The monthly check.
WHAT TO DO
Take your bank statement for the month Match each receipt against an invoice Note anything unmatched in either direction
WHAT UNMATCHED ITEMS MEAN
A receipt with no invoice: an unrecorded sale, or a payment you cannot identify
An invoice marked paid with no receipt: an error
BOTH MATTER
THE UNIDENTIFIED PAYMENT
Common when customers pay without a reference.
Ask customers to use the invoice number as the transfer narration.
State it on the invoice.
WHAT TO DO WITH UNIDENTIFIED RECEIPTS
Investigate promptly. Memory fades.
FOR GATEWAY PAYMENTS
Reconcile the gateway against your invoices, and the gateway settlements against your bank.
Two steps, both necessary.
FEES
Gateway fees mean the amount received differs from the invoice.
Record the fee separately, so the invoice reconciles.
HOW OFTEN
Monthly. Longer gaps make it harder.
