Only finance should have add and update rights to batches. In this manner, there is the appropriate check and balance so that the person entering the payments could not change the control count or control amount.1. The finance department should create a deferred batch within Personify360 including the deposit date as the batch date, the control count (number of checks) and the control amount (total amount of all checks).
a. By using the deposit date as the batch date, the cash reconciliation of deposits is smoother because you can perform a date by date match.
b. If most of the work has an order number on it, it might be easier for payment entry to create a rapid deferred batch.
Only finance should have add and update rights to batches. In this manner, there is the appropriate check and balance so that the person entering the payments could not change the control count or control amount.
2. As a general rule, there should be a limit to the number of items in each batch so that it does not become too unwieldy to reconcile the batch. 20 - 30 items should be a good limit.
3. Assign the batch to the staff member (operator) or department (user group) who will be entering the payments.
4. Develop a batch cover sheet to attach to each batch. It should include the following:
· Batch ID
· Person/department assigned
· Control count
· Control amount
5. Pass the paperwork to the appropriate staff member who will be entering the payments.
1. It is ideal if only finance creates credit card batches. However, this may not be practical, depending on volume. Another alternative is to have each department manager create the batches for their area.
2. A specified number of batches for credit card payments should be created at the beginning of each day and finalized at the end of the day.
a. When deciding how many batches to create, keep in mind that only one person at a time can enter payments in a batch.
b. The batch date should always be the current day.
c. Create a receipt type on the batch for each possible type of credit card payment received through the back office.
d. The batch can be assigned to a department so that any individual can grab a batch when receiving a credit card payment.
e. If there will be a limited number of people entering payments, assign each person his/her own batch.
See Also:
· Overview: Accounting Best Practices
· Daily Financial Reporting Best Practices
· Weekly Financial Reporting Best Practices
· Financial Data Entry Best Practices