Reconciliation in re:Members AMS

re:Members provides bookkeepers with transaction data necessary to recognize data in their accounting system. Several types of reconciliation are commonly done:

Credit Card Reconciliation

To complete credit card reconciliation, a bookkeeper must match credit card transaction reports from the credit card processor (Authorize.net, PayPal, BluePay, or APG) to one or two batches named "Reconciliation [X]" where [X] includes the settlement date, the processors batching id#, and either "DMV" or "A."

The reason for this is that most bookkeepers will have two deposits to the bank, one for American Express and a second for everything else.

  • The reconciliation batch with "DMV" on the end will include all settled, non-American Express credit card transactions .

  • The batch ending in "A" will contain all settled, American Express credit card transactions.

Running the Merchant Reconciliation Process

To begin credit card reconciliation, the merchant reconciliation process must be set up (a one-time configuration) and then scheduled to run.

Note: Not all merchant accounts can be reconciled. Depending on your setup with the processor, re:Members AMS may not be able to pull the settlement data each night. This is true with some configurations of Paypal.

Enabling Merchant Reconciliation

Follow these steps to enable reconciliation for each credit card merchant your system. This setup can be done one time, after which the reconciliation process can be run as often as necessary.

  1. Navigate to the Accounting App > Setup.

  2. Select the Merchants menu option.

  3. Click Edit next to the merchant account.

  4. Click the Enable Reconciliation check-box.

  5. Click Save.

Running Merchant Reconciliation

  1. Navigate to the Processes App > Process Center.

  2. Under the All Jobs tab, locate the Accounting.MerchantReconciliation process and click Details.

  3. In the Merchant Reconciliation Process Record, click the Schedules tab.

  4. Click the Add New Schedule button. In the Add Schedule window,

    1. Select how frequently the process should run (Now, Later, By Minute, Daily, Weekly, or Monthly).

    2. Click the Schedule Process button.

Verifying Merchant Reconciliation

  1. Once the credit card processor completes the nightly settlement to determine the credit card transactions that came in on a specific day, the Batch ID # and settlement report are created.

    An image of the payment Processor, highlighting the settled transactions.

  2. The re:Members AMS reconciliation process then looks to the processor and determines every transaction that was settled for that day and goes back to the re:Members AMS batches to locate the credit card transactions that were settled. This is most likely within an External Batch the system created when the non-staff user paid via credit card or an internally created "Credit Cards Batch" created by a staff user when a purchase was made on a customer's behalf.

    An image of the Payment Processor, highlighting the 3 transactions.

  3. The new reconciliation batch is created in re:Members AMS and the entire transaction from the original batch is moved to the reconciliation batch.

    An image of the Reconciliation Batch, highlighting the 3 transactions.

  4. The total Payments in the reconciliation batch should match the total in the settlement report and this is verified with the bank statement.

    Screenshot of Payment Processor, highlighting the total amount.

    An image of the Reconciliation Batch, highlighting the total Payments.

  5. The re:Members AMS Reconciliation Batch will then need to be Closed, Posted, and exported to your accounting software and this should contain the same total amount that was deposited into the bank.

 

Cash & Check Reconciliation

Cash and check transactions should go into a cash or check-specific batch. When the ledger is created, these transactions can easily be compared to like transactions on the bank statement.

Batches created for checks or cash should have the batch date set as equal to the date on which the funds were deposited into the bank.

Accounts Receivable Reconciliation

The AR Aging report is used to reconcile against the balance sheet created in your financial system. This will show all invoices with a balance due as of the end of the month selected. The total balance on the report should agree with the AR account on the balance sheet.

Deferred Revenue Reconciliation

The Deferred Income report (found under the Accounting App > Reports) should be run monthly and saved as an Excel or .csv file. Compare the total balance on the report with that on the balance sheet from your financial system.

Credit Reconciliation

The List of Credits report should be run monthly and saved as an Excel file or .csv file. Within re:Members AMS setup, there should be a liability account for credit/overpayments which is used in the setup of price records. Whenever there is a cancellation of payments and a credit is created, this credit/overpayment account will be credited. The totals on this report can be compared to this "Credits/Overpayments" column on your financial system balance sheet.