Reconciling your Monthly Bank Statements

Reconciling bank statements with your payment reports is a key component to running your business. We're here to share some tips to help ease the task.

 

Matching your monthly bank statements to your Amilia payments can seem like a daunting task when you don’t know where to start. We suggest following a 5 step process that will help you identify which date ranges to use when pulling your reports from Amilia and reconciling your monthly statements as efficiently as possible. 

Online payments are managed via a payment processor (ex:Paysafe). As such, there is a processing period between the time a payment takes place in Amilia to when a deposit reaches your organization's bank account. This affects the dates in which payments appear on your Netbanx Settlement and Fee report (or the payment processor report applicable to you). You'll notice that payment dates on your Amilia Payment reports do not necessarily match up with the dates they were deposited into the bank. 

There are 3 sets of dates needed to reconcile your monthly statements:

Dates A1 & A2: When payments were made in Amilia. These dates are used to pull your Payment reports.

Dates B1 & B2: When the payment processor sends deposits to your bank account. These dates are used to generate your Netbanx Settlement and Fee report. 

Dates C1 & C2: First and last days payments were deposited in your bank account. These dates are found in your bank statement

 

Step by Step

 

1. Find the C Dates on your Bank Statement

You need to identify the first (C1) and last (C2) days your payment processor deposited payments to your account. 

Ex:  C1- April 2nd           C2- April 30th

c1_and_c2.png

 

 

2. Use your C Dates to find your B Dates

You'll need to know the first (B1) and last (B2) day the payment processor transferred the deposits to your bank account. To find out, via Finance>Reports download the Netbanx Settlement and Fee (choose according to the type of online payment you are reconciling).

The date range will be  FROM: C1 minus 5 business days    TO: C2 

NOTE: We deduct 5 business days from our C1 date because transfer dates happen a few days earlier than the deposit date. These delays are due to processing time, holidays and/or weekends. 

 

  • In the example below, the C1 date is April 2nd. This means our report will start on March 26th.  The end date will be the C2 date which is April 30th.

Finance_Tab_screenshot.png

 

  • Locate the first and last deposit amounts under the EFT column. The B Dates will be the transfer date for your first (B1) and last (B2) deposit. 

Zoom_B1.png 

 

3. Generate a new report using your B Dates

Once you have the B1 and B2 dates from the Netbanx Settlement and Fee report, generate it again using the correct date range (Ex: March 29th to April 27th).

The first deposit amount should be visible at the top of the list and your last deposit amount at the bottom.

 

DATES_B1_B2.png

 

 

4. Click on the deposits to find your A Dates

You'll also need to generate your Payment reports. But what date range to use?

To find out you need to identify the A Dates.  These dates pertain to the first (A1) and last (A2) day that payments were made in Amilia.  

This information is available by clicking on the first and last deposit amounts on your Netbanx Settlement and Fee report. 

 

Finding A1:

  • Under the column Transfer amount (EFT), click on the first deposit. 
  • You'll be redirected to a tab that gives details on each payment within that deposit. 
  • Note the Date of Transaction of the first payment on the list. This is the A1 Date!

A1_DATE.png

 

Finding A2:

  • Return to the Summary Tab on the report. 
  • Under the column Transfer amount (EFT), click on the last deposit. 
  • Note the Date of Transaction of the last payment on the list. This is the A2 Date!

 A2_DATE.png

 

 Use the A1 and A2 dates (Ex: March 27th to April 26th) to generate your Payment reports

 

 

5. Compare the Payment Summary with your Netbanx Settlement and Fee report

Once you've downloaded a Payment Summary report using the A1 and A2 dates, you'll have everything you need to reconcile. 

Before you do, make sure that your A, B, and C Dates are correct! 

 

Confirm your B Dates:

  • The Transfer amount (EFT) should match the total amount deposited on your bank statement ( for either credit card OR Echeck).

 

CONFIRMING_B_DATES.png

 

Confirm your A Dates:

  • On the Payment Summary Report, refer to the amount under the Payment column which applies to the mode of payment you are reconciling.

PAYMENT_SUMMARY_A1_A2.png

 

  • The amount should match with the Settlement amount on your Netbanx Settlement and Fee report. 

Settlement_amount.png

 

 

Your statements are reconciled when:

  • Your Settlement Amount in the Netbanx Settlement and Fee report matches with the Total in the Payment Summary report.
  • Your Transfer amount (EFT) matches the total amount of what was deposited on your Bank Statement.
  • Your Settlement Amount MINUS the Total fees equate to the total Transfer amount on your Netbanx Settlement and Fee report.

What if my reports don't match? 

  • Begin by checking the list of payments in the last deposit on your Netbanx Settlement and Fee report and compare it to your Payment Summary. It may be that a payment was batched in a deposit that took place outside the date range of your Payment report.  Adjust your date ranges accordingly. 
  • A deposit differing by a few cents in your Netbanx Settlement and Fee report vs your bank statement is caused by rounded taxes as Amilia and the processor may round them up differently. 
  • An amount in red font on your Netbanx Settlement and Fee report that is not shown on your bank statement represents rounding off of tax amounts and can be disregarded. 

 

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