Reconciliation example

This is an example of how a cinema can follow the reconciliation process and identify discrepancies. 

1. A cinema runs an automatic settlement process and checks their bank statement for credit card earnings daily. They accept three types of credit cards (Visa, American Express, and Mastercard) through their credit card processor DPayXS.
2. For their daily bank deposit check on 1 July, they confirm they have received a $20,000 payment from DPayXS.
3. The cinema generates the Electronic Payments report (for their all their cinemas) and checks the total sales. The Electronic Payments report indicates that total sales for all cards amounts to $25,000.
4. They enter the figures into their electronic transactions history spreadsheet. Comparing year-to-date totals, they see an overall discrepancy of $4300. This is a significant fraction of a typical day’s electronic payments, and indicates a potential problem.
5. The cinema investigates this discrepancy further. A credit card processor report is generated for 30 June to 2 July, and a line-by-line transaction check is performed against the Electronic Payments report for the business date of 1 July.
6. The Electronic Payments report shows a number of transactions that are not accounted for in the card processor report. It is likely that the transactions were not successfully settled.
7. The cinema reviews the Electronic Transaction History data view for the day and examines the transaction log for the transactions identified above. It confirms that all the transactions were ACCEPTED at the time of purchase.
8. The cinema contacts their credit card processor and Vista support for assistance.

See also:

Reconciliations

Performing a full reconciliation

Performing an approximate reconciliation

Diagnosing reconciliation discrepancies