Credit card transactions in PRONTO are posted to a clearing account.
Background
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 on a given day may be accounted for by the bank on 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/Frequently_Asked_Questions/Merchant_FAQs#Reconciliation.
Reconciling Credit Card Transactions
By setting up a CSS Bank account in the system Credit card transactions in PRONTO are posted to a clearing account. Using a CSSBANK account to record all the deposits from online payment systems , allows you can to create a journal entry that transfers the money to transfer funds from the CSS Bank CSSBANK account to the main account, after reconciling the payments.
...
| Info |
|---|
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. |
...
Splitting based on Transaction Type
Transactions for CSSBANK can be split out for Amex, PayPal and EFT payments using the following accounts:
...