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 inevitably a draining and time-intensive task.

Luckily, we’ve got something that boils this down to just a few minutes. That’s right, your prayers have been answered. Say hello to easy bank reconciliation.

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!)

Our Virtual Terminal offers detailed batch reports that eliminate the work of totaling receipts. These reports let you view the batch details on a macro or granular level.

Batch-Report

Click into each individual batch to see the list of transactions and batch details. These include the total charges, refunds and net processing for the batch.

Batch-Total

From the batches page you can view custom reports by terminal(s) or date. With multiple terminals, you can view individual terminal batch totals, as well as the sum batch total in real time, settled or unsettled. 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 the bank deposits.

With our one-of-a-kind digital deposit report, bank reconciliation can happen daily.

Deposit-Report

Every deposit includes 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.

Deposits-Overview

Want an overview of multiple deposits? From the deposits page you can view all deposits or deposits per terminal. Boom. Never wait till the end of the month to line up your batches and deposits again.

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.

Learn more about the Virtual Terminal.

Take a Tour

Getting a little giddy about this solution? Do you believe it could solve your bank reconciliation nightmares? Tell us your thoughts below.

About Ursula Librizzi

Ursula is the sales and marketing operations manager for PayJunction. She oversees daily marketing tasks, contributes content and bridges the gap between the sales and marketing departments.

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