Reconciling your Monthly Bank Statements Q&A

Have you seen our webinar on Bank Reconciliation?  We received your questions and have posted our answers here. Your participation is key to helping us improve! If you have any questions or comments, let us know in our Community or contact us at support@amilia.com.

 

It’s important to know the GL (ie ledger) code that applies to each payment. Which report can we use which will show both payments and ledger codes together?

There are 2 reports under the Finance>Reports tab that can help:

  • Payment by Ledger Code: Provides payment totals and associated ledger codes.  
  • Sales by Ledger Code: Provides total sales per ledger code. 

In order for the reports to be complete, you must create your ledger codes and ensure you reconcile payments to individual invoice items in the client's account.  

 

Which report shows fees, lodging tax and sales tax?

You can find our complete list of Sales reports under the Finance>Reports tab. Taxes are displayed differently depending on the report you use. Click here to find out more about our financial reports.

 

The 'Netbanx Settlement and Fee' report looks great but why doesn’t it include GL Ledger codes? How do we connect each payment with revenue type (each payment can be for different services)?  

The report does not include ledger codes as the data is provided by our payment processor, Paysafe. Additionally, the ledger codes are not linked to payments, they are linked to sales. To associate the ledger code to the payment, you will need to reconcile the payment with the invoiced item. Once this is done, you’ll be able to use the Payment by Ledger code report to get this information.  

 

How can we reconcile monthly when the 'Netbanx Settlement and Fee' report isn’t available the first day of the following month?  (Ex.  I couldn't pull the June 2018 report until the middle of July when my closing is the first week of the month). Is it possible for Amilia to have the Netbanx report sooner or does Paysafe only provide the information monthly?

We appreciate your concern and are collaborating with our partners at Paysafe to find a solution. Currently, we receive the raw data from Paysafe at the end of the month, sometimes later. Our development team then works on translating the data so that organizations can view it clearly in the Netbanx Settlement and Fee report.   Rest assured we are working hard to have access to this information sooner!

 

In the webinar, you used the 'Payment Summary' report. I noticed there are no ledger codes. I use the 'Breakdown of Sales' report.

The Breakdown of Sales report provides the name of the participant, the ledger code, and the sale. But there is no payment information. For reconciliation purposes, we recommend using the Payment Summary report. If you need the ledger code linked to the total payments, use the Payment by Ledger code report. You’ll need to have reconciled each payment with the invoice item.  

 

I'm not understanding how the total will balance if there is different rounding??  

Our process of rounding may be different, but in our experience, the total amounts ultimately balance. You should not be seeing a difference in dollars but rather in cents. If you are still experiencing issues balancing, please submit your inquiry to our support team so they can help.  

 

Is there a way to verify the fees that are charged? 

To verify, download the Netbanx Settlement and Fee report under the Finance>Reports tab. Select your date range and export (ECheck or Credit Card). The Paysafe fees are under the Total fees column.   

 

Is Paysafe the only option for payment processing? 

 Amilia can be linked with other payment processors such as Moneris. If you’d like to know more, please contact our support team who will be happy to provide you with information.

 

When is the auto-reconciliation going to be fixed? 

Our team is working on a solution to ensure it works properly. We are unable to provide a date at this time, but it is a priority for us and will let you know when a fix has been deployed. 

 

During my last reconciliation, 2 deposits on my bank statement did not correspond to my reports?

Please contact our support team and specify which month the reports did not correspond to your bank statement. They will investigate the issue and get back to you as soon as possible.

 

It seems to me that reconciling in this ‘new’ way isn’t any easier than how we were reconciling prior.

Thank you for your feedback! We’d be interested to hear how you tackle your reconciliations on our Community page. If you have suggestions on how we could improve, we ’d be pleased to hear from you.

 

If the amounts can’t be reconciled, who do we contact? 

Please submit your inquiry to our support team so they can help and keep your bank statement handy. 

 

We did not receive any training on financials during our onboarding. With reconciliations being different in Amilia, one would think it necessary to receive training on this?

Thank you for your feedback! We always strive to improve, and we will keep this in mind for future onboardings. If you have any additional comments or suggestions related to your experience with Amilia please don’t hesitate to let us know on our Community page. We love hearing from you!  

 

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