Reconcile your bank statement w/transaction export
When using Webconnex products, you are certain to notice increases in the number of your campaigns, transactions and financial volume.
As incoming transactions occur, the credit card company will group them into batches (or sets) before being deposited to your bank account. Going from a few transactions per day to several dozen, your bookkeepers WILL develop headaches working to identify the campaigns and transactions in each credit card deposit.
Follow this how-to guide to help you determine when each transaction was deposited into your bank account and how they were grouped together.
**Please note, this methodology only works with the Sage Gateway provided by Cornerstone. **
Below is a screenshot of a bank statement using Webconnex.
First, you'll notice your deposits marked by a prefix of Bankcard Merch Dep. Each deposit is made up of various transactions from your campaigns. For a bookkeeper, the challenge is determining which campaigns and which customers are in each deposit.
To find this out, go to the Transaction Export screen inside your account and choose the "Deposit Report" option.
Choose from one or more campaign's transactions to export, and set date parameters if necessary. Then click Export.
Open the CSV file in excel and it really could not be simpler! In the Batch Reference, you will notice a unique alpha-numeric code that identities each unique deposit. In the settlement date, you will notice an exact time stamp for when each transaction was deposited into your bank. They will automatically be grouped and the highlighted totals from the sample below would correlate to batch deposits in your account.
So to summarize, here are the steps:
Step 1) Identify your credit card deposits in your bank account in your bank statements.
Step 2) Export transaction data from the Transaction Export using the Deposit Report option.
Step 3) Compare and confirm the deposit totals from the spreadsheet to your account.
If you are currently not using the Sage gateway by Cornerstone, contact us and we can have you switched for no fee.