Reconciliation — matching every international payment received to an invoice and a bank credit — is mandatory for GST compliance, ITR accuracy, and FEMA documentation. This guide covers the step-by-step process for both Zoho Books and Tally users.
The Three Records Every International Receipt Creates
For each international payment, you should have:
- Invoice — raised by you before payment
- FIRA — generated by Playto Pay when payment is received
- Bank credit advice — INR credit in your Indian bank statement Reconciliation = matching all three records for every transaction.
Zoho Books Reconciliation: Step by Step
Monthly Workflow
Step 1: Download Playto Pay transaction export
Dashboard → Transactions → Export (CSV). This gives you: date, client, currency amount, INR equivalent, reference.
Step 2: Open Zoho Books → Banking → Bank Feeds (or Manual Transactions)
For each INR bank credit from Playto Pay: confirm it's recorded as a receipt against the corresponding invoice.
Step 3: Match invoice to receipt
For each Playto Pay transaction:
- Go to Sales → Invoices → find the corresponding invoice
- Verify status shows "Paid"
- Verify payment date matches settlement date
- Verify INR amount matches bank statement credit Step 4: Reconcile foreign currency accounts
Banking → Reconcile → select "Playto Pay USD" (or GBP/EUR/AED virtual account)
Mark each transaction as reconciled against the Playto Pay export.
Step 5: Run Foreign Currency Gain/Loss report
Reports → Foreign Currency Gain/Loss
This shows FX differences between invoice rate and settlement rate. Review and confirm with your CA.
Step 6: Export reconciliation summary for CA
At month end: Zoho Books → Reports → Profit and Loss → filter by month. Export and share with CA along with FIRA bundle.
Tally ERP Reconciliation: Step by Step
Step 1: Create foreign currency ledgers
Gateway of Tally → Accounts Info → Ledgers → Create:
- "Debtors — [Client name]" (currency: USD/GBP/EUR)
- "Playto Pay USD Receipts" (bank type, currency: USD) Step 2: Record the sale (invoice)
Accounting Vouchers → F8 Sales:
- Ledger: Client name (USD)
- Amount: USD invoice amount
- Narration: "Invoice INV-2026-001 for [service]" Step 3: Record the receipt
Accounting Vouchers → F6 Receipt:
- From: Client debtor ledger
- Into: Playto Pay USD Receipts
- USD amount and exchange rate (from Playto Pay FIRA)
- Narration: "Received via Playto Pay VBA, FIRA ref: [X]" Step 4: Record INR conversion
Accounting Vouchers → F7 Journal:
- Dr: Indian Bank Account (INR)
- Cr: Playto Pay USD Receipts (USD converted to INR)
- Exchange rate: from Playto Pay FIRA
- Narration: "Playto Pay INR settlement, ref: [X]" Step 5: Monthly bank reconciliation
Display → Account Books → Bank Reconciliation → select Indian bank account
Match each Playto Pay INR credit to the corresponding Tally entry.
Common Reconciliation Issues and Fixes
Issue: INR in bank doesn't match Tally/Zoho entry
Cause: Exchange rate used in accounting differs from Playto Pay settlement rate.
Fix: Always use the exact rate from Playto Pay FIRA. Don't use mid-market rate independently.
Issue: Invoice shows unpaid but payment received
Cause: Payment not linked to invoice in Zoho Books.
Fix: Go to the transaction in Banking, click "Match" and link to the open invoice.
Issue: Partial payment received
Cause: Client paid less than invoice amount (possibly withholding tax or bank fee deduction).
Fix: Record actual amount received. Raise credit note or adjusted invoice for difference. Consult CA on treatment.
Issue: Multiple transactions for one invoice
Cause: Client paid in installments or there was a failed first attempt and retry.
Fix: Record each transaction separately. Link all to the same invoice (partial payments summing to full amount).
FAQ
How often should I reconcile international payments? Ideally weekly. Minimum monthly before sending data to your CA. Daily if you have high transaction volume.
Does Playto Pay integrate directly with Zoho Books or Tally? Not natively. Use Playto Pay's transaction export CSV to reconcile manually, or build an n8n/Zapier automation to push Playto Pay webhook data into Zoho Books via API.
What exchange rate should I use in Tally for international receipts? Use the exact rate from Playto Pay FIRA (the rate at which Playto Pay converted to INR). This is the most accurate and matches your actual bank credit.