Reconciliation of EFT Payments

MYOB Acumatica supports the reconciliation of electronic funds transfers (EFT). You can easily track and reconcile your EFT payments right alongside other batch payments. If a payment gets rejected by the processing center, you can quickly take an action, such as putting a shipment on hold or creating a new payment.

The system receives settlement statuses of EFT transactions from the processing center and processes them further. The reconciliation process works as follows:

1. On the Import Settlement Batches (CA507000) form, you select a processing center and click Import Batches. Make sure that the selected processing center:
   • Has been set up to work with Acumatica payments, as described in Configuring and Using Acumatica Payments.
   • Has the Import Settlement Batches check box selected on the Processing Centers (CA205000) form.
2. The system imports and processes settlement batches for credit card payments.
3. The system fetches EFT transactions from the processing center. These transactions have the Settled, Voided, or Rejected status.
4. The system automatically creates a batch for each settled, rejected, and voided EFT transaction.
5. The system creates a bank deposit, which you release on the Bank Deposits (CA305000) form.

Handling of a Rejected Transaction

In rare cases, a processing center rejects an already-settled transaction. This can happen when, for example, the customer closed the account, the wrong account number was entered, fraud was detected, or the account had insufficient funds. The facts of a settlement and a rejection are reflected each with a separate batch.

If you click a link in the Reference Number column of the Import Settlement Batches (CA507000) form for a rejected transaction, the transaction is opened on the Settlement Batches (CA307000) form.

A rejected EFT transaction has the following settings on the Card Type Summary tab of the form:

• Settlement State: Rejected.
• Rejected Amount: The amount of the rejected transaction.
  Attention: This box and column are hidden for credit card settlement batches.
• Card Type: EFT.

To process a rejected transaction, do the following:

1. On the Import Settlement Batches (CA507000) form, open a batch with the Rejected status. Click the Reference Number link to open the Settlement Batches form.
2. On the Missing Transactions tab, click the transaction and click Record to manually record the payment for the rejected transaction.

   The system creates a voided payment and opens it on the Payments and Applications (AR302000) form.

3. On the More menu of the Payments and Applications, click Record EFT Rejection.

   Wait for the system to complete the operation. The system releases and closes the voided payment, which now has the Rejected processing status. You can view the original payment on the Application History tab.

After a rejection, you can get in touch with your customer and decide how to proceed. You might:

• Suspend the related shipment
• Create a new payment using different bank details, such as another account or payment method
• Cancel the shipment if no replacement payment will be made

Review of the Settlement Status

You can check out the Payment Settlement Summary (CA651000) generic inquiry form to review customers’ documents with their settlement statuses. The generic inquiry form shows a list of prepayments, refunds, cash sales, voided payments, and cash returns.

The generic inquiry form also displays payments without batch transactions. A payment may not have a batch transaction due to one of the following:

• The batch transaction hasn't been imported yet.
• The transactions is rejected or voided without settlement, and is mapped not to original document but to a recorded voided payment or cash return.
• The batch transaction has been imported but hasn't been mapped to a payment.
  Tip: Unmapped transactions usually require your attention. You can monitor them on the Settlement Batches (CA307000) form by filtering batches with the Pending Review status.

To draw your attention, documents with the Rejected processing status are highlighted in red.

Limitations of the Recording Process

The following limitations apply to the process of recording EFT transactions:

• The Record button on the Missing Transactions tab of the Settlement Batches (CA307000) form is unavailable for rejection batches with the EFT Refund transaction. The reason is that creating a voided refund or a voided payment is not fully supported by MYOB Acumatica.

  We recommend clicking Hide and then replacing the missing Voided Refund or Voided Payment transactions with a payment with the Cash/Check payment method.

• Recording operations for EFT transactions in an external system. Consider this example:
  1. An EFT payment transaction was initiated in an external system, for example eCommerce.
  2. The transaction was settled.
  3. The transaction was rejected and has not yet been imported into MYOB Acumatica.
  4. Settlement batches with the Settled Successfully and Rejected statuses have been imported.

  The recording operations will be interrupted with error messages for both the settlement batch and the rejection batch.

  The same issue will occur in the following cases if a transaction was created externally and not yet imported into MYOB Acumatica:

  • An EFT payment transaction was settled and then refunded
  • An EFT refund transaction was settled and then rejected

  We recommend replacing the missing documents by creating a payment and a voided payment or refund with the Cash/Check payment method.

  Attention: If a payment was created in an external system and then refunded, the recording will be successful.
• If a payment was settled, refunded, and then rejected, the recording operation for the rejection batch will be interrupted with an error message. We recommend replacing the missing document by creating a refund with the Cash/Check payment method.
  Important: Be cautious with this scenario, because if the refund is successfully settled, you have a refunded amount that is not on your account.