Reconcile to my merchant account deposit

There are several ways to balance / reconcile to your merchant account deposit. Most merchant accounts deposit a separate amount for each day's processing. This deposit normally arrives in your bank account between 24 and 72 hours after the transaction. Many merchant accounts allow you to set your own "settlement" time, when the official day's transactions are closed and settled. You can set this for midnight, 6 PM, etc. This is important to know the settlement time of your merchant account to make balancing to that deposit easier. 

When you get a deposit in your bank account, you will balance to a Transaction Report in ASAP. You first need to know which transaction date that deposit was for. Let's say my merchant account closes at 6 PM. I receive a deposit on Wednesday for $250.00. This was for Monday's transactions. To balance and verify the transactions are in ASAP, go to View Reports | Master Reports | Transaction Report. 

  1. Select "Between Days" radio button
  2. Choose a date and a time. The time is the settlement time of your merchant account. In my case, 6 PM
  3. Select "Payment Type" filter and click on "Only Valid Bank Transactions"

      1. This limits the results to only those transactions associated and tied to your merchant account
  4. Click Filter

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In the Summary Data box at the top, you will see a Paid (incoming cash) and Refund (refunds issued) and a Total. The Total should be the net amount of money deposited to your bank account. If you are off, verify the individual data using the details provided by the report. 

To determine what was paid for, you can run the Transaction Totals For All Activities and use the CC column of Payment Method for the allocation of those funds against items within ASAP.

TIME HINTS:

If I have a merchant account that settles at midnight (e.g. 12:00:00 AM), to balance to January 15, I would enter the date range as 1/15 and time = 12:00:00 AM TO 1/16 and 12:00:00 AM. Use the next day's date in the second date box because you want to capture all transactions that occur on 1/15, including those that occurred at 11:59 PM.

See this article as well for additional information.

 

 

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