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Bank DepositsAll deposits made to the provider's financial institution are recorded in this
section. CentreBill has the concept of Banked and Unbanked payments:
- Unbanked Payments
– these are payments made to the provider but which still have to be deposited into the provider's bank account. Examples of these include:
- Checks received by the provider, entered into CenterBill as payments received, but not yet deposited with the bank. All such checks will accumulate as unbanked payments until the next banking takes place.
- Credit card payments made during the day and entered via the payment gateway interface. Each merchant has an end of day cut-of time for clearing all merchant deposits. At this cut-off time, which is also
configured into CentreBill, all payments made via the merchant gateway will be rolled up into one payment transaction and posted to the GL Interface as a deposit. This deposit summary amount will then be
used for reconciliation purposes between CenterBill and the provider's merchant facility; the reconciliation will take place via the provider's accounting system as that is where the bank account details
will be held.
Unbanked payments are regarded as an asset on the balance sheet and will remain so until such time they are banked, where they are then transferred to banked payments.
- Banked Payments
– these are payments which have actually hit the provider's bank account, whether they be deposited checks, end-of-day summary deposit by the provider's credit card merchant account to the provider's bank account, or from directly deposited funds by the customer into the provider's account.
The screen below shows a summary view of the status of deposits:
In the above screen, the list shows the deposits over the preselected time period. Each line item will
correspond to an entry in the accounting system. The list contains:
- Deposit Type
– whether this be by check payment, credit card payments, direct deposit, refund, etc.
- Deposit Reference
– this is a unique sequential number and is included on each deposit report. It is used by the banks to identify the deposit being made and thus used for reconciliation purposes.
- Date
– the date and time of the deposit
- Amount
– the value of the deposit, or refund
- Deposited by
– this identifies who made the deposit
- Merchant Account
– the last column identifies which merchant account is being deposited into in the case of internet payment gateway transactions
If there are unbanked payments waiting to be deposited, the buttons currently grayed out in the above screen dump will be active. The user will use these buttons for generating a new bank deposit record.
An example of previously deposited check payment is shown below, and is generated by clicking on one of the existing deposit line items in the list followed by View Deposit.
The report below shows the details of a summary transaction that would have been posted by the
merchant's provider to their bank account at the end-of-day cut-off time:
In the case where a refund needs to be issued to the customer's credit card, CentreBill records a
unique transaction for this refund. This will correspond to the refund transaction by the merchant. A refund deposit report is shown below:
The View Bank Detail button generates a detailed report for all transactions on the list currently being displayed:
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