- posted 14 years ago
I'm looking for some best practices for reconciling a merchant account. I currently have an account setup in quickbooks for my merchant account, and move payments and credits there via the undeposited funds (thus matching the CC batches that get sent out each night). From there, I move the money into and out of my bank account based on the statement I get from the bank.
Trouble is, my merchant account's statement (Paymentech) doesn't show me anything useful for reconciling: they don't have a summary by day of the money they actually transferred to/from the bank, and it's challenging (to say the least) to decipher all the various fees etc that are being charged. All I can reasonably infer are the opening and closing RPP balances. So when there's a discrepancy between the account I have in QB and the paymentech balances, it's nearly impossible to find the source.
Any recommendations that would streamline the process?