Smith and Authorize.net Reconciliation

General Topics

Follow these steps to reconcile credit card payments submitted from your Smith module and processed by Authorize.net:
  1. SmithCart & Registration Pro record transaction information by date and time (A day begins at 12:00am and ends 11:59pm)
  2. Authorize.net is only a payment gateway. It batches payments and processes through funds to your merchant bank
  3. Submit Date in Authorize.net = Create Date in SmithCart Report
  4. Settlement Date in Authorize.net = Date pushed to your merchant bank
 
Authorize.net Set Up:
  1. Set the Transaction Cut off time to 11:59pm (your local time)
  2. Once you set your cut off time, the difference between your Submit Date & Settlement Date should be 12 hours.
 
Steps to Reconcile:
  1. In your Smith module, run the report titled "Payment History by Date". Enter the date range for your reconciliation. Export to CSV and convert to an excel file.
  2. In Authorize.net, click on the tab for Reports. The only option available is to report by Settlement Date, which is one day at a time. Run this report for each day.
  3. Reconcile the daily Authorize.net Settlement report against the SmithCart payment history report. Although the Authorize.net report will only report by day, it is a better practice to reconcile across a period of time. Compare the daily Authorize.net reports against a report over a period of time in SmithCart (ex: 2 weeks). This is because of the potential difference between Submit Date and when a payment actually settles (Settlement Date).
  4. Reconcile Authorize.net with your Merchant Bank.
See the following link for information on how to sync Authorize.Net and QuickBooks: