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Configure Bank Account for Reconciliation

To facilitate reconciliation between franchisees (child accounts) they must have a bank account setup. In this article, we will walk through the setup process. 

Things to know:

  • If a child account has more than one location, each location can have its own bank account.
  • If there is no bank account or the bank account is not allowing deposits (account is invalid, closed, incomplete information supplied, no ID was uploaded, or some other banking error occurred, etc.), no deposit will be made to that franchise account. The funds will stay within the reconciliation pool until the account information has been updated. 

To set up a bank account for reconciliation:

  1. Navigate to Business Setup > Payments & Deposits
  2. Scroll down to "How should MyTime pay/collect for reconciliations?" section
  3. Click +Add Bank Account                Payment-Info.png
  4. The Bank Account Details section appears  Payment-Info__1_.png
  5. Select the desired location and enter the following details:
    • Account Type  - Choose whether this account is a business account or a personal (individual) account
    • Routing # 
    • Account # 
    • Account Holder Name - Enter the name of the actual bank account owner
    • Country 
  6. Click save, you will be redirected to Stripe's website to complete the remaining onboarding process
  7. Once the onboarding is completed, you will be redirected to the Payments & Deposits 
  8. After adding a new bank account, you will receive two small deposits from Stripe within 1-2 business days.
  9. After receiving the deposits, return to the Business Setup > Payments & Deposits page, click the verify link Payment-Info__3_.png
  10. Enter the amounts for verification and grant permission to MyTime to electronically debit or credit your account Payment-Info__4_.png
  11. If the amount you input matches the deposit, the account's status will be changed to "Verified"
  12. Click Save 

Congratulations on successfully setting up the bank account for reconciliation and completing the verification.

 

 

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