What is the SellerDeck Payments reconciliation report, and how do I use it?
The following report was added to Actinic v10.0.2 onwards for users of SellerDeck Payments as a payment service provider.
The SellerDeck Payments reconciliation report shows you the amount which has been submitted to your bank for settlement within a selected time period, for example, each week.
If the SellerDeck Payments reconciliation matches exactly what has been paid into your bank, it means everything is correct: you have not shipped anything without taking payment; you have not taken payment without shipping the goods; and your bank has paid everything that you expected. If the report does not match what has been paid into your bank, then you need to login to the SellerDeck Payments admin area here to investigate what happened.
The SellerDeck Payments reconciliation report saves you time. To perfrom a full end-to-end reconciliation of the payments process you do not need to login to the SellerDeck Payments admin area on a regular basis, you only need to login to it if you need to investigate a discrepancy.
How to use the SellerDeck Payments reconciliation report:
First, have a look at your bank statement, and highlight the amount being paid into your bank account each day. You will need these amounts so that you can reconcile to this.
Secondly, find out what time settlements are sent to your bank each day, see below:
The settlements are usually sent to your bank each day at around midnight, however this does vary so it is important to check this first, see below to check this.
1) Login to the SellerDeck Payments admin area here.
2) Go to the “Reporting” drop down list, and select “Bank Submissions”
3) Set a start date of 2 days ago, and an end date of today’s date, then click “Search”
4) Make a note of the time settlements are sent to your bank each day, this is circled in red above; you will need this in step 4) in the next part.
Now, we can run the SellerDeck Payments reconciliation report in SellerDeck:
1) Open SellerDeck.
2) Go to “Operations” | “Reports” | “Payments” tab.
3) Click the “Add” button, the “Add New Settlement Time” dialogue will appear.
4) Today’s date will appear, so leave the date as it is, then enter the time at which your settlements are sent to your bank each day (You made a note of this earlier)
5) Click “Add”.
6) Now, in the “Settlement date / time” window, you will see the amount settled with your bank to date. If this figure does not match what is on your bank statement, try adjusting the settlement time a few minutes either side of what you entered above until the amount matches the amount paid into your bank.
NOTE: Once SellerDeck payments has submitted a settlement to your bank, this can take a few days to appear in your bank account and therefore on your bank statement.
7) If you now click “Preview”, you will see a full breakdown of payments which have been settled, which you can then print.
Imagine in a week’s time, you want to do a reconciliation report for the last 7 days transactions, you would repeat the process:
8) Click the “Add” button, the “Add New Settlement Time” dialogue will appear.
9) Today’s date will appear, so leave the date as it is, then enter the time at which your settlements are sent to your bank again.
10) Click “Add”.
11) Now, in the “Settlement date / time” window, you will see the amount settled with you bank since the last report you made, which was 7 days ago. In other words, when you have a series of “Settlement date / time” showing in the window, the amount in brackets is the total of payments less refunds for all transactions settled between the previous and that date / time.
You can now make the SellerDeck Payments reconciliation report part of your weekly or daily routine to check that the amount submitted to your bank for settlement matches the amount in your bank account.
If there is a discrepancy between the total amount you expected to be settled and the total amount that has appeared in your bank, it can be for a number of reasons.
The first is that one or more payments occurred very close to the settlement run. To check this, “remove” the settlement time that you just added, then add the settlement time in again but 5 minutes later. You can also try it 5 minutes before. Experiment to see if you can get it to balance as this is much quicker than any of the other approaches.
If you cannot get the payments to reconcile, print out the “Payments and Refunds” report from SellerDeck, then go into the SellerDeck Payments Admin report and request “Bank Submissions” reports (see above) for the same period.
Then compare everything in the Bank Submissions Report with everything in the Payments and Refunds Report. If there are any payments or refunds which are in one of the reports but not the other, report this to SellerDeck Technical Support and we will investigate this with Creditcall.
If the Bank Submissions Report and Payments and Refunds Report have all of the same transactions and add up to the same amount, but what you have received in your bank account does not match the Bank Submissions Report, you need to ask your acquiring bank about this. SellerDeck (and Creditcall) have no visibility of what happens to the transactions after they have been sent to the bank, and the bank will not tell us details of their customers account. You therefore have to ASK YOUR ACQUIRER FOR YOURSELF. Occasionally, acquirers will decline transactions which they previously authorised.
Regular reconciliation with amounts received into your bank account ensure that you are being paid correctly for every transaction and that you are fulfilling every order that you have been paid for. Using the “Payments and Refunds” report in SellerDeck provides a complete end-to-end reconciliation at a fraction of the effort of other methods.
SellerDeck advises that every merchant uses this reconciliation method, with the best approach being to reconcile daily every time a payment appears in the bank. Note that if you work this way, the default date that appears when you click the “Add” button will need setting to a day or two before depending on how long your acquirer takes to settle). Alternatively, you can reconcile using this method either weekly or monthly.
Operations Manager - SellerDeck
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