Cryptopay Deposit Reconciliation

[Twodose]

So, my first week or so with Cryptopay installed in the bays, and I was anticipating this being an issue but when doing the reconciliation to your checking account putting in all those separate deposits that are being made on a daily basis is going to be a pita.

I guess you could put them in as a lump sum on a monthly basis and just check them off individually.

Wondering how others may be doing this?

 

[OurTown]

Monthly

 

[Twodose]

You can do a lump sum deposit monthly through worldpay?

 

[OurTown]

Monthly reconciliation in our bookkeeping.

 

[Twodose]

Do you lump all the transactions on a statement together for reconciliation?

 

[OurTown]

Yes

 

[Jsshac]

So, my first week or so with Cryptopay installed in the bays, and I was anticipating this being an issue but when doing the reconciliation to your checking account putting in all those separate deposits that are being made on a daily basis is going to be a pita.

I guess you could put them in as a lump sum on a monthly basis and just check them off individually.

Wondering how others may be doing this?

I set mine up in a separate account made it much easier. Then I just transfer the money into my regular account as needed

 

[Dan-Ark]

We also enter the CC deposits to quickbooks as one entry each month.

 

[Greg Pack]

Monthly, at end of the month.

When reconciling my account I look at my checking account statement and subtract all cash deposits. The remainder deposits I attribute to credit sales. When I get my CC statement I try to remember to check the numbers to make sure they are roughly the same. But I get real lax about that.

 

[Earl Weiss]

If you think this is a PITA think about being a gas station! Simplest solution is separate account. Alternative - enter monthly that way you at least see you got the correct number of deposits.

 

[Twodose]

I believe that is what I will do, get an separate account just for the Credit cards.

 

[cbchevy4x4]

Daily, I just had an issue with CC not processing to my account, if i did monthly i would have probably lost 9k in deposits this month. Doing it daily i know how many people are here during the day and can ususally be within $50 of what my daily total revenue should be. I knew something was up on monday when my sales reported were 340 and i knew they should have been 600 to 650. Just my 2 cents but i dont chance it. I headed it off quickly with the processor and got the issue corrected. I hated to lose that money for 1 day but what if it was 30 days, id of been sick.

 

[APW]

Daily, I just had an issue with CC not processing to my account, if i did monthly i would have probably lost 9k in deposits this month. Doing it daily i know how many people are here during the day and can ususally be within $50 of what my daily total revenue should be. I knew something was up on monday when my sales reported were 340 and i knew they should have been 600 to 650. Just my 2 cents but i dont chance it. I headed it off quickly with the processor and got the issue corrected. I hated to lose that money for 1 day but what if it was 30 days, id of been sick.

What was the problem that got it so far out of wack? You got me wanting to check mine daily now.

 

[Greg Pack]

Daily, I just had an issue with CC not processing to my account, if i did monthly i would have probably lost 9k in deposits this month. Doing it daily i know how many people are here during the day and can ususally be within $50 of what my daily total revenue should be. I knew something was up on monday when my sales reported were 340 and i knew they should have been 600 to 650. Just my 2 cents but i dont chance it. I headed it off quickly with the processor and got the issue corrected. I hated to lose that money for 1 day but what if it was 30 days, id of been sick.

Are you saying that the deposits have vanished into thin air?

 

[cbchevy4x4]

Are you saying that the deposits have vanished into thin air?

Thats exactly what happened

 

[Twodose]

Does the account associated with worldpay have to be a checking account?
Can you have multiple checking or savings accounts for the same entity?
Do you have to call them to add, remove or change a checking or savings account or can it be done online?
Also, can a debit card be used with cryptopay?

 

[MEP001]

Does the account associated with worldpay have to be a checking account?

That's a good question, but it seems like that would be the easiest account to use. Federal law sets a limit on how many money transfers you can make to/from a savings account each month.

Can you have multiple checking or savings accounts for the same entity?

Yes, it's common to have a separate account under the same entity for tax monies to go into.

Also, can a debit card be used with cryptopay?

Do you mean for your customers to spend at your equipment? Of course. Or do you mean as an account for payments received? A debit card is created only off a checking account.

 

[Earl Weiss]

Can you have multiple checking or savings accounts for the same entity?

Yep and doing it at the same institution makes transfers between accounts easy. If you use a program like QB you can have multiple accounts for an entity and enter transfers in the program.