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How to manage settlements
Introduction
In any lending operation, tracking how and when repayments are received is essential for financial accuracy and control. Every inflow into your bank account must be accounted for, reconciled, and tied back to actual customer transactions. For example, if your finance team notices a ₦500,000 credit in your bank account, they need to confirm where it came from, when it was settled, and which customer payments contributed to that total.
The Lendsqr Admin Console provides structured settlement reports that make this process straightforward. These reports help lenders reconcile inflows, investigate discrepancies, and maintain reliable financial records without manual guesswork.
Within the Admin Console, settlement reports are located under the Reports section in the side navigation. There are two key reports available, and each serves a different but complementary purpose.
The first report is the Settlement Summary, while the second is the Settlement Transactions report. Together, they provide both a high-level and detailed view of how funds move from customer payments into your bank account.
Settlement summary
The Settlement Summary report provides a daily, aggregated view of all settlement activity. It shows the exact date a settlement occurred and when the funds were credited to your bank account.
This report is particularly useful when reconciling bank statements. For instance, if your bank statement shows a lump sum inflow, you can use the Settlement Summary to match that amount to a specific settlement date in the system. This helps confirm that the funds received align with expected repayment activity.
It also gives finance teams a quick overview of daily cash inflows without needing to review individual transactions.
Settlement transactions report
While the Settlement Summary shows totals, the Settlement Transactions report provides a detailed breakdown of the individual transactions that make up each settlement.
This includes payments such as card transactions, wallet funding, and loan repayments. Each entry represents a specific transaction that contributed to the final settled amount.
Using this report, you can trace every kobo from its source to the final settlement. For example, if a ₦500,000 settlement is recorded, this report allows you to see the exact combination of transactions that add up to that total.
This level of detail is essential when investigating discrepancies or verifying specific customer payments.
Step-by-step: How to access and use settlement reports
Step 1: Navigate to the reports section Log in to your Lendsqr Admin Console and locate the side navigation menu. Click on Reports to access available reporting tools.
Step 2: Select the desired report Choose either Settlement Summary for a high-level view or Settlement Transactions for a detailed breakdown.
Step 3: Apply filters Use the date range filter to narrow down the period you want to review. This helps you focus on specific days or reconciliation windows.
Step 4: Review the data Examine the results displayed on the screen. Use the summary report to match totals and the transactions report to validate individual entries.
Step 5: Download the report Click the download icon at the bottom right of the report to export the data. This is useful for sharing with your finance team or for offline reconciliation.
Practical example
Imagine your bank account shows a ₦500,000 inflow on a specific date. Your finance team can open the Settlement Summary report and locate that date to confirm the settlement amount.
Next, they can switch to the Settlement Transactions report for the same date range. Here, they will see a list of individual transactions, such as multiple customer repayments or wallet fundings, that collectively total ₦500,000.
This two-step approach ensures that both the total and its underlying components are verified, reducing the risk of errors or missing records.
It is important to review settlement reports regularly rather than waiting until discrepancies arise. Daily or periodic checks help catch issues early and keep financial records up to date.
Finance teams should always use both reports together. The summary provides confirmation of totals, while the transactions report explains how those totals were built.
Downloading and archiving reports is also recommended for audit purposes. Keeping historical records ensures that you can trace past settlements when needed.
Finally, always align report data with your bank statements to ensure complete reconciliation between your system and external accounts.
Conclusion
Settlement reports in Lendsqr provide a clear and reliable way to track how funds move from customer repayments into your bank account. The Settlement Summary offers a high-level view of daily inflows, while the Settlement Transactions report provides detailed visibility into each contributing payment.
By using both reports together, lenders can reconcile transactions accurately, investigate discrepancies efficiently, and maintain strong financial oversight across their operations.
