Merchant Download Automation Job

Important: The AR Automation feature is open to customers who have the following:

• a single Ledger 
• use a single currency
• and primarily process credit card payments (ACH is planned for a later release)

If you would like to know more about this feature, please send an email to licensing@accountingseed.com.

Overview

Payments that process through Cardknox occur outside of Accounting Seed. Therefore, the related transactions must be routinely retrieved and converted into records in Accounting Seed. The Merchant Download job on the Automated Jobs screen must be set up to retrieve these transactions and create the required source documents.

In a batch of payments that are processed by Cardknox, the Merchant Download job treats payments processed via the PaymentSITE (payment page hosted by Cardknox) and those processed in Accounting Seed a little differently.

• For payments that are processed via the PaymentSITE, the job:
  
  • • Creates Cash Receipts and Billing Cash Receipts to associate them to the respective Billing.
    • Creates “stub” Payment Methods and Payment Activity records, which are associated to the Cash Receipts.
• For payments processed in Accounting Seed (using the Create Payment or Receive Payment screens), although the payments are processed by Cardknox, the Cash Receipt and Billing Cash Receipt are created immediately.

The Merchant Download job then automatically creates a Bank Deposit record for the Merchant Bank GL Account and associates all the Cash Receipts in the related batch. The Bank Deposit serves as a grouping mechanism so that it can be easily compared to the settled batch in Cardknox. This Bank Deposit will not need to be cleared on a Bank Reconciliation since the funds pass through this GL Account.

Note: Click here to view the above image in full screen. 

Note: Click here to view the above image in full screen. 

Finally, the Merchant Download job creates the Journal Entry that can be accessed directly from the Merchant Funds Transfer field on the Bank Deposit.

Note: Click here to view the above image in full screen. 

Cardknox sends two bank transactions for each batch:

• The first is a deposit for the gross amount of the batch. This will match the Journal Entry Line that debits the Bank GL Account. 
• The second is the fee withdrawal bank transaction that maps to the Journal Entry Line that credits the Bank GL Account.

Note: Click here to view the above image in full screen. 

When these bank transactions come in, they can be matched (auto-matched if the Enable Global Automated Match checkbox is selected in the BDC-Bank Settings screen) to the Journal Entry Lines. Once matched, they will automatically clear on the Bank Reconciliation.

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Summer '23 Release

Release Notes and Schedule

This article was new with the Summer '23 release.