This applies to Therabill members who are set up with the credit card processing gateway. This article will explain how to do proper accounting to ensure that credit card transactions you have processed are being deposited into your bank account. This is done through credit card processing reconciliation.
If you would like to get set up to accept credit cards, please see: Credit Card Processing Set Up
If you are set up with credit card processing and you are wondering how to run a credit card transaction, please see: Credit Card Processing in Therabill
When do funds get deposited into your bank account?
All credit card transactions that you processed for a given day are batched at the end of the night by the credit card processing company (i.e. First Data). The funds usually are deposited into your bank account 2 business days later. You should see one deposit amount. The amount of the deposit should be the sum of all credit card transaction amounts for that batch. For example, if you run three credit card transactions on a Monday for $30.00, $50.00, and $25.00. Then, on Wednesday, you should see a deposit in your account for $105.00.
For good accounting, you may want to track what credit card transactions you have been paid for and which are still outstanding. This can be done in Therabill by reconciling the credit card transactions.
Reconciling your transactions
Reconciling your transactions is simply marking the transactions as having been deposited to your account. In Therabill, this is done through the credit card transaction report. A specific transaction that has been deposited into your bank account is considered reconciled.
- Click Reports in the top navigation bar.
- Click Snapshot Reports in the sub-navigation bar.
- At the top of the reports page in the Report Type dropdown, click the Credit Card option.
- The white C icon means that transaction has not been reconciled.
- The green R icon means that transaction has been marked as reconciled.
Reconciling a group of transactions
To reconcile a whole group of transactions at once, put a check mark next to each row (or transaction) that you want to reconcile and then click the Actions link at the top. In the drop down menu, choose Mark Reconciled.
To un-reconcile a whole group of transactions at once, put a check mark next to each row (or transaction) that you want to un-reconcile and then click the Actions link at the top. In the drop down menu, choose Mark Unreconciled.
Reconciling a batch (most common)
Most likely, you will be looking at your bank statement and seeing a total deposit amount. You will then want to match that deposit amount to credit card transactions in Therabill. This can be done fairly easily by using Groupings. Click the Groupings link at the top right of the report (next to Actions) and then in the drop down menu, choose Auth Date.
You will now see your credit card transactions grouped by the date the transaction was processed. Each grouping will have a total amount. Usually, the total amount will match the deposit date (if this is not the case, read below under deposit amount does not equal auth date total). Each grouping will also have a Select option at the top right. If the total amount for the auth date matches the deposit amount, then click the Select All for that auth date grouping and then click Actions at the top. In the drop down menu, choose Mark as reconciled.
Deposit amount does not equal auth date total
It can sometimes happen that a specific transaction is not included in the deposit for that date. This usually happens when the card was processed on that day, but after the "batch time" (the time of the day that the credit card processor batches the transactions). If this happens, then simply uncheck the transaction before you reconcile the group of transactions. The Selected Total amount shown at the top left of the screen tells you the total amount of the selected credit card transactions. You will want to match that total to the deposit amount.