ACH Deposit Reconciliation.

Matching transactions to a funding deposit.

The ability to reconcile ACH transactions for a given funding deposit is a critical step in balancing the books for most organizations. Having a Funding report that matches up every transaction to a funding deposit does just that – and it’s a differentiator that most all ACH processors can’t provide.

Example case in point: An organization or company that originates frequent ACH transactions will receive lump sum deposits once the transactions have settled and are no longer in jeopardy of incurring returned items. Let’s say that ABC Company originates daily ACH transactions, and as an example let’s say that on Monday that they originated 50 ACH transactions, Tuesday 65 transactions and on Wednesday they originated 55  transactions. Typically they would receive three funding deposits one business day after another, leaving your accounting team to sort and match the transactions to a funding deposit via a settlement report. That takes time and can be confusing.

While most processors provide a report showing settled items, what they don’t do is correlate those settled items to a funding deposit. Having the ability to quickly identify which transactions are associated with a funding deposit makes reconciliation so much easier.

Now, if we talk about an integrated SaaS platform that serves a vertical base of clientele, those clients are going to want the application to do the heavy lifting of transactional reconciliation. There’s no way to match funding deposits without having an API object to call unless there’s an ACH funding object available from the API.

If your software application reports you have received $43,000 while your bank deposits shows $37,225 it means there is a daunting task ahead for your accounting team in reconciling those deposits.

Funding delays from the ODFI or the third party processor can also occur, and the payment processing partner relies on to distribute payouts. The ACH network further confuses reconciliation in that there is now way to know at the time of processing that the customer has the requisite funds in their account or if the account and routing number are valid.

Without an ACH deposit funding report, you are left with guessing as to what transactions have made-up a given funding. Leaving the reconciliation process to a best guess scenario shouldn’t be a viable option for matching settled transactions to a funding deposit. Insist that your ACH Processor provides such a tool.

So why settle for a best guess situation when you can have an ACH Funding Deposit reconciliation report and callable API object! Insist that your ACH Processor provides such a tool.

Having a superior ACH Deposit reconciliation report and API object provides the ability to reconcile transactions to the actual bank funding deposit.

ACH-Payments has been providing organizations and platforms with superior ACH processing solutions for 21 years. Reach-out to us and let us assist you with your organizations needs.