Cards Reconciliation

Our Cards Reconciliation services at XcelXperts are designed to bring clarity and control to your business’s card-based transactions. In today’s economy, where payments via credit cards, debit cards, and various digital wallets are commonplace, managing these transactions can quickly become complex. Our meticulous process ensures that every single card transaction is accurately recorded, properly settled, and fully accounted for, helping your business maintain impeccable financial records and significantly reduce financial risk.

The core of our service involves the precise verification and matching of all card-based transactions across three critical data points: your internal sales records, your official bank statements, and the detailed reports provided by your payment processors. We meticulously compare daily sales figures from your Point of Sale (POS) system or e-commerce platform against the batch settlements reported by your payment gateway (like Visa, MasterCard, RuPay, etc.) and finally, against the actual deposits reflected in your bank account. This rigorous, multi-point reconciliation process is crucial for identifying any discrepancies.

Common issues we identify and resolve through our Cards Reconciliation service include:

– Missing Transactions: Ensuring every sale made via card has been successfully processed and deposited.

– Incorrect Amounts: Catching discrepancies where the amount recorded internally differs from the amount processed or deposited.

– Duplicate Transactions: Identifying accidental duplicate charges or entries.

– Chargebacks and Refunds: Accurately tracking these events to ensure they are correctly reflected in your books and reconciled with processor statements.

– Processing Fees: Verifying that payment processor fees are correctly applied and reconciled with your expectations.

– Batch Settlement Errors: Pinpointing issues where a batch of transactions failed to settle correctly.

By entrusting your cards reconciliation to XcelXperts, you gain invaluable peace of mind. Our service eliminates the tedious manual effort typically associated with this task, freeing up your internal staff to focus on more strategic activities. More importantly, it provides a clear and undisputed audit trail for all card transactions, which is essential for internal control, tax compliance, and financial audits.

Our team at XcelXperts comprises experts highly proficient in leading accounting software, including Xero, Sage, and QuickBooks. This expertise allows us to seamlessly integrate our reconciliation processes with your existing accounting ecosystem, ensuring efficient data flow and accurate financial reporting. We translate complex card data into clean, reconciled entries, giving you absolute confidence in your sales figures and overall cash position.