Credit Card receipts statement

[wood1e2]

Hi,

I am working with a client who takes a lot of credit card payments using a standard card reader.

I ask her for a copy of the statement so I can reconcile the 'block amounts' paid into the company bank account with the receipts allocated to a customers invoice.

She said that such a thing does not exist.

Is this true? If so how does anyone reconcile their credit card receipts.

Many thanks in advance.

 

[midnight_caller2002]

Has she not heard of end of day report?? Z reports etc....

 

[patientlady]

She should get a monthly statement from her Merchant provider, such as Streamline, First Data, Barclaycard etc showing all fees but this statement may not neccesarily show any rental on the card machine as this could be provided by another company. As said above she can also take a Z reading

 

[wood1e2]

Hi,

She gets a monthly statement this just shows cost, this does not show what payments she has recieved from customers.

What's a Z Report?
What's a daily report?

Can we get either of these for the past year? oh joy!!

 

It's been a while since I've worked with a card reader, but a Z report is the end-of-day summary that should be pulled, which provides a breakdown of what payments have been taken, and from what sources (Visa/Mastercard/Amex etc). When you pull one, it tends to reset, so on that basis, and assuming that your client has never pulled a report before, all back-dated data should be on the single receipt.
Depending on the exact card reader that your client has, it's all done in a different way, but on a streamline machine, it was done by swiping the supervisor card in the machine, and selecting the approprate option.
If I were you/your client, I'd be contacting the card reader supplier's customer service, and see what they say

Dave

 

[paulstewart64]

OK, here's a number of tips.

First off, are credit card payments being taken over the counter, online, over the phone?

Set up a form next to the phone (if this is how payments are made) so they can record customer name, amount, inv no if known. Make sure a fresh sheet is available daily. This allows you to total the credit card payments from this method.

Ask the credit card company for a daily breakdown of receipts. They all have the data to do this, although I suspect they may will refer you online for data. However, they do have it as I've had to do this before.

As already stated, get the manual on the machine and there is an end of day summary you can print off which will then list all of the card payments made that day. This should balance to your bank account.

Good luck

 

[Sparx]

If your client has had the same card machine since she started business, then she can do a Z Total which will give her a full total since she first started using the PDQ. Tell her to grab her terminal manual or call her terminal provider for assistance if necessary.

This assumes she has never had the terminal replaced (transaction history would be lost) or done any banking reports before.

 

[wood1e2]

Hi

Sorry for the delay in responding, and many thanks for all the comments.

Payments taken over the phone or in front of the person.

It seems that the banking reports printed off just state....£1677 paid into or bank account.

But it does not state what made up the £1677 and what authorisation codes were.

So we have no way of knowing what individual receipts to match against the £1677

Obviously some calculated guess can come into play.

If we receive the £1677 on the 3rd to 5th of the month than that must(ish) relate to the customer payments on or around 29th to 1st

It does all seem a little shoddy that the merchant service cannot provide a make up of each Bank receipt in the form of a statement!!?!?

 

[kelvin1950]

The merchant services don't need to provide anything as it should all be done at the machine with end of day banking reports, X reports and Z reports.

Your client needs to RTFM that came with the machine. A daily X report (not Z until he/she becomes proficient) should give you all you need.

X and Z are the same except that Z resets back to zero and X doesn't. I always run an X first on the card machine and the till until I'm satisfied that everything balances, then I'll run a Z.

 

[wood1e2]

So the X or Z report contains the amount of money that will be deposited by the merchant services and the individual amounts taken from customers with Authorisation Numbers.

So we can see what amount is going to be banked and what individual transactions make up that banking?

 

[apsx]

The merchant should be able to provide something.

With Elavon we have a login so that we can print our invoices online.

The invoices show the daily turnover, merchant fees deducted from the turnover and chargebacks.

I would have thought all merchants would have to provide this as the batches on the bank statement at least with Elavon are net of fees.