When you are running a business, keeping accurate records is important. When you are running a childcare business, keeping accurate records – especially financial records – is critical.

If you collect electronic payments of any kind, like credit cards or electronic bank drafts, it’s important to reconcile (otherwise known as double-check) your financial information at regular, frequent intervals. To do this, you will want to compare your Gateway records with your bank account and your EZCare ledgers to make sure they all match; this way, you can address any discrepancies right away.

Reconciling Your Childcare Business Accounts

Before you get started, determine the specific period of time you want to view. It is important that you use the same dates for each of the reports you run in EZCare, the SafeSave Gateway, and your bank statement are consistent.

Here are the reports you need to reconcile your accounts receivable records:

SafeSave Gateway Transaction Snapshot Report

The SafeSave Gateway report we recommend you use when reconciling your accounts receivable records is the Transaction Snapshot report. This report enables you to capture all the transactions processed in your Gateway within a specified period of time. Here’s how to run it:

  1. Access your SafeSave Gateway using the Merchant Login link and the login credentials you got from your account representative. This will bring you to the Gateway Console, which provides a convenient way to generate and view reports on processing activity for pending and past transactions.
  2. In the Gateway Console, select Transaction Reports from the menu on the left side of the screen.
  3. If you have multiple sites with separate processors, set the following report options in the transaction snapshot section:
    • Set the Group By field to Payment Processor.
    • Set Start Date and End Date to the starting and ending dates of the time period that you want to examine.
    • Select the magnifying glass icon for the desired site/ processor.
    • Choose the Settlement Batch.
    • Click Submit. The Transaction Snapshot report will display a summary of the transactions processed during the specified time period, organized by payment processor.
  4. If you have just one site, use these options:
    • Set the Group By field to Settlement Batch.
    • Set the Start and End Dates.
    • Click Submit. The Transaction Snapshot report will display a summary of the transactions processed during the specified time period, organized by Settlement Batch.
    • To see which transactions made up a batch, select the magnifying glass icon, then select View these Transactions.
  5. You can also export the results of any of the Transaction Reports as an .xls or .csv file.

EZCare Revenue Summary Report

To generate a list of the payment transactions recorded in EZCare over the same specific period of time, use the Revenue Summary Report. To run this report, follow these steps:

  1. Navigate to Reports in the main navigation bar, then click the Accounts Receivable tab.
  2. Select the Accounts Receivable tab from the Reports screen.
  3. Select the Revenue Summary Report from the list of reports.
  4. In the Report Criteria, select the following options:
    • Categories – This allows you to select which categories you want to include. Click Clear All, then hold the Control key on your keyboard while clicking only the Payments categories you need. You can spot these easily by looking for (Payment) after the Category name. You only need to select payment categories that you process through the SafeSave payments Gateway.
    • Classes – You can include all classes to see the accounts receivable records for your entire organization, or you can narrow the data in your report by only selecting specific classes. If you are reconciling your ledger with your Gateway or bank account records, you will likely want to leave all the classes selected.
    • Set the Transaction Dates to the beginning and end of the time period that you want to examine.
    • Choose Show Transaction Detail by clicking the checkbox under the Date field. This will show you each and every transaction for the period, classes, and payment categories you selected.
    • As with all of EZCare’s system reports, you can apply a Selection Filter to further refine the results in your report, but when you are reconciling, this is not recommended.
    • When you have completed the Report Criteria, click the View Report button.

Comparing Your Reports

  1. First, compare the totals for each payment category in EZCare’s Revenue Summary Report with the total amounts for each payment processor in the Gateway’s Transaction Snapshot Report.
  2. If the totals don’t match, you will need to examine the transaction details from the Revenue Summary Report and compare them with the transaction details in the Transaction Snapshot Report.
  3. In the Transaction Snapshot Report, you can view the details by clicking on the magnifying glass icon. Group the transactions by Settlement Batch to compare one batch of transactions at a time.

You can also view a list of pending or failed transactions by setting the report criteria to those statuses. This is also useful in reconciling the Gateway records with your bank statement, as it will help to fill in any gaps at the end of the statement where transactions are listed in the Gateway but had not been deposited as of the statement date.

What to Look for on Your Bank Statement

Anytime you are reconciling accounts, it’s important to know what you are looking for and why. When you process payments through the EZ Payment Services Gateway and want to reconcile your Gateway records with your bank statement, look for deposits made to your account with the description “SafeSave Funds Disb.”

When you’re reconciling your EZ Payment Services Gateway with your bank account statement, use the Gateway’s Transaction Snapshot Report, and set the date range to match the dates of your bank statement. For each SafeSave deposit to your account, there should be a matching Settlement Batch from your Gateway.

Credit Card and ACH Settlement Batches will always deposit separately, so if you process both types of payments every day, you’ll see two deposits in your account – one for each type – for each day that you process transactions. Funds from each Settlement Batch typically reach your account 2 – 3 business days from the processing date, so the dates of Settlement Batches in your Gateway Transaction Reports won’t be the same as the deposit dates on your bank statement for those batches.

Keep in mind that transactions are not processed on weekends or holidays, so they would be part of the next business day’s settlement batch. Any funds processed on a Friday, Saturday, or Sunday will usually deposit together.

by Wendy Young

Sep 27 18
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