How do I reconcile or match deposits for Bambora ACH/ EFT and Credit cards?

For reconciliation, there are two processes, one for ACH/EFT and one for CC.

ACH/EFT Transactions

Here's the step-by-step process for ACH/EFT payments on the Benji Pays platform, whether initiated during auto processing or through the customer portal:

Step 1: The transaction is queued for submission, creating a payment in QuickBooks with the deposit account set as undeposited funds to prevent accidental reprocessing. The status in Benji Pays is displayed as Queued.

Step 2: Queued transactions are batched and submitted to Bambora daily around 11 am PST. The status in Benji Pays changes to Pending/Submitted.

Step 3: With a 4-day lag on your Bambora account, approximately 4 business days later, transactions are deposited from Bambora to your bank account. Bambora controls this process. Our systems poll Bambora on that day, updating the transaction status to Complete/Approved (usually after 1 PM PST).

Step 4: ACH/EFT batches and associated transactions can be viewed in Benji Pays under "Transactions > ACH/EFT Batches".

Step 5: Settlement data, showing total settlement deposits and associated transactions, is accessible under "Transactions > ACH/EFT Settlements". This report aids in reconciling your bank account by linking deposits to transactions in your undeposited funds account from step 1.

Throughout this process, email notifications with updates will be sent. In case of transaction failures or returns, both Bambora and Benji Pays will notify you. Benji Pays will automatically void the payment in your accounting system, disable the payment profile, ensuring accurate reflection in your accounting system and preventing repeated failed transactions.

Feel free to check the status of an ACH/EFT transaction in Benji Pays at any time by clicking on the green/red/purple status pill.

Credit Card Transactions

Unfortunately, for credit card payments, we don't receive the same detailed data from Bambora. However, we do capture the payment method (such as Visa) in the transaction details, which is visible during reconciliation and when matching transactions in QuickBooks. The time lag between the day a card is charged and the day you receive the payment is determined by Bambora. This lag time is 3 days.

A suggested reconciliation approach involves examining the Bambora deposit, then matching it with all credit card transactions from the specified lag time. For instance, if the lag is three days and you receive a deposit on Jan 5th, you would select that deposit amount and then review all credit card transactions from Jan 2nd. The total of these transactions should align with your deposit total. This method is a straightforward approach employed by many bookkeepers who use Benji Pays.