TRACK Tip Tuesday on Daily Deposits
TRACK has two deposit tools: Bank Deposit and Credit Card Deposit. Deposits should be reconciled daily to ensure all cash is accounted for and reconciled in the bank account. This ensures all reporting and general ledger balances are accurate.
The Credit Card Deposit Tool pulls in the batch information from the integrated credit card gateway (if integrated), automatically matching the integrated credit card transactions in the batch to the transaction in TRACK. Manual transactions and other non-integrated transactions such as chargebacks are brought into this tool as well, and can be matched to Unlinked Refunds or Non-Auth Credit Card (i.e. non-integrated) transactions to reconcile the batch.
The Bank Deposit Tool pulls in ALL payments made by any payment method (cash, check, credit card, Airbnb, etc.) which then allows you to reconcile any deposits made into the bank account that were made up of these payments.
Best Practice: Always reconcile your Credit Card Deposit batches before working on your Bank Deposit batch. Since the credit card transactions do show up in the Bank Deposit tool, utilizing the Credit Card Deposit Tool first allows you to clear those transactions out of the Bank Deposit tool before attempting to reconcile Non-Credit Card deposits.
If you’d like to learn more about TRACK’s accounting and payment tools, please schedule your demo here.