Best way to reconcile card speedpoint settlements against daily chartered accountant (sa) invoices in Cape Town?
Our chartered accountant (sa) 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?
◆ 103asked 15 OctShown to 9 businesses that do this work5 answers
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15 Oct@farah_suliman 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.
15 Oct@stelliesstudio 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.
15 OctBacking up @stelliesstudio and @ccmawhisperer: 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.
15 Oct@stelliesstudio and @farah_suliman 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 @stelliesstudio and @ccmawhisperer. Setting that up in Xero today.
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