Reconcilliation of Credit Card Deposits

Oct 23, 2005 2 Replies
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I have a client who is having a very difficult time reconcilling credit card deposits. They have two credit card terminals. Each night the client prints summaries from each of the terminals. The deposit is entered by entering each transaction as a seperate payment for the corresponding customers. There is a deposit made for the visa/mc merchant services company and one each made for American Express and Discover. When the credit card company makes deposits to the bank acounts they are applied in groups ( 2 days, 2



1/2 days) that do not correspond to the to the daily deposit. The merchant services statement is of little help - it only shows the summary of daily sales.

My client is spending up to two hours a day reconciling the credit card sales.



What is everyone else doing? Is it too much to ask to be able to reconcile cc sales to deposits? Surely, other people have this problem.



Thanks in advance for your help



Keith


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"Keith Early" wrote

If you have that many customers, is it really worth tracking individual payments?

Visa and MAstercard deposits should match exactly your "Z" totals from the cc machine reposts. Your AMEX however, will be askew because AMEX takes out their cut before the deposit is made. And yes, this is a problem.

As the others said, see if another merchant services provider can offer better (and remind them that generally means more costly) reporting. If I recall, some of the cc machines can generate a detailed report that lists the name on the card and the amount. I can't remember is it's broken up by card type though. But that should be a great help.

Other than that, revisit the necessity of tracking individual posting of receipts. Most retail sales businesses don't have this necessity, nor can a majority of the low end accounting packages handle the volume of customers that will build up over time.

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