Providing customers with various payment options is recommended these days. Since there are so many options like UPI, Debit cards, Credit cards, etc. and different customers have different preferences. Credit cards are preferred by customers due to the various rewards and cashback offers provided by the banks. Since the process to receive a credit card payment is complicated, every business must keep accurate track of every transaction. For doing so accurate reconciliation is required. Cointab has made an automated reconciliation software that does the reconciliation of Mswipe card transactions easily and accurately. The software has many features such as automation of data load in various formats, and easy configuration of logic to clean and extract data into simple results which can be easily analyzed and downloaded.

Reports needed for reconciliation

Client Sales Report

This report contains the sales data of all the different stores of a vendor. It contains the sum of the sales done according to the payment method used.

Mswipe Report

When payments are received from the partner the details of the transaction are recorded in this report.

Bank Statement

The bank statement contains all the transactions involving the payments toward the bank account.

Reconciliation process:

The software easily cleans and extracts the data from the reports. All duplicates and inconsistencies are removed and the extracted data is linked and verified against each other. This is then produced in a result that is very easy to read. This can help a business keep an accurate track of all the payments received from Mswipe. All payments and charges can be verified and bank settlements can also be verified easily.

Transaction Amount

The Transaction amount of the payments received by Mswipe is recorded here.

Deduction

Deductions on receiving the payment from Mswipe.

Net Amount

The net amount is the amount receivable after deductions.

Final Payment

The Final payment is the amount received from Mswipe.

Final Payment after loan deduction

The final payment after loan deduction is the calculation done by the software for net receivable. This is used to verify if the payment received is right.

Reconciliation of all Stores

After individual store reconciliation, the software sums up the total transaction amounts and verifies the total amount in the bank statement. This helps the merchant keep a track of the total payments received, not received, and even pending. It helps in analyzing net receivables and net deductions. A merchant can then accurately know which store is recording less payments and can also pinpoint the exact transaction.

Total Card Sales

In this line item, the Total card Sales for one month from all the stores are recorded.

Total Credit Card Sales

If the Total Credit card Sales for one month from all the stores are recorded here.

Amount Received as per Bank Statement

The amount that is received in the bank statement as Card payments is recorded here.

Bank Variance

The difference between the Total card Sales and the amount received in the Bank Statement is recorded here.

The software does reconciliation of Mswipe transactions very easily. A business can automate the data upload and easily and readily view the results when needed. The results help the business keep an accurate tab on the sales done and payments received through which partner and also the net income of each store and all stores. The software accommodates automated data load in any format (XLSX CSV, PDF, etc.) which saves any form of manual effort. The summarized result is accurate and can be analyzed easily to make data-driven decisions for the business.

Get started with Cointab!

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