How does the Account Balance work?

Account Balance is seen as upfront payment from companies before Sway Me Good raises an invoice on completion of services, enhancing the overall efficiency of campaign releases.

The initial account balance is paid via a proforma which directs the client on the amount agreed to pay upfront to fund their campaigns. This is not an invoice nor VAT applicable at this stage. Prepayments and accruals may apply to account balances when reconciling internally.

As an example, when managing an account balance of £2,000.00 it becomes evident that an amount totaling £1666.66 would be designated for actual spend by the company. The remaining £333.34 is reserved to cover the anticipated forthcoming VAT obligations associated after an invoice has been raised. Job-by-job and consolidated invoicing options are available.

Once there is an exchange of service (ie. the company has spent money via the platform) and the invoice is issued, the VAT output will be clearly set out in the invoice. Subsequently, this VAT output can be reclaimed by the company as part of the reclaim process once invoice has been raised.

When a company decides to allocate funds from their account balance towards a specific campaign, the gross amount associated with the campaign is deducted from the company's account balance showing on the dashboard.

The process for refunding unspent account balances, including the associated fees and VAT implications, showcases a structured and fair approach to handling such requests. This can be viewed in Schedule 2 of the Terms & Conditions. Upon your request for a refund on the total account balance, please be informed that an admin fee of 20% will be applied to the remaining account balance. The VAT amount corresponding to the admin fee will be deducted from the total remaining balance and an admin fee invoice will be raised.