Performing Settlement of Credit Card Payments

With MYOB Advanced, you do not need to manually record deposits of credit card payments to the bank account. The system automatically creates bank deposits based on payments settled with a bank.

The system imports settlement batches from a processing center and creates bank deposits based on these batches. A settlement batch is a group of transactions that have been submitted together for settlement with a bank. The total amount of the settlement batch will be deposited into a bank account. A settlement batch of transactions has the following mandatory settings on the Settlement Batches (CA307000) form:

• Reference Nbr.: A batch reference number generated automatically by the system
• Status: The status in MYOB Advanced: Pending Import, Error, Processing, Pending Review, Processed, or Deposited
• Proc. Center ID: A link to the processing center
• Ext. Batch ID: The batch ID returned by the GetSettledBatchList function from the Authorize.Net
• Settlement Time: The date and time when the batch was settled, expressed in UTC
• Settlement State: The state of the batch in Authorize.Net—Settled Successfully or Settlement Error
• Transaction Count: The total number of transactions
• All Transactions tab: A linked list of transactions

Configuration of Automatic Settlement of Credit Card Payments

To enable the importing of settlement batches from a particular processing center, on the Processing Centers (CA205000) form, you select the Import Settlement Batches check box. With this check box selected, payments from this processing center will be marked as cleared after the import of a settlement batch.

To cause the system to automatically create bank deposits after importing the settlement batch, you select the Automatically Create Bank Deposits check box and specify a cash account in the Deposit Account check box. For details, see To Set Up a Processing Center for Settlement of Credit Card Payments.

Import of Settlement Batches

On the Import Settlement Batches (CA507000) form, you start the import process by clicking the Import Batches button on the form toolbar. The import of settlement batches can be started if there is no previous import in progress for the selected processing center.

A settlement batch can have one of the following statuses.

Import of transactions starts automatically for all batches that have the Pending Import status. For details, see To Import Settlement Batches.

Matching of Transactions

When all the transactions have been imported, on the Import Settlement Batches (CA507000) form, the system starts the matching of transactions for all batches with the Processing or Pending Processing status. The following actions are performed for each transaction in the batch:

• The system searches for a document with the corresponding credit card transaction.
• If the document is not found, the batch transaction status is set to Missing.
• If the document is found, it is linked to the batch transaction, and the transaction status is set to Processed.
• If the transaction status in the document is different from the status in the settlement batch, the credit card transaction is validated.
• If the transaction in the batch has the Settled Successfully or Refund Settled Successfully status, the Cleared check box is selected for the document.

If all transactions have the Processed or Hidden status, the status of the settlement batch is set to Processed.

Creation of a Bank Deposit

When the status of the settlement batch is changed from Processing to Processed and the Automatically Create Bank Deposit check box is selected for the processing center on the Processing Centers (CA205000) form, the system automatically creates a bank deposit. If the batch’s status is changed from Pending Review to Processed, you should create a deposit manually by clicking Create Deposit on the form toolbar of the Settlement Batches (CA307000) form. For more details, see To Manually Create a Bank Deposit.

In either case, the system creates a bank deposit from all payments and cash sales linked to the settlement batch that meet the following criteria:

• The cash account is a clearing account of the deposit account.
• The payment has not been deposited yet.
• The settlement state of the transactions specified in the Settlement State box on the Import Settlement Batches (CA507000) form is either Settled Successfully or Refund Settled Successfully.

A bank deposit is created with the following settings specified in the Summary area of the Bank Deposits (CA305000) form.

If the settlement report includes fees, the system groups all transactions by fee type. The system adds a charge to the bank deposit for each group of fees and specifies the following settings in the table on the Charges tab of the Bank Deposits form:

The link to the bank deposit is saved in the settlement batch and is shown in the Bank Deposit box on the Settlement Batches form. When the deposit is released, the status of the linked settlement batch is set to Deposited. If the deposit is voided, the status of the linked settlement batch is set to Processed.