It's easy to monitor the payments your customers are making through TermSync. Both you and your customers are provided with email confirmations when a payment is made, but there are other ways to track and confirm the payments your customers make through TermSync.
Deposit Report Email
If payment has been deposited in your bank account for the correlating day, you will receive the Deposit Report email notification at 9am CST. This email notification lists every transaction that was paid through TermSync adding up to the lump-sum you will see in your bank account for that day.
The ACH payments are listed in the first table under Invoices paid electronically through TermSync. The credit card payments are listed in the second table under Credit Card Payments. The total amount deposited via ACH will appear as a single entry on your bank statement. Each batch from credit card payments will also appear as one single entry on your bank statement. You can use this email notification as a reconciliation report.
Monitoring Payments in TermSync
There are also ways to track payments made within your TermSync account. Your To-Do List provides a shortcut to the Bank Remittance Report where payments are listed for your review.
1. From your Receivables Dashboard, navigate to Payment to be Entered on your To-Do List.
2. Next you will click on View to access the listing of transactions that have been paid through TermSync.
3. You are now in the Bank Remittance Report. From this report, click on the linked number of invoices under the Unreconciled Invoices column for the current settlement date.
4. You are now in the listing of invoices that have been paid through TermSync. You can click on the specific invoice number to review. From the Invoice Details section, you are able to see if the customer paid via ACH or by credit card along with the amount they paid and when it was processed.
5. Once you've reconciled this payment in your accounting system, navigate to the For Your Records section within the specific invoice. From here you can click on update this record to check that this payment is now reconciled. This removes the invoice from the Payments to be Entered tracker.
Please Note: if you don't update the For Your Records section, this invoice will be marked as reconciled the next time your open AR file is synced with TermSync. If you prefer waiting for the next open AR file to update the account, then just skip this last step!
If you are looking to customize and automate the reconciliation process, you can set up a scheduled report of the paid transactions settled today in your bank account. This scheduled report can then be delivered to an FTP recipient automatically based on your preferred delivery preferences.