Best way to reconcile card speedpoint settlements against daily managed it, fibre invoices in Somerset West?
Our managed it, fibre 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 05 Sept5 answers
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05 Sept@brett_townsend 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.
05 Sept@elizef_bfn 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.
05 SeptBacking up @elizef_bfn and @kirsten_umhlanga: 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.
05 Sept@elizef_bfn and @brett_townsend we implemented this exact setup in Somerset West last quarter and it cut our monthly admin and reconciliation time in half.- 06 SeptBrilliant tip on the Merchant Clearing Account @elizef_bfn and @kirsten_umhlanga. Setting that up in Xero today.
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