Many giving systems use a 3rd party merchant account provider and leave the problem of reconciling fees, refunds, NSFs, deposits, and chargebacks to your finance team. Vision2 is both the software provider and the payment processor, providing a seamless accounting experience where all accounting related to your organization is automatically recorded in our sub ledger.
Using Vision2’s cash journal entries, you can compare your bank statement with your general ledger and the deposits Vision2 records in its sub ledger will match to the penny your deposits on your bank statement.
You pull the journal entries from V2, export them to Excel and import the file to your accounting system. Your ledger balance will balance your bank balance to the penny. We expect you to let us know if it doesn't!
Steps to generate a ledger post file and determine the deposit total
Go to the Ledger tab > Updates for General Ledger
Click the Create a Ledger Post File + button
Ledger Post ID = how you want to name the Excel file. Example: 3/23 to 3/29 2020 online
Leave the Post Date alone. This provides a record of the file create date.
Enter a Transaction Start Date and a Transaction End Date for the period you are reconciling. Example: Start 3/23/2020 and End 3/29/2020
Click the Enable Advanced Criteria button
Select the Credit Card and Bank Account check boxes (these are the online payment methods)
Scroll down and click the Save & I'm Done button
Click OK to confirm your selections
Refresh your browser until the status shows Completed
Click the file name link
Click the Download Ledger Post File Button
Open the Excel file
Click the Sort & Filter button
Click Custom Sort
Sort the file by Account Type and Transaction Date
The account type Cash is the deposit account. The Debit is the settled amount for the transactions that settled on that day. Any Credits for cash are deductions from the settled transactions and need to be subtracted from the debit. Example: credit card fees that are separate from the settled transactions, including failed card authorizations and fees to store a valid card. ACH credit to cash would be a donation that was charged back by the bank.
To see the details for the credits to cash
go to Ledger > Payment Processing Activity report on the left hand menu
Select the day you wish to review and click the Get Activity button
The Summary of Activity section will provide the details (you can also click the Download Activity button to download the multi-tabbed, detailed report)