Reconcile credit card receipts
The Payment Gateway Charges window is used to reconcile credit card transactions. Any authorization activity performed through AcctVantage via Authorize.net or CardPointe will be recorded here.
1. Open the Payment Gateway Charges window
Navigate to Accounts Receivable -> Payment Gateway Charges. Here you will see a list of all credit card activity that has been processed through AcctVantage.
Credit card charges can not be entered here. This is a read only window. Credit card receipts are entered either through the Receipts or Sales Order window.
2. Reconcile credit card charges
To open the reconciliation screen, use the Action menu -> Reconcile Transactions.
There are three steps to the reconciliation process:
2.1. Enter any bank charges
If there are any bank fees associated with the credit card deposit, enter the amount in the Bank Charges field.
- Selected Items: This is the total of the transactions that you have marked to be reconciled.
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Bank Charges: If the bank will charge you a fee to process the batch of credit card transactions you can enter the fee in the Bank Charges field.
- The credit card deposit amount will be reduced by the amount of the bank charges.
- Total Deposit: This is the net amount that will be debited to the Deposit To Account (see next section).
2.2. Select GL Accounts and enter Reconcile Date
Enter the Bank Charge Account, Deposit To Account and Reconcile Date.
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Bank Charge Account Name & Code: The GL Account that will be debited if you enter an amount in the Bank Charges field (see previous section).
- This default account is defined in System Setup.
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Deposit To: The GL Account that the Total Deposit Amount will be debited to (see previous section).
- This default account is defined in System Setup.
- Reconcile Date: Enter the date you are reconciling the credit card receipts. This is the date when the credit card deposit will be created.
You can change either of the above GL accounts on a per reconciliation basis. It will not affect the default accounts in System Setup.
2.3. Select the credit card receipts to be reconciled
Transactions can be cleared in two different methods -- Highlight individual transactions and click the Check Selected button or mark all transactions by clicking the Check... button. You can clear selected transactions using the same two methods.
3. Save the reconciliation
When the correct transactions have been marked, click the OK button to proceed.
3.1. You have not entered bank charges ... ?
If you have not entered the Bank Charges amount, you will be prompted to confirm. If you still need to enter the bank charges, click No to return to the reconciliation screen. Otherwise, click Yes to proceed.
3.2. Create an adjusting entry ... ?
To complete the reconciliation process, the system will need to create journal entries for the credit card deposit and bank fees. Click Yes to proceed.
The reconciliation can not be completed without this step!
4. The reconciliation is now complete
After the reconciliation is complete you can see the Reconcile Date column will be updated for the reconciled items.
5. Journal entry
The only charges to the general ledger during a credit card reconciliation come from the journal entry that the system creates for the credit card deposit.
Debit: The Deposit To GL account.
Debit: The Bank Charges GL Account (optional ... only will be debited if bank charges have been entered).
Credit: The GL account from the Receipt Type that was used when the receipts were entered.
As stated previously, the final step of the reconciliation process is for the system to create a journal entry.
5.1. Journal Entry list view
The journal entry is currently NP (not posted). You can still modify it, if necessary.
5.2. Journal Entry detail
Once the details of the entry have been verified, the entry will need to be posted. After posting, the credit card deposit will appear in the Check Reconcile screen to be reconciled with the next bank statement.
