RevTrak Software Reconciliation Guide

Transcription

1 RevTrak Software Reconciliation Guide I. Assemble Needed Documents A. Merchant Account Statement for previous month. B. Bank Statement Note: Because we used real data to create this Reconciliation Training Guide, we carefully deleted any identifiable reference to the district. II. Identify Correct Range of Dates A. Open RevTrak, go to Reports, Deposit Reports, By Date. B. Enter a Start Date: Use the 25th of the month prior to the month being reconciled. In our example, we are reconciling September, so our Start Date will be August 25th. C. Enter an End Date: Use the 1st date of the present month. In our example, we will use October 1. D. Sort by Amount. E. Check both the Show Purchases and Show Refunds boxes. F. Check the Summary Only Box. G. Click Print. H. See example in the screen shot below:

2 I. Look at the bank account statement (the statement we used for this example is 20-pages long so have shown just the Certegy deposit below as an example of what it looks like). What is the first deposit listed? In our example, it is 9/02/03, $ J. Check the RevTrak Deposit Report (shown above) for the date that matches that deposit. In our example it is 8/28/03. This is the correct Start Date. K. Look at the bank account Statement. What is the last deposit listed? In our example it is 9/29/03 for $ L. Check the RevTrak Deposit Report (shown above) for the date that matches that deposit. In our example it is 9/25/03. This is the correct End Date. Page 2

3 III. Print the Deposit Reports A. Deposit Report: Using the correct dates (8/28/03 and 9/25/03 in our example), print a Deposit Report. A preview of the report will appear on your screen. Print by clicking the picture of the printer to the left of Copies. Click the red X to close the report. Laying this report side-by-side with your bank account statement, check off each deposit. Once all deposits are accounted for in this way, we have a control total shown at the bottom of the RevTrak Summary Deposit Report ($5,477.00). Next, turn to Page 4 and create an Account Code Report. Page 3

4 B. Account Code Report: Select Deposit Reports, By Account Code. RevTrak remembers the correct start and end dates. This report will give the account code breakdown for the total deposit ($5,477.00) displayed on the Deposit Report. Click Print. A preview of the report will appear on your screen. Print by clicking the picture of the printer to the left of Copies. Click the red X to close the report. Turn to Page 5 to do the Fee Allocation Report. Page 4

5 C. Fee Allocation Report, Method 1 Based on Deposit Report: This report will give the fee allocation for the total deposit ($5,477.00) displayed on the Deposit Report/bank statement reconciliation. Select Deposit Reports, Fee Allocation. RevTrak remembers the correct start and end dates. Enter the statement fees (circled in the example below). Click Print. A preview of the report will appear on your screen. Print by clicking the picture of the printer to the left of Copies. Click the red X to close the report. Page 5

6 D. Fee Allocation Report, Method 2 Based on Merchant Account Statement: It should be noted that the Statement Fees shown on your Merchant Account Statement are for a slightly different set of dates than the bank statement (because deposits occur 2-3 days after the transaction date). Most organizations assume that over the course of a year, the appropriate allocations even out and use Method I to allocate fees. If a perfect allocation is desired, run the Fee Allocation report with the same dates shown on the Merchant Account Statement (showing a total deposit of $5, for 8/30/03 to 9/30/03, which matches our RevTrak Deposit Report dates from Page 2 of this guide for 8/29/03 to 9/29/03). 1. Select Deposit Reports, Fee Allocation. Enter the Merchant Account Statement start and end dates. Enter the statement fees. 2. Click Print. A preview of the report will appear on your screen. Print by clicking the picture of the printer to the left of Copies. Click the red X to close the report. 3. Now that the fees are perfectly allocated, ignore the Deposit, Net, and Percent Columns. Going back to the Account Code Report based on the bank statement, subtract the perfect fees from the deposit for each account code. Finally the correct Net will be achieved for the month. Page 6

7 Page 7

8 $1, = 1, $ = $ = 1, $ = $ = $ = $ = TOTAL DEPOSIT: $5, less $ Statement Fees = $5, (statement fees withdrawn around the 10th of the next month). Page 8

9 IV. Reconciling Web Store Reports A. Open the RevTrak Client: B. Open Reports, Deposit C. Use pop-up calendars to choose dates. Follow the same process as the software to reconcile the bank statement to the deposits. Print. D. Once reconciled to the bank statement, run the same report, this time by Account Code. NOTE: If the web store is charging any convenience fees (may be termed handling or shipping) and/or sales tax, be sure to check these boxes to get an accurate revenue account report. Page 9