Smartpay Eftpos - How to reconcile late Eftpos settlements

Sometimes an event could run deep into the night. However all banks have a fixed cutoff for Eftpos settlements, (often 10:29 pm) meaning anything transacted via Eftpos after this time will be counted towards the following days settlement amount. This can result in the Eftpos payment on the Kounta invoice not matching the Eftpos money received from the bank. But the following day, this will balance out (providing the following day does not go over time also).

To correct this, we suggest you do a simple receive money transaction on each day, which will balance off each day (one negative and one positive for the same amount).

For example:

Here are 2 Eftpos statement transaction lines that have been deposited into the bank

• 1 for 23 May
• 1 for 24 May

We need to reconcile these against the invoices posted to Kounta, therefore do a find and match:

You can see there is a $20 discrepancy. This should match the amount of transactions that occurred after the automatic settlement cutover.

To reconcile, do a New Transaction -> Receive money:

Give the payment a description, the correct unit price to balance the transaction, and the correct Account.

Save the transaction, and then reconcile.

Now for the following day's transactions, you should expect a $20 discrepancy again (providing the following day's transactions do not go over time again).

This time, do a New Transaction - Receive Money for the reverse of the above, ensuring you code to the same Account:

Save the transaction, and then reconcile.

Now your accounts should balance.

If you are unsure at all about the above process, we suggest you contact your accountant for further advice.