How to work with Bank Transactions?

General Issues of Reconciliation

The problem with reconciliation of payment transaction is that you as merchant receive a payment on your bank account that has no reference on the individual transaction in your web shop. This causes Issues if you want to reconcile the money you receive on your bank account against the transactions in your webshop and ERP. We are able to help you here - at least for some acquirers.

Limitations

Our reconciliation system has some limitations. We are constantly adding new acquirers. A list of supported acquirers can be found here. Unfortunately POS Transactions are currently not reconciled but we are working on this as well. 

We are only providing data exports for data that we were able to import and reconcile ourselves. With other words you will not find bank transfers for transactions that did not run through wallee therefore it is absolutely important that:

• You make sure all necessary data is provided in the system and all files can be imported by the portal
• We suggest you set up separate bank accounts for the wallee payment methods and that only transactions from those channels settle to those accounts. Otherwise the reconciliation will become more difficult as you need to consult additional sources. 

Integrations into ERP Systems

We are working on direct integrations and triggers that allow to trigger the creations of invoices / transactions into different ERP Systems. However, at the moment you have two options

1. You work with a sub-ledger and you only book the monthly difference into your books. We prepared a summary in our reconcilliation post. This method works but you need to know what you do and maybe you verify the booking method and account setup with your accountant first. 
2. You create the invoices in your ERP yourself and you use the bank transactions to reconcile the invoices by using the CSV Export or Bank Transaction API.

Types of transactions

There are different type of Transactions. The following are necessary for the reconciliation:

• Charge - A Charge Bank Transaction is a settlement of an acquirer for a transaction. A charge normally consists of a gross settlement amount minus the settlement fees of the acquirer. If possible we also provide a value date when this amount is settled to an account. 
• Refund - A refund is the payout transaction to the customer for refunds. This provides the information when the refund has been deducted from your balance and is settled to the customer. 
• Internal Transfer - is the internal transfer from the acquirer to your bank account - normally those are the settlements to your bank account. 

Example

The example below illustrates what records will be generated if the settlement files are imported by the portal. You see below a Charge Transaction is created for each settled transaction by the acquirer. The internal transfer then shows the net settlement of the acquirer to your bank account.

The records hold all the necessary information to close your record in the ERP. This can be achieved by reading the record via the API or by importing the CSV into your ERP. Here a list of information that you get:

• MerchantReference (assigned by your System)
• Net Settled amount
• Value Date
• Transaction Fees
• Gross Amount