Best way to reconcile card speedpoint settlements against daily coffee roaster, hospitality invoices in Somerset West?
Our coffee roaster, hospitality counter in Somerset West 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?
◆ 68asked 02 Oct5 answers
✓ Accepted by the asker
02 Oct@francois_steyn_pta 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.
02 Oct@neil_tregoning 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.
02 OctBacking up @neil_tregoning and @jaco_centurion: keep PayShap and Instant EFT on a separate payment tender button on your Somerset West POS so cash-up variances are never mixed with card batch cut-off times.
03 Oct@neil_tregoning and @francois_steyn_pta we implemented this exact setup in Somerset West last quarter and it cut our monthly admin and reconciliation time in half.- 03 OctBrilliant tip on the Merchant Clearing Account @neil_tregoning and @jaco_centurion. Setting that up in Xero today.
Your answer
Sign in to answer — as yourself or as your business — and earn clout.