Excuse me if I don't use the perfect terminology here, but we have just started using Tessitura and our accounting team is having a good bit of trouble matching up the income received from Tess with what is appearing as deposits on our WorldPay account. Apparently, they don't match up because the different credit card companies deposit the funds at different times creating staggered deposits that don't match cleanly with when payments are posted in Tessitura.
Have any other organizations had this problem? How has it been rectified?
Robert,
The tips already provided by Danette and Michael are great. Another thing we do to help with reconciling credit card payments is that we build our General Ledger entries with separate lines by payment type. We combine Visa/Mastercard/Discover as one line since they are processed together by our credit card processor. American Express is on a second line, and checks and cash are combined on a third line. This allows for easy matching with our bank receipts since these different types of payments hit our account with different timing. American Express often takes a day or two longer than other credit cards, and our physical cash/check deposits aren't always immediate.
I hope this is helpful to you and your colleagues!
Yes! I didn't think about this piece, but we do this also. In fact, because it has changed over time dependent on the credit card processor, we separate out VISA/MC from Discover as separate lines, as well as AMEX, Cash/Checks, and ACH. ACH because although it is essentially "cash", we might have it entered in Tessitura on the same day, but it hits the bank on a different day. For the bank rec, it's much easier to add the G/L credit cards entries together to "match" what hits the bank, than it is to try and separate them if ever needed.