Follow these steps to reconcile credit card payments submitted from your RazorCart or RegPro module and processed by Authorize.net:
- RazorCart & RegPro record transaction information by date and time (A day begins at 12:00am and ends 11:59pm)
- Authorize.net is only a payment gateway. It batches payments and processes through funds to your merchant bank
- Submit Date in Authorize.net = Create Date in RazorCart Report
- Settlement Date in Authorize.net = Date pushed to your merchant bank
Authorize.net Set Up:
- Set the Transaction Cut off time to 11:59pm (your local time)
- Once you set your cut off time, the difference between your Submit Date & Settlement Date should be 12 hours.
Steps to Reconcile:
- In your RazorCart 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.
- 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.
- Reconcile the daily Authorize.net Settlement report against the RazorCart 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 RazorCart (ex: 2 weeks). This is because of the potential difference between Submit Date and when a payment actually settles (Settlement Date).
- Reconcile Authorize.net with your Merchant Bank.
See the following link for information on how to sync Authorize.Net and QuickBooks: