The following guide provides a primer on how Automated Clearing House (ACH) payments, deposits, rejections, and withdrawals are processed and reconciled. Based on the variables described in this guide, the average processing and reconciliation timeline can fluctuate. This guide is designed to improve your understanding of the process.
This document provides information about checking accounts, including their benefits and how to open and use one. It discusses the convenience of checking accounts, how they can help with money management, and different types of accounts. It then covers requirements for opening an account, how to use a check register to track transactions, how to make deposits and withdrawals using cash, checks, direct deposit, ATMs, and writing checks. The document is an educational guide for setting up and utilizing a basic checking account.
Opening a checking account involves signing a signature card with the bank to establish the account. Checks are written orders to the bank to pay money from the account. Deposits are made by filling out a deposit slip listing currency, coins and checks being deposited. Endorsements on the back of checks allow them to be cashed or deposited by another person and help prevent fraud. Maintaining a register of deposits and withdrawals helps reconcile the account balance with bank statements.
Here are a few ways you could write your checks differently:
- Use a different color ink than black. Blues and greens are common alternate colors.
- Sign your name in a unique way each time, such as adding flourishes or writing it in cursive rather than print.
- Alternate which corner of the check you write the date, payee name, or amount in to switch it up from the usual spots.
- Include a small doodle or design element somewhere inconspicuous on the check as a personal touch.
- Try writing with your non-dominant hand occasionally to disguise your usual penmanship.
- Address the payee more creatively than just their name,
CASH CONTROL:
Whenever the guest pays in cash the cashier has to make a cash receipt and hand it over to the guest. The cash collected everyday should be sent to the bank for deposit
This document provides an overview of 7 activities related to basic banking services:
1. Why customers need banks and the differences between banks and credit unions.
2. The various services offered by banks such as money transfers, banking occupations, and electronic services.
3. Details on chequing accounts including terms, shopping for accounts, and account maintenance.
4. The process for opening a chequing account including forms of ID and signature cards.
5. How to write a cheque properly.
6. Maintaining a chequing account through activities like keeping a register, deposits, reconciling statements. and avoiding overdrafts.
7. Savings accounts including reasons to save, factors for shopping for
This document summarizes procedures for receiving and recording payments in an accounting context. It discusses receiving cash, checks, credit/debit cards, and inter-bank transfers. It also covers checking payments against documentation and recording money received, including using a cash book and remittance lists. Key points covered include examining checks for validity, processing card payments manually or electronically, checking for floor limits on card transactions, and reconciling payments received to bank statements.
This document provides information about checking accounts and how they work. It defines key terms like checks, checkbooks, deposits, withdrawals, fees, endorsements, bounced checks, and fraud protection. It also outlines best practices for using a checking account, such as how to properly fill out and safeguard checks, how transactions are tracked in a check register, and the benefits of direct deposits and safety deposit boxes.
This document provides instructions on how to use and write checks, including opening a checking account, the components and purpose of checks, how to properly write and endorse a check, how to record transactions in a check register, and important tips for check writing. Key steps covered are how to fill out the necessary information on a check such as the date, payee, amount, and signature. The importance of keeping an accurate check register is emphasized to track transactions and avoid overdrafts.
This document provides information about checking accounts, including their benefits and how to open and use one. It discusses the convenience of checking accounts, how they can help with money management, and different types of accounts. It then covers requirements for opening an account, how to use a check register to track transactions, how to make deposits and withdrawals using cash, checks, direct deposit, ATMs, and writing checks. The document is an educational guide for setting up and utilizing a basic checking account.
Opening a checking account involves signing a signature card with the bank to establish the account. Checks are written orders to the bank to pay money from the account. Deposits are made by filling out a deposit slip listing currency, coins and checks being deposited. Endorsements on the back of checks allow them to be cashed or deposited by another person and help prevent fraud. Maintaining a register of deposits and withdrawals helps reconcile the account balance with bank statements.
Here are a few ways you could write your checks differently:
- Use a different color ink than black. Blues and greens are common alternate colors.
- Sign your name in a unique way each time, such as adding flourishes or writing it in cursive rather than print.
- Alternate which corner of the check you write the date, payee name, or amount in to switch it up from the usual spots.
- Include a small doodle or design element somewhere inconspicuous on the check as a personal touch.
- Try writing with your non-dominant hand occasionally to disguise your usual penmanship.
- Address the payee more creatively than just their name,
CASH CONTROL:
Whenever the guest pays in cash the cashier has to make a cash receipt and hand it over to the guest. The cash collected everyday should be sent to the bank for deposit
This document provides an overview of 7 activities related to basic banking services:
1. Why customers need banks and the differences between banks and credit unions.
2. The various services offered by banks such as money transfers, banking occupations, and electronic services.
3. Details on chequing accounts including terms, shopping for accounts, and account maintenance.
4. The process for opening a chequing account including forms of ID and signature cards.
5. How to write a cheque properly.
6. Maintaining a chequing account through activities like keeping a register, deposits, reconciling statements. and avoiding overdrafts.
7. Savings accounts including reasons to save, factors for shopping for
This document summarizes procedures for receiving and recording payments in an accounting context. It discusses receiving cash, checks, credit/debit cards, and inter-bank transfers. It also covers checking payments against documentation and recording money received, including using a cash book and remittance lists. Key points covered include examining checks for validity, processing card payments manually or electronically, checking for floor limits on card transactions, and reconciling payments received to bank statements.
This document provides information about checking accounts and how they work. It defines key terms like checks, checkbooks, deposits, withdrawals, fees, endorsements, bounced checks, and fraud protection. It also outlines best practices for using a checking account, such as how to properly fill out and safeguard checks, how transactions are tracked in a check register, and the benefits of direct deposits and safety deposit boxes.
This document provides instructions on how to use and write checks, including opening a checking account, the components and purpose of checks, how to properly write and endorse a check, how to record transactions in a check register, and important tips for check writing. Key steps covered are how to fill out the necessary information on a check such as the date, payee, amount, and signature. The importance of keeping an accurate check register is emphasized to track transactions and avoid overdrafts.
ACHeck21 is a solution for intelligent ACH and Check21 payment processing that offers deployment options including check imagers, credit card terminals, and document imagers from various manufacturers. It provides an intelligent routing gateway and allows users to easily manage risk and reporting for all transaction types. Resellers are also able to collect fees and be paid for their services through the ACHeck21 platform.
Law firms are increasingly accepting credit card and ACH payments for improved cash flow and client accommodation. Credit cards can be processed through a merchant account, which must be a trust account if accepting cards for earned and unearned fees. Firms can also use private processors like LawPay which deposit funds into the proper account without commingling. While ACH payments streamline processing, firms must still properly handle and account for client funds according to ethical rules regarding trust accounts.
This document discusses preventing automated clearing house (ACH) fraud and monitoring transactions. It provides the following information:
1) ACH payments can be originated fraudulently with just check information, so businesses need to monitor transactions to prevent theft. Most banks offer treasury management services to help monitor transactions.
2) ACH Positive Pay allows up to five users to receive daily emails or texts listing scheduled ACH debits, so they can approve or reject transactions within 24 hours to avoid losses. Rules can automate approvals for certain payees or amounts.
3) Familiarizing yourself with fraud prevention tools is recommended rather than learning about them after a loss occurs. Monitoring transactions can help businesses protect themselves from
Abigail Winbush has over 30 years of accounting experience in various industries including construction, telecommunications, airlines, banking, and travel. She has extensive experience in accounts payable, accounts receivable, financial reporting, budgeting, and customer service. Her most recent role was as a Cost Accountant for a construction and environmental services company where she performed accounting functions for multiple entities.
Find out why B2B companies are making the move from paper checks to electronic payments. And in the process, they are dramatically reducing transaction costs and earning rebates at the same time.
Electronic Funds Transfer ACH Credit Registration (Note: The DP-175 must b...taxman taxman
The document provides guidance for taxpayers in New Hampshire on making electronic funds transfer (EFT) payments through the Automated Clearing House (ACH) Credit program. It outlines requirements for the ACH Credit payment option, including completing a successful test transaction at least 10 days prior to the first payment. It also provides contact information for questions about the ACH Credit or ACH Debit payment programs.
The presented Same Day ACH infographic showcases Same Day ACH related important facts, phases of implementation, projected transaction volume, benefits, Same Day ACH fraud and its solutions. It also outlines the strategies for mitigating fraud risk with Quatrro’s fraud prevention solutions. Quatrro's transaction monitoring with an added layer of human intelligence support will provide financial institutions a quick, simple and secure way to deal with the fraud challenges with efficient fraud prevention services.
Click to know more: http://quatrroprocessing.com/same-day-ACH-fraud-prevention.php
Same Day ACH Allows Payments to Move FasterLexisNexis
For the millions of Americans who receive electronic payments directly into their bank accounts, a new system is about to go into place that will allow those payments to be made faster than ever. For banking executives and the legal counsel who advise them, the stakes are very high for successful compliance with this new system.
This document summarizes several articles from the September 2015 issue of CU Management magazine. The cover story discusses how credit unions are developing mobile apps that improve the member experience from joining to borrowing. Another article describes how Suncoast Credit Union is powering some of its branches entirely with solar energy and using geothermal systems for heating and cooling to reduce energy usage. A third article identifies four pillars of a high performing IT organization: prioritizing the member experience, having a strategy driven by that focus, strong project leadership, and data-driven decision making.
This document summarizes an upcoming webinar on changes to the 2017 ACH Network Rules. The webinar will review important 2016 rule changes and evaluate upcoming 2017 rule changes, including changes regarding third-party sender registration and same day ACH. The webinar objectives are to explain the 2016 and 2017 rule changes, their impacts, and obligations of originators and financial institutions. Attendees of the webinar will include payments professionals, accredited ACH professionals, and operations and audit managers who need to understand the updated ACH rules.
ACH, or Automated Clearing House, payments move money electronically from one bank account to another. Setting up your business to accept ACH payments gives you an alternative to credit cards, cash or checks.
Allied Wallet offers merchant transaction services in 196 countries and processed payments in 164 currencies. It provides ACH processing solutions as an alternative to an in-house system, which can save paper and costs. ACH is a common U.S. electronic funds transfer system that clears transactions between financial institutions in batches, holding payments for a short time before delivery. It is governed by NACHA and moves nearly $39 trillion annually, processing credit, debit, payroll and other transactions.
This document provides information about different types of cash books used for recording cash transactions, including simple, double column, and triple column cash books. It discusses the format and accounting treatments for each type. Specific examples are provided to illustrate how transactions are recorded in double and triple column cash books. The document also covers petty cash books and the imprest system for petty cash. In summary, it is an overview of cash book concepts and formats for recording cash receipts and payments.
This document provides guidelines and information for processing Automated Clearing House (ACH) transactions. It outlines the ACH process flow, including Originating Depository Financial Institutions and Receiving Depository Financial Institutions. It also defines ACH requirements and timeframes for origination, deletion, and changes. Additionally, it provides the 2015 schedules for Social Security benefit payments, Federal Reserve holidays, and Treasury payments. Employees with ACH questions are directed to contact the credit union's ACH department.
14. bank reconcilaition statement i accounting-workbooks-zaheer-swatiZaheer Swati
The document discusses bank reconciliation statements, which are used to reconcile differences between a company's cash book balance and bank statement balance. It provides examples of common reconciling items that cause differences, such as outstanding checks, uncleared deposits, bank charges, and interest. The document also includes an example bank reconciliation statement and a practice problem identifying whether reconciling items are missing from the cash book or bank statement, and whether they are debit or credit items.
This document provides information about bank reconciliation in accounting. It begins with an introduction and then discusses the purpose of bank reconciliation statements, reasons for differences between cashbook and bank statement balances, and the reconciliation process. The reconciliation process involves 5 steps: 1) identify outstanding checks, 2) identify deposits in transit, 3) analyze the bank statement for unrecorded transactions, 4) check for errors, and 5) compare adjusted balances. The document also provides an example reconciliation and explains adjusting entries related to the reconciliation.
bank accounts maintained by the business enterprise.pptxJennifer911572
Here are sample deposit and withdrawal slips that I designed based on my knowledge of basic banking documents:
[SAMPLE DEPOSIT SLIP]
ABC Bank
Main Street, Manila
Date: __________
Account No.: __________
Cash $________
Checks $________
Total $________
_________________________
Depositor's Signature
[SAMPLE WITHDRAWAL SLIP]
ABC Bank
Main Street, Manila
Date: __________
Account No.: __________
Cash Requested $________
_________________________
Account Holder's Signature
Bank reconciliation is the process of comparing accounting records to bank statements and resolving any differences. The key steps are: [1] Adjusting the bank balance for items like deposits in transit and outstanding checks; [2] Adjusting the company balance for items charged by the bank like fees and interest earned; [3] Comparing the adjusted balances which should be equal; [4] Preparing journal entries to record any necessary adjustments to the company balance. An example reconciliation is provided adjusting balances for various deposits, checks, fees, and interest to resolve differences between the company and bank records.
Handling Payments SAP Business One v9.pdfdbbqck2cr8
This document provides an overview of handling payments in SAP Business One. It describes the steps in the payment process, including incoming payments, deposits, and outgoing payments. For incoming payments, it explains how payments are initially recorded in clearing accounts before being deposited to the bank account. Outgoing payments debit the vendor and credit the bank. The Payment Wizard allows automating payment creation for bank transfers, checks, and bills of exchange.
Methods of payment
This document summarizes various methods of payment including cash, checks, bank transfers, debit/credit cards, and online payments. It discusses the key functions of money as a medium of exchange, unit of account, and store of value. Regarding payment instruments, it describes how checks, bank drafts, direct debits, and wire transfers work. The differences between debit and credit cards are outlined, noting that debit cards deduct funds from your bank account while credit cards provide a line of credit. Finally, it briefly discusses online payment options like PayPal and Bitcoin.
Small businesses must provide their clients with various online payment choices.
Two of the most popular cashless payment methods, in addition to credit cards and e-wallets, are ACH credit and ACH debit.
Over $72.6 trillion was sent and received via the ACH network in 2021.
That represents a 17.4% increase from the previous year. Because they are quick, secure, and have cheap processing costs, businesses, especially subscription-based ones, are giving them priority.
ACH debit and credit both have distinct differences while being comparable. We'll highlight the most notable variations in this article and define each payment form.
ACHeck21 is a solution for intelligent ACH and Check21 payment processing that offers deployment options including check imagers, credit card terminals, and document imagers from various manufacturers. It provides an intelligent routing gateway and allows users to easily manage risk and reporting for all transaction types. Resellers are also able to collect fees and be paid for their services through the ACHeck21 platform.
Law firms are increasingly accepting credit card and ACH payments for improved cash flow and client accommodation. Credit cards can be processed through a merchant account, which must be a trust account if accepting cards for earned and unearned fees. Firms can also use private processors like LawPay which deposit funds into the proper account without commingling. While ACH payments streamline processing, firms must still properly handle and account for client funds according to ethical rules regarding trust accounts.
This document discusses preventing automated clearing house (ACH) fraud and monitoring transactions. It provides the following information:
1) ACH payments can be originated fraudulently with just check information, so businesses need to monitor transactions to prevent theft. Most banks offer treasury management services to help monitor transactions.
2) ACH Positive Pay allows up to five users to receive daily emails or texts listing scheduled ACH debits, so they can approve or reject transactions within 24 hours to avoid losses. Rules can automate approvals for certain payees or amounts.
3) Familiarizing yourself with fraud prevention tools is recommended rather than learning about them after a loss occurs. Monitoring transactions can help businesses protect themselves from
Abigail Winbush has over 30 years of accounting experience in various industries including construction, telecommunications, airlines, banking, and travel. She has extensive experience in accounts payable, accounts receivable, financial reporting, budgeting, and customer service. Her most recent role was as a Cost Accountant for a construction and environmental services company where she performed accounting functions for multiple entities.
Find out why B2B companies are making the move from paper checks to electronic payments. And in the process, they are dramatically reducing transaction costs and earning rebates at the same time.
Electronic Funds Transfer ACH Credit Registration (Note: The DP-175 must b...taxman taxman
The document provides guidance for taxpayers in New Hampshire on making electronic funds transfer (EFT) payments through the Automated Clearing House (ACH) Credit program. It outlines requirements for the ACH Credit payment option, including completing a successful test transaction at least 10 days prior to the first payment. It also provides contact information for questions about the ACH Credit or ACH Debit payment programs.
The presented Same Day ACH infographic showcases Same Day ACH related important facts, phases of implementation, projected transaction volume, benefits, Same Day ACH fraud and its solutions. It also outlines the strategies for mitigating fraud risk with Quatrro’s fraud prevention solutions. Quatrro's transaction monitoring with an added layer of human intelligence support will provide financial institutions a quick, simple and secure way to deal with the fraud challenges with efficient fraud prevention services.
Click to know more: http://quatrroprocessing.com/same-day-ACH-fraud-prevention.php
Same Day ACH Allows Payments to Move FasterLexisNexis
For the millions of Americans who receive electronic payments directly into their bank accounts, a new system is about to go into place that will allow those payments to be made faster than ever. For banking executives and the legal counsel who advise them, the stakes are very high for successful compliance with this new system.
This document summarizes several articles from the September 2015 issue of CU Management magazine. The cover story discusses how credit unions are developing mobile apps that improve the member experience from joining to borrowing. Another article describes how Suncoast Credit Union is powering some of its branches entirely with solar energy and using geothermal systems for heating and cooling to reduce energy usage. A third article identifies four pillars of a high performing IT organization: prioritizing the member experience, having a strategy driven by that focus, strong project leadership, and data-driven decision making.
This document summarizes an upcoming webinar on changes to the 2017 ACH Network Rules. The webinar will review important 2016 rule changes and evaluate upcoming 2017 rule changes, including changes regarding third-party sender registration and same day ACH. The webinar objectives are to explain the 2016 and 2017 rule changes, their impacts, and obligations of originators and financial institutions. Attendees of the webinar will include payments professionals, accredited ACH professionals, and operations and audit managers who need to understand the updated ACH rules.
ACH, or Automated Clearing House, payments move money electronically from one bank account to another. Setting up your business to accept ACH payments gives you an alternative to credit cards, cash or checks.
Allied Wallet offers merchant transaction services in 196 countries and processed payments in 164 currencies. It provides ACH processing solutions as an alternative to an in-house system, which can save paper and costs. ACH is a common U.S. electronic funds transfer system that clears transactions between financial institutions in batches, holding payments for a short time before delivery. It is governed by NACHA and moves nearly $39 trillion annually, processing credit, debit, payroll and other transactions.
This document provides information about different types of cash books used for recording cash transactions, including simple, double column, and triple column cash books. It discusses the format and accounting treatments for each type. Specific examples are provided to illustrate how transactions are recorded in double and triple column cash books. The document also covers petty cash books and the imprest system for petty cash. In summary, it is an overview of cash book concepts and formats for recording cash receipts and payments.
This document provides guidelines and information for processing Automated Clearing House (ACH) transactions. It outlines the ACH process flow, including Originating Depository Financial Institutions and Receiving Depository Financial Institutions. It also defines ACH requirements and timeframes for origination, deletion, and changes. Additionally, it provides the 2015 schedules for Social Security benefit payments, Federal Reserve holidays, and Treasury payments. Employees with ACH questions are directed to contact the credit union's ACH department.
14. bank reconcilaition statement i accounting-workbooks-zaheer-swatiZaheer Swati
The document discusses bank reconciliation statements, which are used to reconcile differences between a company's cash book balance and bank statement balance. It provides examples of common reconciling items that cause differences, such as outstanding checks, uncleared deposits, bank charges, and interest. The document also includes an example bank reconciliation statement and a practice problem identifying whether reconciling items are missing from the cash book or bank statement, and whether they are debit or credit items.
This document provides information about bank reconciliation in accounting. It begins with an introduction and then discusses the purpose of bank reconciliation statements, reasons for differences between cashbook and bank statement balances, and the reconciliation process. The reconciliation process involves 5 steps: 1) identify outstanding checks, 2) identify deposits in transit, 3) analyze the bank statement for unrecorded transactions, 4) check for errors, and 5) compare adjusted balances. The document also provides an example reconciliation and explains adjusting entries related to the reconciliation.
bank accounts maintained by the business enterprise.pptxJennifer911572
Here are sample deposit and withdrawal slips that I designed based on my knowledge of basic banking documents:
[SAMPLE DEPOSIT SLIP]
ABC Bank
Main Street, Manila
Date: __________
Account No.: __________
Cash $________
Checks $________
Total $________
_________________________
Depositor's Signature
[SAMPLE WITHDRAWAL SLIP]
ABC Bank
Main Street, Manila
Date: __________
Account No.: __________
Cash Requested $________
_________________________
Account Holder's Signature
Bank reconciliation is the process of comparing accounting records to bank statements and resolving any differences. The key steps are: [1] Adjusting the bank balance for items like deposits in transit and outstanding checks; [2] Adjusting the company balance for items charged by the bank like fees and interest earned; [3] Comparing the adjusted balances which should be equal; [4] Preparing journal entries to record any necessary adjustments to the company balance. An example reconciliation is provided adjusting balances for various deposits, checks, fees, and interest to resolve differences between the company and bank records.
Handling Payments SAP Business One v9.pdfdbbqck2cr8
This document provides an overview of handling payments in SAP Business One. It describes the steps in the payment process, including incoming payments, deposits, and outgoing payments. For incoming payments, it explains how payments are initially recorded in clearing accounts before being deposited to the bank account. Outgoing payments debit the vendor and credit the bank. The Payment Wizard allows automating payment creation for bank transfers, checks, and bills of exchange.
Methods of payment
This document summarizes various methods of payment including cash, checks, bank transfers, debit/credit cards, and online payments. It discusses the key functions of money as a medium of exchange, unit of account, and store of value. Regarding payment instruments, it describes how checks, bank drafts, direct debits, and wire transfers work. The differences between debit and credit cards are outlined, noting that debit cards deduct funds from your bank account while credit cards provide a line of credit. Finally, it briefly discusses online payment options like PayPal and Bitcoin.
Small businesses must provide their clients with various online payment choices.
Two of the most popular cashless payment methods, in addition to credit cards and e-wallets, are ACH credit and ACH debit.
Over $72.6 trillion was sent and received via the ACH network in 2021.
That represents a 17.4% increase from the previous year. Because they are quick, secure, and have cheap processing costs, businesses, especially subscription-based ones, are giving them priority.
ACH debit and credit both have distinct differences while being comparable. We'll highlight the most notable variations in this article and define each payment form.
This document from the Marshall University Office of the Bursar provides guidance for departments handling cash revenue. It outlines procedures for issuing pre-numbered receipts, making daily deposits within 24 hours, safeguarding funds, restricting access to revenue, and referring refunds and suspicious activity to the Bursar's office. Departments must register revenue handling areas and ensure proper separation of financial duties for collecting, reconciling, depositing and disbursing funds. The Bursar's office can provide assistance to ensure all state and university cash management policies are followed.
3 reasons paying off collections will severely damage your creditDane Wilson
Paying off collections will severely damage your credit scores for three main reasons:
1. Paying off a collection updates the statute of limitations, allowing the collector to pursue the debt for longer.
2. The collection status remains as a "9" even after being paid off, still showing as a defaulted account.
3. Paying off a collection often updates the date reported on your credit reports, keeping the negative item visible for longer.
The only way to truly improve your credit is by deleting negative collection items entirely from your credit reports.
3 reasons paying off collections will severely damage your creditDane Wilson
Paying off collections will severely damage your credit scores for three main reasons:
1. Paying off a collection updates the statute of limitations, allowing the collector to pursue the debt for longer.
2. The collection status remains as a "9", indicating a defaulted account, even after paying off the balance.
3. Paying off a collection often updates the date reported on your credit reports, keeping the negative item visible for longer.
The only way to truly improve your credit is by having negative items deleted altogether from your credit reports.
3 reasons paying off collections will severely damage your creditDane Wilson
Paying off collections will severely damage your credit scores for three main reasons:
1) It updates the statute of limitations, allowing collectors to pursue the debt for longer.
2) It does not change the negative "9" status of the collection on your credit report.
3) It often updates the date the collection is reported, keeping it on your credit report for longer.
The only way to truly improve your credit is to have negative items deleted altogether, rather than simply paying them off.
The basic of accounting is the part of my book "The system of accounting" volume III enlightened on payment and receipt made by cash and accrual as well as cash flow and fund flow concept in accounting.
This document provides an overview of the banking system and various methods of making payments and conducting business transactions. It describes traditional methods like cash, cheques and credit cards, as well as newer electronic alternatives like debit cards, online banking, direct debits and mobile payment systems. The document also covers related topics like cheque clearing processes, completing bank forms, and the roles of cashiers and bankers. It aims to explain how banking and payments have evolved increasingly toward digital and cashless methods.
Cash Handling Procedures & Characteristics of a Cheque.pptxArabkamal
This document provides information about cash handling policies and procedures. It outlines how to properly handle, count, and safeguard cash. It discusses recognizing currency, processing payments, balancing cash draws, and following policies for deposits, discrepancies, and protecting against theft or fraud. The document also covers cheque characteristics, types of cheques like personal, certified, and traveler's cheques. It describes common cheque fraud techniques like creating fake cheques, altering details, using disappearing ink, or stealing signed cheques.
This document provides an overview of basic accounting concepts and procedures for non-accountants. It discusses accounting, bookkeeping, financial statements, cash receipts, cash disbursements, liquidation of cash advances, and basic accounting procedures. The key points are that accounting records and reports financial information, bookkeeping records business transactions, and basic accounting procedures include record keeping, journalizing, posting, preparing a trial balance, and financial statements.
Order to Cash Overview slides can be used for high level training for O2C Or Accounts Receivable department in any organization. Anyone can use it as standard template and make necessary changes for their use. This is not just for providing designed slides, I've included desired sample data which ideally should be a part of O2C Function overview & training deck. I believe design is just to make it look nice, important aspect is which relevant information/data to be included based on the topic.
If you like it, I would be happy to help you in further topics as these are readily available with me. In case it seems interested to you, do not forget to Like It and comment with your suggestion for improvisation.
Thanks
Koushik Bagchi
ikoushik@gmail.com
This document outlines the 9 steps to send a payment request through Stripe from an inbox: 1) Click on an enquiry in the inbox; 2) Click "Send a Payment Request" and set up a Stripe account; 3) Fill out banking details to set up the Stripe payout account; 4) Upload documents for verification; 5) Create a payment request once Stripe account is verified; 6) Go back to the inbox and click on the enquiry; 7) Click "Set Price" and fill out payment details; 8) Choose a one-time or subscription payment; 9) Click "Send Payment Request".
Similar to ACH Processing and Reconciliation Guide (20)
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
How to Manage Your Lost Opportunities in Odoo 17 CRMCeline George
Odoo 17 CRM allows us to track why we lose sales opportunities with "Lost Reasons." This helps analyze our sales process and identify areas for improvement. Here's how to configure lost reasons in Odoo 17 CRM
Executive Directors Chat Leveraging AI for Diversity, Equity, and InclusionTechSoup
Let’s explore the intersection of technology and equity in the final session of our DEI series. Discover how AI tools, like ChatGPT, can be used to support and enhance your nonprofit's DEI initiatives. Participants will gain insights into practical AI applications and get tips for leveraging technology to advance their DEI goals.
How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
How to Build a Module in Odoo 17 Using the Scaffold Method
ACH Processing and Reconciliation Guide
1. RECONCILIATION GUIDE
HOW ACH PROCESSING WORKS
The
following
guide
provides
a
primer
on
how
Automated
Clearing
House
(ACH)
payments,
deposits,
rejections,
and
withdrawals
are
processed
and
reconciled.
Based
on
the
variables
described
in
this
guide,
the
average
processing
and
reconciliation
timeline
can
fluctuate.
This
guide
is
designed
to
improve
your
understanding
of
the
process.
An
important
note:
ACH
transactions,
or
e-‐checks,
are
typically
processed
through
a
gateway,
like
Network
Merchants
(NMI).
Gateways
do
not
communicate
with
the
bank,
nor
initiate
the
transfer
of
money
between
the
payer's
bank
and
the
school.
This
process
is
done
through
an
ACH
processor,
such
as
Global
E-‐Telecom
(GETI),
now
called
Sage
Payment
Solutions
EFT.
Sage
manages
this
process
through
a
clearinghouse
network,
similar
to
how
credit
card
processors
take
care
of
the
actual
authorization,
settlement,
and
money
transfer
between
the
cardholder's
credit
card
bank
(the
issuing
bank)
and
the
merchant's
(school's)
bank.
Timeline of How an ACH Payment is Processed
The
following
is
the
timeline
using
NMI
as
the
gateway
and
Sage
as
the
ACH
processor.
The
actual
timeline
may
vary
by
gateway
provider
and
ACH
processor.
Monday, 4/21
• Payer
initiates
an
ACH
payment
to
school
through
online
software
or
form
(e.g.,
online
giving
form
on
school's
website)
• The
only
validation
that
will
be
done
by
the
payment
gateway
(e.g.,
NMI)
is
to
check
if
a
valid
routing
number
was
entered
• Payer
will
get
an
instant
confirmation
of
the
payment
made.
Unlike
credit
card
transactions,
there
is
no
authorization
process
involving
validation
of
the
bank
account
number,
if
there
are
sufficient
funds
in
the
payer’s
account,
etc.
• NMI
will
place
the
ACH
transaction
in
a
pending
status
• Starting
at
3:30
p.m.
EST,
NMI
will
send
all
of
the
day's
transactions
to
SAGE
in
a
single
batch
(the
process
ends
between
4:30-‐5
p.m.)
• Later
that
evening
(5:30-‐6
p.m.
EST),
SAGE
will
send
the
ACH
payments
to
each
payer's
bank
Note:
any
ACH
payments
made
after
3:30pm
US
Eastern
will
be
part
of
Tuesday’s
batch.
Tuesday, 4/22
• The
payer's
bank
sends
a
confirmation
receipt
back
to
SAGE,
i.e.,
merely
that
they
received
the
payment
request
• This
confirmation
does
not
include
any
validation
of
the
payer's
bank,
if
the
payer
has
any
funds,
or
any
other
validation
Note:
Banks
have
up
to
15
days
to
validate
the
payment
request.
2. Wednesday, 4/23
• SAGE
will
initiate
the
payments,
i.e.,
inform
the
payer’s
bank
to
transfer
the
money
to
the
school’s
bank
Thursday, 4/24
• The
school’s
bank
will
receive
funds
from
the
payer’s
bank
• SAGE
notifies
NMI
• NMI
changes
the
status
of
the
payment
from
pending
to
settled
Deposits and Reconciliation
The
following
talks
about
how
ACH
payments
are
deposited,
and
how
they
can
be
reconciled
with
the
merchant
account
report.
Let’s
say
there
were
10
ACH
payments
on
Monday,
4/21
totaling
$1,000:
• The
ACH
payments
will
be
deposited
all
together
as
a
single
deposit
for
$1,000
• On
its
April
bank
statement,
the
school
will
see
1
deposit
on
4/24
labeled
“ACH”
for
$1,000
• Like
with
Global
Payments
and
AMEX,
the
bank
statement
does
not
provide
the
detailed
ACH
payments
that
make
up
that
deposit
• As
a
result,
the
school
will
have
to
log
into
the
gateway
(NMI)
and
download
a
settlement
report
where
they
will
see
a
batch
of
10
ACH
transactions
on
4/24
for
$1,000
Note:
NMI
lists
each
ACH
payment
as
two
separate
transactions
both
with
the
same
transaction
ID.
The
first
will
have
Transaction
Type
=
“Sale”,
the
second
will
have
“Transaction
Type”
or
“Settle”.
Rejected/Failed ACH Payments
There
are
two
points
at
which
an
ACH
payment
may
fail:
• Pre-‐Settlement:
The
ACH
payment
may
fail
or
be
rejected
prior
to
being
settled.
Since
it
will
not
have
been
settled,
it
means
the
payment
will
have
never
hit
the
bank.
• Post-‐Settlement:
If
the
ACH
payment
settled,
the
bank
has
up
to
15
days
to
validate
the
payment.
The
bank
may
reject
the
ACH
payment
because
there
may
be
insufficient
funds,
or
an
incorrect
bank
account
number
was
provided,
or
other
reasons.
Timeline for a Failed Post-Settlement ACH Payment
Based
on
the
original
ACH
processing
timeline,
if
a
failed
post-‐settlement
ACH
payment
occurs,
an
average
of
three
additional
days
will
be
added.
A
failed
post-‐settlement
ACH
payment
can
extend
the
reconciliation
process
out
to
seven
days.
Thursday, 4/24
• The
payer’s
bank
will
send
a
rejected/failed
status
back
to
SAGE
on
the
payment
Monday, 4/28
• SAGE
initiates
a
debit
from
the
school’s
bank
account
(i.e.
informs
the
school’s
bank
to
withdraw
the
funds)
3. Tuesday, 4/29
• The
funds
are
withdrawn
from
the
school’s
bank
account
• SAGE
notifies
NMI
Reconciling Failed Post-Settlement ACH Payments
Scenario
1:
ACH
payment
was
initiated
and
failed
in
the
same
month:
Let’s
go
back
to
the
example
of
10
ACH
payments
being
deposited
into
a
single
$1,000
deposit. Say
two
of
those
10
ACH
transactions
end
up
being
rejected,
the
first
$100
and
the
second
is
for
$200.
• On
their
April
bank
statement,
the
school
will
see
two
ACH
withdrawals
on
4/29:
one
for
-‐$100
and
one
for
-‐$200.
However,
the
bank
statement
will
not
tell
them
which
are
the
original
ACH
payments
to
which
these
withdrawals
are
related.
The
April
bank
statement
will
look
something
like
this:
4/21/2014 ACH $1,000.00
4/29/2014 ACH -‐$100.00
4/29/2014 ACH -‐$200.00
The
school
will
download
the
settlement
report
from
the
gateway
(NMI),
which
will
show
the
following:
• A
batch
of
10
ACH
transactions
on
4/24
for
$1,000.
All
of
these
will
have
the
transaction
type
listed
as
“Settle.”
• An
ACH
transaction
on
4/29
for
-‐$100
with
a
transaction
type
of
“Check
Late
Return.”
• An
ACH
transaction
for
4/29
for
-‐$200
with
a
transaction
type
of
“Check
Late
Return.”
Scenario
2:
ACH
payment
was
initiated
at
the
end
of
the
month
and
failed
in
the
next
month
If
the
payment
was
initiated
on
4/25,
but
is
then
rejected
on
5/1,
this
means:
• The
funds
would
be
deposited
on
4/30,
and
will
be
reflected
on
the
April
bank
statement
• However,
the
ACH
withdrawal
will
appear
on
the
May
bank
statement
The
school
will
want
to
check
the
settlement
report
for
May
to
reconcile
the
ACH
withdrawal.
Reconciling Failed Pre-Settlement ACH Payments
It’s
possible
for
the
ACH
payment
to
fail
prior
to
being
settled.
This
means:
• The
payment
will
never
hit
the
bank
• Therefore,
the
funds
will
have
never
been
deposited
• The
ACH
transaction
will
not
show
up
in
the
settlement
report
from
the
gateway
However,
in
some
accounting
systems,
like
Senior
Systems,
the
ACH
payment
may
show
up
in
the
General
Ledger
(e.g.,
under
account
receivables).
4. So
the
general
ledger
may
list
the
ACH
payment,
but
there’s
no
record
of
it
at
the
bank
(because
there
won’t
be),
nor
in
the
settlement
report
from
the
gateway
(because
it
won’t
be
there
either).
To
reconcile
this
pre-‐settlement
ACH
payment,
the
school
can
generate
a
transaction
report
of
all
ACH
transactions.
The
failed
ACH
payment
will
be
listed
in
this
report.
In
NMI,
it
will
be
listed
as
two
transactions
both
with
the
same
transaction
ID:
• The
first
will
be
listed
as
transaction
type
=
“Sale.”
• The
second
will
be
listed
as
transaction
type
=
“Check
Return.”
Using
this
transaction
report,
the
school
can
reconcile
failed
pre-‐settlement
ACH
payments
recorded
in
the
general
ledger
and
may
opt
to
remove
them
from
the
GL
or
handle
them
per
their
accounting
workflow.
Summary
• ACH
payments
can
take
up
to
4
days
to
settle
/
deposit
• ACH
payments
are
deposited
as
a
batch.
So
a
single
ACH
deposit
can
contain
one
or
more
ACH
payments
• Banks
have
up
to
15
days
to
reject
an
ACH
payment.
So
in
the
case
of
a
rejected
ACH
payment,
funds
will
have
been
deposited
and
then,
if
rejected,
may
be
withdrawn
as
many
as
a
week
or
two
later
• ACH
withdrawals
are
done
individually.
So
unlike
deposits,
withdrawals
appear
on
the
school’s
bank
statement
individually
• In
NMI,
an
ACH
payment
is
actually
composed
of
at
least
two
and
at
most
three
types
of
transactions:
o Sale:
for
the
initiated
payment
o Check
Return:
if
the
payment
failed
or
was
rejected
prior
to
settlement
o Settle:
for
when
the
payment
is
settled
with
the
processor
and
the
funds
are
sent
for
deposit
in
the
bank
o Check
Late
Return:
if
the
bank
rejects
the
payment
after
the
funds
had
already
been
deposited
(in
which
case,
the
bank
will
withdraw
the
funds)