Credit card refunds will credit the cash account.1. Reconciling cash on a weekly basis will make the monthly reconciliation much easier and will notify you sooner if there is a discrepancy.
2. Compare Daily Cash Deposits
a. Cash should be reconciled to each deposit by running the GL Account Summary (FAR505) and comparing each daily amount to the bank deposit for that day.
i. Run the FAR505_CKRECONCILE setup for checks, cash and wires.
ii. Run the FAR505_MSVSRECONCILE setup for MasterCard and Visa.
iii. Run the FAR505_AERCONCILE setup for American Express.
b. You can view the detail within a batch or date by:
c. Viewing the receipts on the batch control screen.
d. Running the GL Transaction Analysis (FAR504) for the relevant date range and cash account.
Credit card refunds will credit the cash account.
3. VeriSign Reconciliation for Credit Cards
4. For mismatches:
a. For each account number and date that does not match, run the GL Transaction Analysis report (FAR504) with the first break by batch. There are base setups that can be used for this.
b. Compare the output of the GL Transaction Analysis report (FAR504) to the bank statement.
i. If a client is manually entering web orders (until the implementation of eBusiness), it is suggested that new receipt types (e.g. AEWEB, MCWEB, etc.) for the web orders be set up. These new receipt types can be added to the same non-web receipt types (e.g., AE, MC, etc.) in the FAR505 parameters thus facilitating reconciliation between the Personify360 credit card and the credit card reconciliation report from the card company.
See Also:
· Overview: Accounting Best Practices
· Daily Financial Reporting Best Practices
· Weekly Financial Reporting Best Practices
· Financial Data Entry Best Practices
· Batch Creation Best Practices