EFTPOS Settlement Account

1

firstly some background; when i take a payment for an invoice via EFPTOS manager is obviously updated immediately to reflect the new balance of the bank account. However my Bank does not settle (poll) EFTPOS transactions until Midnight. what this means is; as soon as i put through my first EFTPOS transaction, Manager’s ‘Bank Account’ balance is no longer accurate until the following morning. which brings me to my question, is it possible to set up an account that will ‘dump’ or ‘empty’ the balance to another designated account periodically? what this would allow me to do is take all EFTPOS transactions to the temporary account which will not alter the actual bank account balance during the day and at close of business the temporary account would purge any funds to the bank account to mimic the settlement or polling process of the EFTPOS machine.

is it possible to create an automated process to do this or am i going to have to manually purge or empty the account each afternoon?

2

EFTPOS should be created as a separate cash or bank account.

At the end of the day, the balance of EFTPOS should be transferred to the bank account as a uncleared receipt. Once the receipt will appear on your bank statement, the uncleared receipt can be cleared.

The problem is, Manager doesn’t support this workflow 100% yet but that’s something I’m currently working on so ask again in about a week.

1 Like
3

Hi , I have been trying to follow this, but now all i have is two entries for the same amount after importing my bank statement both transactaions, one transfer from the eftpos cash account to the bank account, and the actual eftpos clearing amount match, and the date cleared have been made the same on both transactions. but the reconciliation helper doesnt seem to be able to relise that they are the same transaction.

shows up like below
Edit View 17-Jan-16 Eftpos POS 17 Jan A$ 332.00
Edit View 17-Jan-16 Suspense POS 17722300 17 JAN A$ 332.00

what am i doing wrong?

4

Yeah but it’s easy to fix. Simply delete imported transaction which refers to transfer.

Another way to handle this is to have one more account in your Chart of accounts called Intra-account transfers.

Bank reconciliation process needs to improve when dealing with uncleared transactions. This part is not quite good yet.

5

ok, buti seem to be deleting a lot of transactions from the import.

6

That’s why having an account called Inter-account transfers is probably better workflow. No need to delete any imported transactions. Just categorize all transfers to this account.