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Accounts Receivable

Credit cards payments should be settled daily as part of an end of day process. Depending on your processing vendor, you may be able to do this automatically as part of end-of-day itself. Or, if the merchant is not as capable, you may need to settle using their web based settlement or software based methods.

In either case, payments arrive in batches called Settlement Reports. These reports contain debits and credits for order payments and order refunds as recorded at the processor.

If using Venture's Account Receivable package, which is fully documented in Venture Core (Finance Management), this report populates the auto payment system and will attempt to apply the debits and credits to outstanding invoices. These applications of payment are then automatically assigned to AR batches and available for review prior to commitment.

In essence, the payments are automatically processed to the point where if all invoices in Venture match the card processor's records, the cash transfer from the processor to your bank account will match the records in Venture AR, allowing for a quick and easy balance and settlement process thus eliminating manual receipt of payment on individual invoices.

This can be a real time saver! For more information, see the Venture Core Financial documentation. Technical details of the auto payment setup is covered in the Venture Service Manual series.

* This is the end of the Credit Card Integrator user manual. To see the other manuals, go to VentureUserManuals