Hi Guys,
I wonder if the Quickfile community can help us with a conundrum we have regarding bank reconciliation.
We are a small business and use Quickfile, integrated with our website using an API. We are working on 17/18 accounts and have had circa 3000+ sales invoices pushed to Quickfile from the website. The sales invoices are automatically marked and tagged as paid, with the transaction ID being the defining factor. We accept multiple payment methods (the usual BACS, PayPal, Cheque etc…).
We have just completed a bank rec for our bank account and PayPal account, with relative ease. We use ‘Braintree’ as our payment merchant gateway and we have come across a few challenges surrounding reconciliation.
In QF we treat Braintree as a bank account, the problem being that from a reconciliation perspective, Braintree doesn’t provide statements in a conventional format, as by default they are not a bank account and are predominately a gateway just pushing money into our business current account in daily batches.
Their monthly statements pretty much summarise daily bank dumps (settled amounts) and transaction fees. We have replicated these transactions in QF as internal transfers from one account to another and have accounted for transaction fees as a one off monthly payment to supplier (Braintree being the supplier).
The problem I have is because we have no running statements, I wonder if there is a) a work around for this, so that we can reconcile the Braintree account as you would for any other bank account and b) is there a more effective way of filtering the sales ledger (Invoice management), with the criteria of a given financial year and more importantly payment type/account i.e. Braintree, so in effect I can view all sales invoice paid into the braintree account for a given year. (I believe I have achieved this by filtering the Braintree account by financial year, then sub filtering using credits only).
What I am asking the QF community is is there a better or more effective way of reconciling merchant payment accounts, when you are trying to find errors, missing transaction, incorrect refunds, end of year trade debtors, when you don’t have granular monthly statements from the gateway provider.
Many thanks in advance for your help.
Regards Andy