Best way to reconcile card speedpoint settlements against daily commercial invoices in Cape Town?
Our commercial counter in Cape Town takes Yoco, Nedbank speedpoint and PayShap payments daily. Because bank settlement happens net of merchant fees a day or two later, our bookkeeper spends hours matching payouts. How do you automate this?
◆ 78asked 18 SeptShown to 9 businesses that do this work5 answers
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18 Sept@sipho_ndlovu_logistics set up a dedicated Merchant Clearing Account (as a bank account type in Xero or Sage). Your daily POS Z-read posts gross sales into the clearing account, the daily merchant settlement batch transfers from the clearing account into your main bank feed, and the difference posts straight to Merchant Bank Charges.
18 Sept@willem_bester_sa nailed the workflow. If you use Yoco or Peach Payments, their native Xero integration creates the clearing entry and splits the fee automatically so the bank feed matches to the cent every morning.
18 SeptBacking up @willem_bester_sa and @chantal_vanwyk: keep PayShap and Instant EFT on a separate payment tender button on your Cape Town POS so cash-up variances are never mixed with card batch cut-off times.
18 Sept@willem_bester_sa and @sipho_ndlovu_logistics we implemented this exact setup in Cape Town last quarter and it cut our monthly admin and reconciliation time in half.- 18 SeptBrilliant tip on the Merchant Clearing Account @willem_bester_sa and @chantal_vanwyk. Setting that up in Xero today.
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