The document provides information on processing various payment methods like credit cards, checks, and cash, as well as reconciling transactions. It discusses collecting payment information, verifying funds, settling transactions for credit cards. For checks, it discusses receiving the check, verifying information, depositing the check, and waiting for clearance. It also discusses charging bills to guest accounts in a hotel, reconciling transactions like credit cards, debit cards, checks, vouchers, and cash. The steps for each process are outlined.
The document provides information on processing various payment methods like credit cards, checks, and cash, as well as reconciling transactions. It discusses collecting payment information, verifying funds, settling transactions for credit cards. For checks, it discusses receiving the check, verifying information, depositing the check, and waiting for clearance. It also discusses charging bills to guest accounts in a hotel, reconciling transactions like credit cards, debit cards, checks, vouchers, and cash. The steps for each process are outlined.
The document provides information on processing various payment methods like credit cards, checks, and cash, as well as reconciling transactions. It discusses collecting payment information, verifying funds, settling transactions for credit cards. For checks, it discusses receiving the check, verifying information, depositing the check, and waiting for clearance. It also discusses charging bills to guest accounts in a hotel, reconciling transactions like credit cards, debit cards, checks, vouchers, and cash. The steps for each process are outlined.
The document provides information on processing various payment methods like credit cards, checks, and cash, as well as reconciling transactions. It discusses collecting payment information, verifying funds, settling transactions for credit cards. For checks, it discusses receiving the check, verifying information, depositing the check, and waiting for clearance. It also discusses charging bills to guest accounts in a hotel, reconciling transactions like credit cards, debit cards, checks, vouchers, and cash. The steps for each process are outlined.
Credit card reconciliation is the process of matching credit card statements with receipts an
invoice to ensure that all charges on the credit card are accounted for. This process is important
for businesses an individual, ensuring that all expenses are properly accounted for and reported.
Also, credit card reconciliation is the process of confirming that all transactions on your credit
card statement are properly reflected in your accounting records. It's important to reconcile your
credit card statements because it helps you make sure that:
You have enough money in your checking account to pay the amount due on your statement
when it arrives.
Your credit card company charges you for all the transactions it has recorded and not for any
more you owe.
You're not being charged interest on purchases made before the last statement arrived
because those charges should be included in the next statement.
7 The processing options for the Debit Credit Match program appear on the Debit Credit Edits tab
of the Manual Reconciliation program. Use these processing options to specify whether a debit
and credit transaction must balance before you can continue the manual reconciliation. The
processing options on this tab are used only by the Debit Credit Match program.
Reconciling type: Specify an option that specifies the type of processing for an event. Values are:
1. Blank: Bank Account Reconciliation.
Blank: Not required to balance.
Sort transactions by amount.
2. Matching Debit Credit Reconciliation.
Required to balance
3. .Debit credit balance: Specify whether debits and credits are required to balance. Values are:
Tolerance limits: Specify the tolerance amount by which debit and credit transactions can be out
of balance. This processing option is used only when you enter 1 in the Debit Credit Balance
processing option.
If you enter 1 in the Debit Credit Balance processing option and you leave this processing option
blank, debits and credits must balance exactly or the system generates an error.
If you enter 1 in the Debit Credit Balance processing option and you specify an amount for this
processing option, the difference between the debit and credit transactions must be less than or
8 equal to the tolerance amount. If the debit and credit transactions are out of balance by the
tolerance amount, they are considered reconciled and the system does not generate an error
message. For example, if you enter 5.00 in this processing option, debits and credits can be out
of balance by 5.00. If debits and credits are greater than the tolerance amount, the system
generates an error message.
The system sorts the transactions by amount, regardless of whether they are debits or credits.
You can see an amount with the debit and credit together as opposed to searching for the offset
of the amount by the general ledger date.
9 Reconciling vouchers:
The report shows a detailed analysis of vouchers or gift cards sold and redeemed between
branches. Location totals: shows the branch where a voucher was sold. The amount owed to the
location: shows the total amount owed to the business. In other words, a voucher is a supporting
document for an invoice received by the company. Once the voucher is issued, it means that the
invoice’s been checked, and it’s been confirmed that it needs to be paid. The voucher authorizes
the payment of the invoice in one lump-sum that will be written on the balance sheet.
A voucher can include various supporting documents. The most common are listed below:
The invoice received from the supplier
The data of the supplier to be paid (name, address, telephone number)
The data for the payment (amount due, including a possible discount and due date for the
payment)
The initial purchase order made by the company
The receipt that confirms that the company receive
10 Reconciling cash transaction:
Cash reconciliation (CR) is a financial process for confirming the authenticity of the cash
balance before the end of a shift or the day's trading. This process ensures the completeness or
accuracy of a transaction. CR typically involves reviewing all the systems involved in
processing, recording, and transferring the payments to the main bank account. While
undertaking CR, the relevant employee or team checks the records on each payment system to
ensure that the business doesn't lose any amount in transit or committed in the business records.
1. Steps to take when reconciling cash transaction: Petty cash needs to be monitored closely, and
payments should be reconciled often.
2. Manual reconciliation adds extra work and headaches for finance teams, especially where errors
exist.
3. The less petty cash, the better.
4. Smart solutions exist for ?. ready to evolve.
11 Processing of foreign currency:
1. Stop by your local bank: A cheaper way to get access to foreign currency is to buy it from
your local bank branch in person. larger banks often get access to the best exchange rates. The
process is pretty simple and you could be able to exchange the money you need in the matter of
minutes.
2. Visit an ATM (automobile transaction machine): As long as it’s within your bank’s
network, you should have to pay little to no fees for your withdrawals, if the ATM is able to
process foreign transactions. If not, you could take U.S. cash out and plan on exchanging it for
the going rate when you enter the country.
3. Consider traveler's check: The good thing about traveler’s checks is that you can easily
order additional checks if you lose them or someone steals them. Plus, once you have them,
you’re the only person who can trade those checks in for foreign currency.
4. Buy currency at your foreign bank branch: Opening a bank account in a foreign country
might make sense if you frequently travel there, or especially if you own property in the country.
If the bank sells currency, you could wait until you arrive to get the funds you need.
5. Buy currency online: But to get the most money at the cheapest rates, you’ll need to do
some research.
12 Processing of refunds:
1. Verify product returns request: When a customer brings an item to the store and asks for an
exchange or refund, the sales staff will need to verify this request. They’ll have to confirm
that this product has been purchased from your store. The most common proof is a receipt.
13 2. Create a return request: To process an in-store product return, your staff usually have to find
the past order in your point of sale system. Different systems will offer a variety of options to find
this order such as:
Scan the customer’s receipt
Input the order ID or number
Search for the order with customer or product information
3. Process
payment & complete return: In the case of product refunds, the cashier will have to refund the
payment to the customer.
- Refund by original payment method. Most customers prefer to get a refund via the
original payment method.
- Refund by cash. If the customer paid for the original order by cash, they might expect a
cash refund.
14 -
-Refund by points or vouchers. Some stores offer refunds in the form of points, store
credits, or gift cards
4. Complete in-store product returns: Once payment is complete, the staff should also note
down the reasons for return. Product returns offer invaluable data that will help retailers make
merchandising decisions in the future.
15 16 17 18 To Protect Against Fraud: Collecting payment information can help protect you from fraudulent transactions by allowing you to verify that the customer's information matches the information on file with the credit card company or bank. To Build Trust with Customers: Verifying the information helps build trust with customers by demonstrating that you take security seriously and are committed to protecting their personal and financial information. To Ensure Sufficient Funds: helping to prevent declined transactions and insufficient funds fees. To Maintain Accurate Records: Settling a transaction allows the merchant to maintain accurate records of all transactions, making it easier to track sales, inventory, and revenue.
Reference
D. Amanada (2022, september 30). 5 cheap ways to exchange currency
