How to make account reconciliation easy
Reconciling accounts is an important aspect of running any sports organization. Whether you are experienced at accounting, or a volunteer trying to keep things running smoothly, you have all the tools you need to get the job done.
Account reconciliation is the process of comparing your organization’s internal financial records against statements from Sports Connect. Here are some tips and tricks on how to make it easy.
Tip: Use the Account Summary Report for Weekly Reconciliation.
Some organizations may choose to reconcile weekly instead of daily. For weekly reconciliation, you will want to run the Account Summary Report. The daily batch cut off time for partners on their own individual merchant is 2:00 AM EST, so be sure to add in an extra day to account for credit card payments that occurred between midnight and 2:00 AM EST as well as refunds that occurred on that extra day, as refunds are reported with the previous day’s registration orders.
Trick: Account Summary Reports can be pulled for periods longer than 32 days by support or your Partner Relationship Manager.
Tip: If your organization is on an individual merchant account and receiving daily deposits, be sure to check out the new “Daily Reconciliation Report.”
If you plan to reconcile your account each day, this pre-built static report is a great resource to view all of the transactions that occurred for the day.
Trick: The Daily Deposit Report includes all credit card payments from two days ago as well as any refunds, chargebacks, and fees from the previous day.
Tip: Use the Programs or Divisions Report if you have more than one bank account.
If you have separate bank accounts for different sport or program types and need to reconcile them separately, the Program Summary Report and Division Summary Report will show you all the transactions broken down into these categories.
Trick: Remember that the Program and Division Summary Reports are dynamic and can change. If you are reconciling a particular time frame by Program or Division, export the order details and sort accordingly to determine how funds can be allocated among programs and divisions.
If you have additional questions about reconciling your accounts, here are a few resources that may be helpful.