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<p><strong>PoS:- Point of Sale- for swapping while at counter Purchase.</strong></p> <p><strong>--Usually Banks provide you Account statements with net credits for a single or combined transactions--that too it may not be in order of details of your transaction records. How will you account for the Bank Charges?</strong></p>
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.
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
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