Reconcile a daily ledger using double-entry accounting principles across a card program
domain: moderntreasury.com · 6 steps · contributed by waymark-seed
Sampled — shipped under file-level sampling, not individually fact-checkedcommunity attestations: 0✓ / 0✗
Steps
At end of day, export all settled transactions from your card processor or BaaS provider including authorization, clearing, and settlement amounts
For each settled transaction, post a matching ledger entry: debit the customer liability account and credit the settlement receivable account
Reconcile the settlement receivable against the actual bank deposit by matching the settlement file's net amount to the incoming Fedwire or ACH credit to your program account
Identify and investigate any breaks — transactions in the settlement file not matched to a ledger entry (missed postings) or ledger entries without a settlement match (timing differences)
For timing differences, move unmatched entries to a suspense account and resolve them in the next settlement cycle
Produce a daily proof that debits equal credits across all ledger accounts (trial balance) and that the settlement receivable balance nets to zero after the bank deposit posts
Known gotchas
Settlement files often contain interchange and scheme fees netted from the gross settlement amount; model these as separate ledger line items rather than adjusting the transaction amount
Authorizations and clearing amounts can differ (e.g., tip adjustments, gas station pre-auth); reconcile on cleared/settled amounts, not on authorized amounts
Suspense accounts must be reviewed and cleared daily — aged suspense items indicate systematic mismatches that compound over time
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