Simplify Your Accounting
One of the most popular benefits of using TransactU for your organization’s online giving program is the easy-to-use reporting and reconciliation options. The two most commonly used reports are “Transactions” and “Bank Deposits.” Without these reports, your staff could waste many hours trying to reconcile your online transactions. Because these two features are so helpful in the day-to-day use of TransactU, I’ve hit the highlights of what these two reports do and how they can help your organization.
Transactions
What it is: The Transaction Report is a high level report showing all of the transactions that have been processed in your organization. This report summarizes your transactions, giving your accounting staff a quick and easy view of the information.
What it does for you: The Transaction report gives you a single list of all transactions processed. You do not need to run multiple form reports to find all of your transactions. The Transaction report also allows you to summarize transactions based on many factors (deposit date, form name, merchant account). This quickly gives you a total of the transactions for an event or form making reconciliation and budgeting much easier.
Bank Deposits
What is it: The Bank Deposit report lets you view all of the deposits made to your bank account and which transactions are included in each deposit. (Please note: the Bank Deposit report is only available with certain merchant providers.)
What does it do for you: The Bank Deposit report is the most important report when it comes to reconciliation. All of the transactions processed each day are grouped or ‘batched’ together and then one deposit is made to your account, keeping your bank statement from growing out of control. You can then use the Bank Deposit report to see a list of all of the transactions for each deposit or batch.
I hope these explanations are helpful to you. If you have any other questions about these reports or how to maximize the benefit of any other reporting functions of TransactU, please contact us:
Are you interested in learning how easy it is to accept payments online? Contact us at 1-888-638-7439 or visit our site for more information.
