- 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?