Reconciling Financial Reports

Reconciling Financial Reports

An organization will typically use various Digital Signup financial reports to reconcile or balance the financial information against one another and with their banking statements.  The financial reports are also used for reporting purposes to others within an organization. 

Attention to how a report is run (by what criteria) is important to ensure that the numbers being compared for reconciliation will, in fact, match. 


Balancing to a Bank Statement 

  

Credit card transactions will typically be posted by your bank 1-3 days after processing through Digital Signup.  When comparing the amount shown on a bank statement for credit cards, you can use the following reports: 

Transaction Detail Report 

  • -Module = All 

  • -Date:  date range matching bank statement 

  • -Review Totals at end of report for Total Credit Card less Total Credit Card Refunds 

Daily Collection Summary - Daily Deposit 

  • -Date: date range matching bank statement 

  • -Review Totals for CC Amt less CC Refunds 


When amounts to do not match, check for the following: 

  • Were there any late transactions?  The credit card processing system has a batch cut-off time each day for credit card processing.  Discrepancies can occur when a payment arrives after the batch time but before midnight.  The payments after the batch time go to the next day.  E.g.  Batch at 11:45:00 p.m. but payment made at 11:47:00 p.m. 

  • Were there any chargebacks?  These could be disputes from the customer which will reflect on your bank statement but not in Digital Signup. 

  • Were any transactions done only in Card Connect?  Transactions done only in the card processor site will not be reflected in Digital Signup. 


Balancing between Digital Signup Reports 

  

Totals on various Digital Signup reports can be reconciled to one another providing the same search criteria is entered. Discrepancies can occur when the criteria does not match. Some examples: 

  • -Modules/Programs/Classes/Sessions included/excluded do not match 

  • -Dates do not match 

  • -Date method (by transaction or session start) do not match 

  • -Payment types included/excluded do not match 

  • -Transaction Types (All/Back Office/Online) selections do not match 


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