies the identity of the cardholder, the authenticity of the card, and the availability of funds at the time of purchase. If everything checks out, an imaginary hold is placed on the card and the amount of money for this card payment is reserved.
The settlement occurs when the money moves from the card to the account of the merchant. Depending on the system of the merchant, the settlement process may take up to 14 days.
Accounting implications for uncleared transactions
For some reason, this authorization may not be cleared. This means, that the transaction was not settled and the money didn't go out.
As a result, the payment cannot be reconciled, so if you have already reconciled it because you thought that the payment went through, you will have to do a lot of additional work manually. This is the reason why Payhawk exports only settled card transactions in reports and to ERP systems.
Viewing settled transactions in Payhawk
To verify the stage of a card transaction:
Log in to the Payhawk web portal.
Go to Dashboard > Expenses.
Select the expense you want to verify. Next to the amount, you will see the Paid status for settled card transactions.
Also, you can view the status of the expense in its Payment details section.
For settled card payments, the system uses the Settled label in the Payment section of the expense.
For settled bank transfer payments, the system uses the Success label in the Payment section of the expense.