How can we match our Fortis statement with the iCare Payment Reconciliation and Payment Listing Reports?
Replied by : support@icaresoftware.com
Reconciliation- The process of comparing transactions and activity to supporting documentation to ensure the accuracy of financial statements. Reconciliation also involves resolving any discrepancies that may be discovered.
Why is reconciliation important?
- Errors, such as missed or duplicated entries, are identified and corrected.
- Timing differences between various records (e.g., between a product’s internal system and external bank or merchant accounts) are accounted for.
- Financial records accurately reflect the company's financial position, promoting transparency and trust.
Steps to reconcile:
Obtain the Necessary Reports
- Log in to the Fortis portal.
- Navigate to the transactions section and apply filters for the required date range.
- Click on export CSV.
- Compare the exported CSV with the iCare’s payment reconciliation report. For example:
- Use a payment reconciliation report from iCare by adding a filter for a date.
- Cross-check transaction amounts, dates, and reference numbers to ensure alignment.
Match Fortis Monthly Statement with custom reports
The monthly statement that Fortis sends you by e-mail can be matched with the custom reports in iCare.
Match Transactions by Date
- Access “Custom Report #10 Fortis Monthly CC Transaction-Based Reconcile Report” under the accounting tab.
- Edit the report settings to input the specific date range.
- Save the report and compare it against the Fortis transaction report for consistency.
Batch-Level Reconciliation
- Match transactions by batch using batch numbers. For instance:
- Compare batch IDs in the Fortis Merchant Statement with “Custom Report #11 Fortis Monthly Batch-Based CC Reconcile Report.”
