View current and creating new balance accounts

Balance account are used for reporting and reconciliation purposes. Please read this article to understand how merchant and balance accounts work. 

Viewing current balance accounts: 

1. On the left-hand side, click on 'Business Details', and then choose 'Merchant ID'.
   Here, you can view the various entities that have successfully completed their banking setup. This information is categorised based on the entries in the 'legal business name' column.
   
   
   
   
2. Select 'View Balance Account'. Here you will be presented with all of the existing balance accounts that have been created within this merchant account. 
   This article will provide you with a clear explanation of what a payout schedule entails.
   Your 'Sales Closing Time' is the cutoff for payments captured for the next payout, while the 'Payout Schedule' indicates when you will receive your funds.
   
   
   
   
3. Select 'View Parameters'.
   The 'Transfer Instrument' is the account the funds allocated to this balance account will be deposited into. 
   
   
   
   
4. Select 'View Assigned Stores' to see the stores linked to this balance account. Any payments processed through devices assigned to these stores will be deposited into the designated transfer instrument associated with the balance account.
   It is possible to associate multiple stores with a single balance account.
   
   
   
   
   

Creating a new balance account:

1. Select 'Create New Balance Account'.
   
   
   
   
2. The 'Balance Account Description' serves as the reference name within your bank statement. Typically, this description reflects the name of the store linked to the balance account or may represent a collection of stores categorised together, such as 'Floor 1 Bars'.
   
   
   
   
3. Once the balance account has been created, the NOQ team will receive a notification to set your parameters. 
   You can now assign your balance account to the store/stores
   
   
   
   
4. Select 'stores' down the hand side.
   
   
   
   
5. Choose 'edit' next to the store for which you wish to finalise the financial setup. This step involves linking your balance account to ensure proper fund allocation.
   
   
   
   
6. Scroll down to the bottom of the page and select 'Financial Setup'. 
   
   
   
   
7. The 'In Person Merchant Service' set up will always be Adyen here. 
   The 'Account ID' refers to the bank account where the revenue generated from transactions at this store will be deposited.
   
   
   
   
8. The 'Balance Account' serves as the virtual wallet where the revenue generated from this store will be collected and organised.
   'Payment Methods' refers to the various payment options that can be accepted on any device associated with this store.
   
   
   
   
9. Once these fields have been populated, select 'Create Store' which will create a store ID. 
   
   
   
   
10. The same can be done for 'Online Merchant Service' if you are offering mobile ordering as a service type.
    
    
    
    
11. The financial setup for your store is now complete. After saving this section, an email will be sent to the NOQ team for their approval, as these steps are critical and directly impact your payout process. The store will be pending until this has been approved. 
    
    
    
    
12. After approval, you can confirm the financial setup by returning to the section for creating a balance account and selecting 'View Assigned Stores'.