Zeller eftpos bankfeed reconcilling....
We have just implemented the Zeller eftpos machines to our small business. We were previously with ANZ and the daily settlement always matched the daily bankfeed as the bank fees would be debited at ...
Forum Discussion
Hi MissWendye,
With Zeller, the settlement is received net of the processing fee. So, if the customer pays $100 and Zeller deposits $95, you’ll need to record the full $100 payment against the sale and record the $5 difference separately to a Merchant Fees or Bank Fees expense account. The $95 bank-feed transaction can then be matched to the net deposit, while the $5 fee is recorded separately. Using an EFTPOS clearing account can also make this easier when reconciling daily settlements. You’ll just need to refer to Zeller’s settlement report to confirm the gross sales, fees and net amount deposited. For reference, here’s MYOB’s guide to reconciling online invoice payments, which covers MYOB Online Payments. It’s also worth checking with your accountant regarding the correct GST treatment for the fees.
Regards,
Sai
