The following are receipting practices recommended when utilising Console Pay through either Console Gateway or Console Cloud.
1. While you will receive an email with a daily settlement amount, it pays to ensure you are checking for receipts every day:
In Gateway, go to Transactions, then Console Pay. This will automatically open up on the receipting screen.
In Cloud, go to Accounts, then Bulk Receipting.
2. Check your trust account statement daily for a single line item from Ezidebit. Please note the following:
– Funds are distributed by Ezidebit to their bank before 9 AM each morning
– The funds are then issued to the head office of your bank
– The head office of your bank will then push the appropriate funds to each branch
– The time taken by the bank to display settled funds in your internet banking varies bank to bank
What this means is that while Console Pay or Console Cloud shows settled funds, you may not always see the matching line item on your bank statement immediately, depending on what time of day your bank releases those funds. It is recommended not to receipt the funds through the software until you can see the matching line item on your statement. Doing otherwise may result in your bank being under when it comes time to reconcile.
Please note: most of our clients adopt a ‘next business day’ receipting approach whereby each day they will receipt the funds received the day before. This means that their receipting can completely encompass the past business day, and allows the bank time to match what is appearing in your software when receipting with Console Pay. However, if you have any further questions or concerns regarding receipting practices, we recommend you also check with your auditor to confirm you are compliant.