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Merchant Card Processing Statement

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Nichola
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Merchant Card Processing Statement

Post by Nichola » 10 Oct 2017, 12:42

I have just received a Merchant Card Processing Statement which I would like to reconcile to my accounts. I am a little confused as the reconciliation screen shows all of the sales receipts and also the bank transfers when the money has hit the bank. My question is do I just leave all of the receipts in the top window (in-matched) and balance off the bank transfer payments against the processing statement.

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brucedenney
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Re: Merchant Card Processing Statement

Post by brucedenney » 10 Oct 2017, 13:26

The best way to deal with this is to set up a bank account for the merchant services and do a transfer between bank accounts to show the monies being transferred to the main account.
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Nichola
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Re: Merchant Card Processing Statement

Post by Nichola » 10 Oct 2017, 13:37

Hello Bruce,

I previously set up an bank account for card receipts and I log all of the sales invoices paid by credit card as a sales receipt to that account. When the money from the merchant services hits our bank I then do a transfer from the card receipt account to the bank account. Do I not need to go into the card receipt account and reconcile against the statement that I have received from the card company.

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brucedenney
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Re: Merchant Card Processing Statement

Post by brucedenney » 10 Oct 2017, 13:52

As always it depends on circumstances, the cost of reconciling it, could be more than the value of lost transactions.

The balance on the merchant account can be reconciled just like any other bank account.

However this can be tedious and have little benefit.

If you are going to do it then I suggest the way to do this is to match off everything then unmatch the outstanding items.

The alternative is to just monitor the outstanding balance on the merchant bank account, it should typically be X days transactions X being dependant on the provider. As long as it doe snot drift all is reasonably ok
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Nichola
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Re: Merchant Card Processing Statement

Post by Nichola » 10 Oct 2017, 14:59

When you say match everything off, do you mean match all receipts and bank transfers?. I just cant fathom the concept. If it was just a case of matching the bank transfer to the statement then i'd be fine but because I am seeing all of the card receipts it is throwing me.

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brucedenney
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Re: Merchant Card Processing Statement

Post by brucedenney » 13 Oct 2017, 12:22

You should only be seeing the individual payments in the merchant services account.
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