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How To Reconcile Payments Against A Bank Deposit

You will want to periodically pull payment reports from Uplifter to ensure that the payments that you have recorded in Uplifter reflect the payments that have been deposited into your bank account.

 Under the Administration Access menu, you can pull reports either by navigating to:

  • "Accounting" > "Payments" OR
  • "Reports" and selecting "Payments" - This report provides additional flexibility in reporting.

 When pulling Payment reports, note that:

  • "Payment Time" (or sometimes referred to as "Transaction Time"), is the time that the payment is scheduled to be made.
  • "Payment Processing Time" is the time that the payment has actually been completed processing - this is the moment that the payment has been changed to a "paid" status.
  • In the cases where payment is made in real time (for example, at the time that someone is completing their online registration with a credit card), the Payment Time and the Payment Processing Time will be the same.
  • In the cases where you have setup programs or products to receive "offline" payments and where a member has elected to "Pay in Person" upon completion of their registration, the Payment Processing Time will be when an administrator marks their payment as having been "paid" because they have successfully collected payment. Depending on your administrative processes, you may want to update the payment to be "Undeposited" to reflect that you've collected a cheque and only mark payments as being paid when you know that you have deposited the amounts to help you better track the payments.
  • In the cases where a payment installment is scheduled for the future, the Payment Processing Time would be when the payment details are sent to the payment gateway. Scheduled installment payments are sent on a daily basis.

Typically, you will want to pull a payment report based on "Payment Processing Time". Take the report that has been exported and sort based on the payment method to help you isolate the types of payments you are trying to reconcile at any given time. If you are reconciling a merchant account direct deposit into your bank, match your credit card transactions pulled from the payment report against the reports provided by your merchant account. If you are reconciling against a bank deposit, reconcile your Cheque and Cash payments accordingly based on Paid date.

 

 

 

 

 

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