Credit card transactions in PRONTO are posted to a clearing account.
The nature of ecommerce is that online payment transactions can be put through 24 hours a day, 7 days a week; this makes reconciliation of credit card payments more difficult due to different cut-off times for transfer of payments in to the supplier's account. For example, online payment transactions processed after 5PM at a given day may be accounted for by the bank in the following day. The effect of this issue is a variance between total orders value for a day compared to payments deposited into a supplier's account.
If you are with Direct Payment Solutions (DPS) (also known as Payment Express), you can read more about the reconciliation process here - http://www.paymentexpress.com/knowledge_base/faq/merchant_faq.html#reconciliation
By setting a CSS Bank account in the system that records all the deposits from the online payment systems, you can create a journal entry that transfers the money from the CSS Bank account to the main account after reconciling the payments.
Create a new entry with the A/C Name of "CSSBANK" – one word, without the quotes.
Save this entry
i.e.
DRCSSBANK
CRDebtors (against the account on the order)
i.e.
DRNormal Cash Account $Amount Deposited to Bank Account
CRCSSBANK $Amount Deposited to Bank Account
(Note: The above process should be used as a guide only; please consult your accountant or business manager to develop your own internal reconciliation procedure for online transactions)
The transactions for the CSSBANK can be split out for Amex, PayPal and EFT transactions using the following accounts:
CSSBANKAX (for Amex)
CSSBANKEFT (for EFT)
CSSBANKPP (for PayPal)
(A CSS Version of 3.70+ is required for the PayPal Split)
CSSBANKBP (for BPAY)
(A CSS Version of 3.70+ is required for the BPay Split)
Related articles appear here based on the labels you select. Click to edit the macro and add or change labels.