Have you got any short-cut method for reconcile bank account credits for the transactions in Pos where the volume of transactions are quite large?

Matching POS Zed reports to cash, cheques, direct credits etc to the bank statement.

POS transactions appears into our bank following day not on same day. POS transaction are accessible online and transactions are gourp / condense by type of cards (ex : visa / master / etc....), one can download trans. in details shows each transaction with bank chgs of each trans.   The short cut way to reconcile is to identify outstanding trans of prev. month and o/s of current month and adjust with books figures and must agree the balance with bank.  if balance disagree then match by trans. bank v/s books thru VLOOK up option in excel benchmark authorisation code.

Point Of Sales - Normally use Credit machine attached with credit for transaction in POS i-e computer system in witch punching the sales in credit. those types use in retailers (Mega Departmental Stores). In the evening when POS closed available Head must attached e-settlement of the e-machine live by bank with credit receipts for Next Day Checking your status closing......

this method continuously each day closing. Bank issue same amount cheque for you. POS runner check amount with e-settlement daily bases......

first of all to thanks in my point of where the lenght of transtion is high the debits & credits are reconile on daily basis through e banking to rectify the accounts

The only option I could see to fast track such reconciliation process is to arrange an e-banking (electronic banking) facility with a nominal extra monthly fees with your banker, which could provide details of real time transactions (mapping of the transaction authorisation codes) into your company accounts. For more detail please discuss in detail with your Banks Electronic Banking Division in Corporate Banking Department.

Usually there is a thing called transaction ID. Match the transaction ID in POS with that in the Bank Statement. This can be done through a software too. As for each POS the Bank charges are fixed and are a percentage of the transaction amount.

Not yet, we have to follow banks always?

According to me.If you have so many transactions on daily basis then the only way to tackle this is to update your bank and cash book on daily basis way....

Honestly, I did not meet that situation

But I think that the transactions registered should be "  in same  order  & value ,  in line with the Bank recording method

Whether recording In total

Or each separate process

To facilitate the audit and review

 

The best way to reconcile such transactions is to get a system due to the very high number of daily transactions after all payments have become electronic

Having an aggregate amount of all transactions to the same POS is a big risk

There's a system from Sungard that handles such transactions reconciliation where it matches all transactions on your organization's system to received statement from each correspondent or POS

Otherwise a manual reconciliation should be done and is less efficient and time consuming 

Agreed with colleagues answers