Cash and card payments generate large amounts of data that are very difficult to control in a manual process. Adra ACCOUNTS data matching solution simplifies your work and gives you control and visibility in ways you never thought possible.

With Adra ACCOUNTS, you get:

  • Automatic matching of transactions
  • Automatic control of the funds received at the bank per cost center
  • A reconciliation process without individual personalization
  • Completed reports for the monthly account
  • Control of IP, OP and differences for each month



Three main flow areas

A retail chain’s flow can be divided into three main areas in which the reconciliation of accounts is particularly intense.

  • Cash
  • Card terminals for debit cards such as Visa, MasterCard and EuroCard
  • Credit cards with external redeemers, such as American Express and Diners Club

Cash

Cash can generate time-consuming reconciliation work due to the sheer quantity of transactions. Many items from multiple cost centers hit your bank statement every day. The daily takings system reports to the finance system each day, but in many cases it can take 2-14 days before the money is actually deposited in the bank. This makes it particularly difficult to keep track of which cost centers – and which day’s sales money – have been received for.

To facilitate the reconciliation process and transaction handling, businesses open one bank account per cost center. Multiple accounts in a chart of accounts complicate administrative work, making it time-consuming and costly. Reconciliation is still just as extensive, but now spreads over several bank accounts. Several people are often involved in reconciliation, each with their own method.


Card terminals

Card terminals cause time-consuming reconciliation work with many entries from multiple cost centers. These hit your bank statement every day in just the same way as daily takings payments. The cards that are used can be divided into two categories: debit cards (such as Visa, Mastercard and Eurocard) and credit cards with external redeemers (such as American Express and Diners Club).


 

Reconciliation of debit cards

The sales made via debit cards show up on a bank account a day or two after the sales location has closed business for the day. The sum comes in as a gross amount and the redeemer’s charges are billed retrospectively. This makes reconciliation easy, but the high number of transactions complicates matters.


Reconciliation of credit cards with external redeemer

Payments made by credit card show up on your statement as a single lump sum for all purchases logged, with your fee already deducted. For accounting purposes, because you can’t see your fee on the statement, credit card payments almost always end up in the settlement account. Settlement accounts are charged manually each day, based on information from the central bank either via BgMax file or paper statements. Even where credit card payments don’t represent a large proportion of sales, the manual bookkeeping work involved is still highly demanding.

It’s not unusual to try to resolve reconciliation problems by booking in bank account statements in the accounts (debit a debtor account and credit the bank, often a 16XX account). In this way, the bank is always reconciled and the difference is on a debtor account instead. This is an administratively time-consuming solution involving both duplication and additional accounts in the chart of accounts. And you still don’t know which sales days you’ve been paid for.