For customers using the Enterprise GL and Cash Book modules, this article can serve as a general guide for processing the deposits you receive from Momentus Payments.
Process:
- Payments are added either by customer portal or backoffice. If recovering fees, the payment will be processed for the full amount, including fees and an adjustment created to record the fees on the Receivable Ledger.
- At the end of the day (or the start of the next day) reconcile the payments to the payout figure and post journal entries. If using Cash book, create the Deposit at the same time.
- Add Fee Charges to the Cash Book Deposit to confirm the net amount.
1.1: Reconcile Cash Receipts
This step is for recognizing the payments collected via Momentus Payments into the GL. This will account for collecting all transactions paid out together in the same deposit. Journal entries are typically Debits to Cash or Cash Clearing and Credits to AR or Advanced Deposits.
NOTE: Fees passed onto customers will appear in a separate journal entry.
- Compare unreconciled payments to the Merchant Portal Payout List View.
- Follow the procedures to Create a Cash Batch and Deposit.
1.2: Journal the Cash Receipt Batch Created in 1.1
Some customers are setup for journal entries to be automatically created as the cash batch is created. Information on this configuration is available at Create AR Journal Entries on Create Batch. If your organization is using this setting, skip this step and proceed to 2.1.
If your organization is not using this setting, follow the procedures to generate Journal Entries - AR Cash & Adjustments.
1.3: Find the Cash Book Deposit and Add the Processing Fees Deducted from Deposit
If your organization is not using Cash Book, skip this step.
Once the transaction has been deposited to Cash Book, you will need to assign a transaction to the deposit in order to reduce the gross amount of payments received by the processing fees incurred. Follow the procedures for Cash Book Deposits & Transaction Fees.