AR Automation is available to all customers operating in US Dollars. To activate this feature, please send an email to licensing@accountingseed.com.
Overview
Accounting Seed has integrated with Cardknox to bring more automation to the Accounts Receivable process. The set of capabilities in the AR Automation feature include the following:
- The ability to easily reconcile deposits and fee bank transactions
- The ability to charge convenience fees
- Better customization of the payment page and lower fees than charged by Stripe
These new features are only available when the Payment Processor is Cardknox. Additionally, Cardknox offers reduced rates for payment processing.
AR Automation Process Overview
The process begins when you click on a link to pay a Billing. Once credit card/ACH information is entered and submitted, Cardknox processes the payment. All payments processed for that day will be settled in a batch. In Accounting Seed, you will have scheduled the Merchant Download job to run after the Cardknox batch is settled. This job creates payment related records to reduce the balance on the Billings that were paid that day. It also creates the two Journal Entry Lines for the deposit and fee amounts.
Note: Click here to view the above image in full screen.
The next day, or soon after, Cardknox transfers the batch payment amount into the business checking account and makes a withdrawal for the related processing fees. As bank transactions are downloaded, they are automatically matched. And finally, when performing bank reconciliations, since those bank transactions were automatically matched, they will be automatically cleared on the Bank Reconciliation.
Payment Method Information
When a customer pays via the PaymentSITE, a “stub” Payment Method record will be created for that Customer Account so that the Payment Activity records can be created.
Important: Payment Method records that are marked as “External Use Only” should NOT be edited or deleted.
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Summer '23 Release
This article was new with the Summer '23 release.
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