I just wanted some advice. I work for second hand car dealer and I have trouble at the end of the month reconciling his invoices against his pdq payments into his bank. The payments are never exact to what they should be but sometimes deposits etc are paid before the full amount. Is it ok to just add up the income on the bank to see if it matches the amount in the reconcile in Sage even though the payments on the invoices aren't the exact amounts.
Does anyone have any advice on how I can streamline this process to make it more transparent and easier!
I feel your pain with PDQ payments, it can take ages to reconcile the bank statement. My clients PDQ statement lists the number of transactions in each PDQ transfer so I have to go back through invoices and work out which ones match up with each PDQ transfer.
I don't understand why the amounts wouldn't match up, unless a fee is being deducted each time by the PDQ provider. My clients takes a monthly fee separately which makes it easier but no less long winded.
We deal with deposits as well and this has caused issues due to how they are put into, in our case Quickbooks, what they were doing was putting the whole amount through when the balance was paid but this of course doesn't help with bank reconciliation. It may be that the way transactions are being recorded is causing the confusion. Can you get him to record the deposit as a prepayment or part payment against an invoice and then the balance. That way you would have 2 transactions to reconcile? I am not a Sage user so can't help with how that would need to be recorded.
Sorry I haven't got any great innovation to make your life easier!
