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Credit Card Reconciliation
You can keep throwing headcount at credit card reconciliations
- but it won't get any better until you put in the right infrastructure.
Save time and frustration. Increase deposit control. Reduce fraud
with Bank Reconciliation's Credit Card edition.
The problem
Data that you can't match on.
In an ideal world, you would match on the following four attributes:
· 1. Amount
· 2. Site number
· 3. Card type (Visa/MC, AMEX, Discover)
· 4. Date Range
but the only attribute you currently have to match on is the amount.
Our goal is to avoid 'false positives' and to match on all four
attributes.
The Solution
Use our Credit Card edition and get all four attributes to match.
Converts the merchant number to site number and card type
a. Our software obtains the merchant number from the embedded text
field in the bank statement for each transaction.
b. Using a lookup table, the system converts the Merchant Number
to Site number. The system also logs the card type (Visa/MC, AMEX).
Amount
Should already be at gross. If you are not getting paid at gross
(net of discount) - we'll get you at gross.
Date Range
The transaction date and the payment date should never be the same.
Each card processor and card type has a different payment schedule.
Our goal is always to avoid false matches. We do not want a transaction
originating on the 1st of the month (G/L) for $100, to be matched
with a $100 payment (Bank) on the 30th.
To avoid cross matches by date - and preserve the audit trail, we
use the date range as our fourth attribute.
If it takes 2 days to get paid for Visa/MC, but 5 days for American
Express, we might setup the date ranges - with some cushion - to
look like:
Need to match detailed internal data to summarized bank payments?
We can provide custom scripts to summarize your internal data and
match to the bank.
Need a three way match - processor netting chargebacks out of
deposits?
If so, we can show you how to import the fees, chargebacks and other
adjustments from your processor to arrive at the net deposit at
the bank.
We realize that all of your questions may not be answered by the
above screen shots.
Please call us at 866 226-5732 and request an on-line demo.
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