Credit Card Reconciliation question

Reconciling bank deposits to Tessy is my nightmare – most of the time they are just fine but occasionally there are issues and it’s a pain to find them.

You can run a list of every Tessy txn that makes up the $1,000 you believe the bank should have, so you need to compare that  to each transaction that went in the bank, and to do that you need to get the detail reports from the credit card processor. We use Vantiv, so I can go to their website and download a list of txns that make up the deposit they sent to the bank. Then I compare that, item by item, to the Tessy list. Often the problem is the cutoff time; Tessy may close a batch at midnight EDT but Vantiv is on Central time so they might have some additional txns that would show up on the next day’s Tessitura list.

The other issue (as I’m sure you know) is that Amex txns always settle a few days later than Visa/MC/Discover. So that could also be your problem.

____________________________

Julie P. Hamre

Staff Accountant

5301 Tuckerman Lane

North Bethesda, MD  20852-3385

www.strathmore.org

301-581-5136

jhamre@strathmore.org

In office Monday-Thursday

From: Tessitura Finance Forum [mailto:forums-finance@tessituranetwork.com] On Behalf Of Grant Offermann
Sent: Tuesday, June 28, 2016 1:17 PM
To: Julie Hamre
Subject: [Tessitura Finance Forum] Credit Card Reconciliation question

Hi All,

Has anyone ever ran into the problem where Tessitura posting reports are not matching what the Bank receives?  We are running into a few of these issues and are trying to find a way to "adjust" the ledgers for a specific day without having to do a sale.  

For example, the bank said we received $1,000 in credit card sales for a day, but Tessitura says $995.  Ideally we would like Tess to say $1000 also so it can match exactly what we brought in for admission sales.  

Thanks!

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