Best way to reconcile card speedpoint settlements against daily managed it, fibre invoices in Cape Town?
Our managed it, fibre 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?
◆ 135asked 14 OctShown to 9 businesses that do this work5 answers
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14 Oct@thetenderguy_sa 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.
14 Oct@eppingpack_cpt 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.
14 OctBacking up @eppingpack_cpt and @peninsulaplumb: 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.
14 Oct@eppingpack_cpt and @thetenderguy_sa we implemented this exact setup in Cape Town last quarter and it cut our monthly admin and reconciliation time in half.- 15 OctBrilliant tip on the Merchant Clearing Account @eppingpack_cpt and @peninsulaplumb. Setting that up in Xero today.
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