E-Wallet Reconciliation
E-Wallet Reconciliation
E-Wallet reconciliation is a process which is almost identical to credit card reconciliation.
The only difference is the method of payment that was used to receive payment from customers. In order to make sure the records are clear and the numbers in various statements make sense, it is advisable to report payments received via e-wallets separately so that they may be matched to the respective merchant reports.
E-Wallet reconciliation is a process which is almost identical to credit card reconciliation.
The only difference is the method of payment that was used to receive payment from customers. In order to make sure the records are clear and the numbers in various statements make sense, it is advisable to report payments received via e-wallets separately so that they may be matched to the respective merchant reports.
Why Outsource Credit Card
and E-Wallet Reconciliation?
Why Outsource Credit Card
and E-Wallet Reconciliation?
In case there are inconsistencies, it becomes necessary to dispute transactions with the credit card processor or to make journal entries to correct any errors in order to address the transaction issues. While it doesn’t take a lot of time to rectify these issues (as inconsistencies are not supposed to happen in the first place), a company may not have the knowledge and the resources to spend on the phone with their credit card vendors. As such, it may be a better idea to let experienced accountants liaise with these parties, as they are more likely to have dealt with similar issues on a daily basis.
Another reason to outsource reconciliation processes is speed and accuracy. Not only do outsource accounting firms handle discrepancies quickly, they are also more likely to detect fraudulent activities faster than inexperienced account clerks, allowing the company an opportunity to take swift action and prevent heavy losses to the business.
For audit purposes, all information found, research performed, and actions taken are carefully recorded and filed. In any company, but especially for companies with large amounts of credit card transactions, credit card and e-wallet reconciliation are key verification steps in the policy for financial data.
For audit purposes, all information found, research performed, and actions taken are carefully recorded and filed. In any company, but especially for companies with large amounts of credit card transactions, credit card and e-wallet reconciliation are key verification steps in the policy for financial data.
Are you having trouble reconciling your credit card transactions? Our team of professionals at InTune are ever-ready to provide a solution. Call us or email us to see how we can help you today.
In case there are inconsistencies, it becomes necessary to dispute transactions with the credit card processor or to make journal entries to correct any errors in order to address the transaction issues. While it doesn’t take a lot of time to rectify these issues (as inconsistencies are not supposed to happen in the first place), a company may not have the knowledge and the resources to spend on the phone with their credit card vendors. As such, it may be a better idea to let experienced accountants liaise with these parties, as they are more likely to have dealt with similar issues on a daily basis.
Another reason to outsource reconciliation processes is speed and accuracy. Not only do outsource accounting firms handle discrepancies quickly, they are also more likely to detect fraudulent activities faster than inexperienced account clerks, allowing the company an opportunity to take swift action and prevent heavy losses to the business.
For audit purposes, all information found, research performed, and actions taken are carefully recorded and filed. In any company, but especially for companies with large amounts of credit card transactions, credit card and e-wallet reconciliation are key verification steps in the policy for financial data.
For audit purposes, all information found, research performed, and actions taken are carefully recorded and filed. In any company, but especially for companies with large amounts of credit card transactions, credit card and e-wallet reconciliation are key verification steps in the policy for financial data.
Are you having trouble reconciling your credit card transactions? Our team of professionals at InTune are ever-ready to provide a solution. Call us or email us to see how we can help you today.
Every SME Can Become Large
InTune Outsourcing - Creating Financially Driven Businesses and Entrepreneurs.
Every SME Can Become Large
InTune Outsourcing - Creating Financially Driven Businesses and Entrepreneurs.
About InTune Outsourcing Services
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SME Consulting Firm of the Year
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InTune Outsourcing was founded in 2007 as an outsourcing and business consultancy firm geared to the needs of small and medium sized enterprises.
About InTune Outsourcing Services
Quick Link
InTune Outsourcing was founded in 2007 as an outsourcing and business consultancy firm geared to the needs of small and medium sized enterprises.
SME Consulting Firm of the Year
Social Media
About InTune Outsourcing Services
InTune Outsourcing was founded in 2007 as an outsourcing and business consultancy firm geared to the needs of small and medium sized enterprises.
SME Consulting Firm of the Year