How to Line Up Batches With Bank Deposits

How to Line Up Batches With Bank Deposits

You have a batch report that shows a total of $5,000 that should be deposited into your bank account. But when you check your bank deposit, you only see $4,800. With old terminals, lining up your business’s credit card sales to your bank account deposits is a nightmare.

For most, the frustration is simply due to a lack of information. Why? Because paper batch reports fail to address why the deposit amount differs from the batch report. This could be due to processing fees, chargebacks, charges from Amex or a number of other reasons.

For others, that’s only the beginning. With a multi-department or location business, bank reconciliation is typically a full-time job for one or more employees due to the number of paper batch reports that need to be managed and matched. It’s typically a draining and time-intensive task.

But it doesn't have to be this way. With detailed batch and deposit reports, you can significantly reduce the time it takes to reconcile your bank accounts and understand where your money is going.

Detailed Batch Reports

Easy bank reconciliation starts with detailed batch reports. With an old-school terminal, you need to print a paper batch report to get the total. If you have multiple terminals, the combined total can be lumped into a single deposit. This means you have to manually add up each batch receipt total to verify what should be hitting your bank account. (Talk about a time drain!)

However, some Virtual Terminals offer detailed batch reports that eliminate the work of totaling receipts. These reports let you view the batch details on a macro or granular level. You should be able to see each individual batch, the list of transactions and batch details. These include the total charges, refunds and net processing for the batch.

If you have a multi-department or location business, it's ideal to have a Virtual Terminal that features batch reports by terminal or date. This allows you to see individual terminal batch totals as well as the sum batch total in real time, settled or unsettled, even with multiple terminals. That's it, totals are done!

But that’s not all ...

Beautiful Deposit Reports

As we said earlier, lining up the batch total to the bank deposit can be a nightmare. Details like processing fees, chargebacks or other fees are the most common reasons for discrepancies. Because these details cannot be verified until the merchant statement is available at the end of the month or (often) at the beginning of the subsequent month, you’re left to wonder why your daily batches aren’t lining up to your bank deposits.

Ideally, your provider should equip you with a way to see your deposits daily.

Every deposit should include the processing fees charged, any chargebacks that occurred and all other fees (such as Amex) so you can line up the batch report to the deposit and quickly address any discrepancies.

Want an overview of multiple deposits? Your provider should give you insight into past deposits over any time frame you'd like.

Bank Reconciliation In a Snap

Why subject yourself to the headache and stress of traditional bank reconciliation? Simplify the process and save time. Let us do the busy work and give your accounting team beautiful, intuitive reports to work from.

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About Ursula Librizzi

Ursula is the sales and marketing operations manager for PayJunction. She oversees daily marketing tasks and liaisons between the sales and marketing departments.