I am spending a lot of time reconciling bank deposits against credit card transactions. I own a restaurant and to well over 1500 credit card transactions a week and batch send them several times a day ( each shift). These batch transactions hit my bank from 3 to 7 days later. Then I have to try an reconcile the batch transactions against the bank deposits. Since, in my bank statement is only a deposit amout, it is very tedious and time consuming work. Does anyone have a method to do this faster. Or do you just trust the credit card companies to deposit the correct amout to your bank account?
Do you have daily discounting or monthly accounting from your processor? If daily, you've got an impossible task. You should have negotiated monthly discounting--even if it cost you a few basis points extra.
Also, were you trained by your processor to break out your batch reports---summary and detail? If not, your impossible task has just been made even harder.
It sounds to me like your payment processing system could use some fine tuning.
BTW--did you say it takes SEVEN days for some of your transactions to post in your bank? Seven? That doesn't sound right.
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