dghaa.blogg.se

The bank feed technology in most cloud accounting systems was meant to address this, however, the credit card clearing issue is still a gap.

You’ve crossed month end as well which compounds the problem – accountants and bookkeepers get most upset by an accounting system where the cash value on your balance sheet doesn’t equal the bank statement. If you collect money on November 30th, it may not be in your bank account until December 2nd. What will happen is your receipts from customers in your accounting system won’t match the bank feeds.

Work with your bookkeeper so that your workflows facilitate this. This should auto match against the bank feeds coming through from your PayPal account. you then pay the invoice in your accounting system against the PayPal bank account you’ve set up.you then pay the invoice in your accounting system against your bank account =:> this is where the problems start unless you’re using Paypal.you raise an “invoice” or “sales receipt” that increases your revenue and your accounts receivable in your accounting system.a customer checks out of your shopping cart.So your workflows may look like without a clearing account: Technologies like blockchain & smart contracts will eventually fix this, a discussion for another day.įor now, if you’re an e-commerce merchant and you use a payment gateway to collect money from customers (whether that be a credit card, Amex, or other payment forms), there is a delay in the funds coming into your bank account, normally 1-3 days.

The more parties there are in between, the longer it takes. The underlying problem is that it takes 2-3 days for funds to clear through the various banking systems around the world. Banks & other financial institutions will tell you they’re cutting edge from a technology standpoint – the real truth is they’re not, with a few exceptions. It is one of the banking systems' little secrets that this isn’t the case, and it’s going to take a major change in the technology that underpins our financial system to change that. In our highly connected, networked, real-time information world, you’d think when you make a payment on a credit card, the amount is immediately transferred to the merchant (the business you’re buying from).