How to Reconcile Credit Card Payments

Scenarios
  1. You have an active Stripe Connect account through Enrolmy
  2. You want to recognise what payments are from your Enrolmy activities in your bank account
  3. You want to know how to reconcile credit card payments in your bank account.
This document assumes you know the following.

How To Recognise Credit Card Payments

  • Credit/debit card payments will appear in your bank account as a lump sum.
  • The lump-sum total may be a collation of a few days worth of payments. 
  • The reference for credit/debit card payments that you will see in your account will always be received from payee Enrolmy, Stripe or Stripe Payments.

2021-03-18_16.59.07.gif

 

Time Zone Differences and Stripe credit card payout timing

  • Head to the Money Tab / Credit Card Transactions / Payout Schedule.
  • There you will see that the "Dates on this report are at UTC time to align with Stripe payouts". Stripe sends us all the information in UTC time (Coordinated Universal Time). It's a global standard time.
  • Click 'Switch to local time' to ensure that the Stripe payout schedule is in line with your timezone. 

Screen_Shot_2021-10-08_at_1.36.50_PM.png

 

 

  • Because of the timing of certain payments closer to the end of the month, payments can show in the Payout schedule on the last day of the month, not the 1st date of the following month. 

How To Reconcile Credit Card Payments

Enrolmy will automatically mark off your invoices as paid if the customer paid online via credit/debit card. This means that you just need to reconcile the cash in your bank account.

  • If you are using Xero, Enrolmy would have created a credit card suspense (EMY-CCSUSS) account. You should code your credit card payments there.
  • If you do not use Xero, or if you have a different revenue/assets account then please code your credit card payments there. 

Note; Our example below shows reconciliation steps for a Xero Account user and credit card suspense account code.

1. Login to Enrolmy and complete a xero sync

2. Login to Xero and head to the reconciliations tab

2021-03-18_16.39.13.gif

 

3. Find a received payment from payee Stripe, Stripe Payments or Enrolmy.

4. In the reconciliations box next to the payment, select Create

5. In the Who field; type Stripe

6. In the What field; type EMY-CCSUS

7. In the Why fieldl type; Enrolmy credit/debit payment

8. Select Ok to reconcile the cash. 

2021-03-18_16.51.42.gif

Was this article helpful?
0 out of 0 found this helpful

Comments

0 comments

Please sign in to leave a comment.