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SolvedBookkeeping ServicesSomerset West

Best way to reconcile card speedpoint settlements against daily labour law invoices in Somerset West?

Our labour law 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?

Kagiso Molefe◆ 68asked 30 SeptShown to 9 businesses that do this work

5 answers

  1. ✓ Accepted by the asker

    Karabo Phiri◆ 103Trusted voiceon Bookkeeping Services30 Sept
    @kagiso_molefe 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.
  2. Mpho Chauke◆ 83Trusted voiceon Tax Services30 Sept
    @karabo_phiri 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.
  3. Zola Mbeki◆ 68Trusted voiceon Tax Services30 Sept
    Backing up @karabo_phiri and @mpho_chauke: 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.
  4. Vusi Khumalo◆ 48Contributoron Tax Services30 Sept
    @karabo_phiri and @kagiso_molefe we implemented this exact setup in Somerset West last quarter and it cut our monthly admin and reconciliation time in half.
  5. Kagiso Molefe◆ 68Trusted voiceon Digital Marketing30 Sept
    Brilliant tip on the Merchant Clearing Account @karabo_phiri and @mpho_chauke. Setting that up in Xero today.

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