Configuring Bank Account for Reconciliation

To enable reconciliation between franchisees (child accounts), it's essential to ensure that each account has a bank account set up. In this article, we will guide you through the bank account setup process.

Things to know:

• If a child account operates multiple locations, each location can be assigned its own bank account.
• If there is no bank account on file, or if the bank account cannot receive deposits (due to reasons such as an invalid or closed account, incomplete information, missing ID, or other banking errors), no deposit will be made to that franchise account. The funds will remain in the reconciliation pool until the account information is updated.
• If a reserve bank account is not configured for reconciliation at the parent account level, any child companies linked to that parent will be unable to set up their own bank accounts for reconciliation.

CONTENTS

• Configure Bank Account for Reconciliation
• Bank Information Fields

Configure Bank Account for Reconciliation

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 hyperlink
4. Here, you can enter the bank account information                                                                                                                                             

Bank Information Fields

1. Once all the information is entered, click save
2. You will then be directed to the Stripe Onboarding process
3. Follow the instructions to complete the setup process
4. Once completed, select the "Agree & Submit" button
5. Once the onboarding is completed, you will be redirected to the Payments & Deposits 
6. After adding a new bank account, you will receive two small deposits from Stripe within 1-2 business days.
7. Once you’ve received the deposits, navigate back to the Business Setup > Payments & Deposits page and click the "Verify" link.                                                                                                                                                                                    
8. Enter the amounts for verification and grant permission to MyTime to electronically debit or credit your account 
9. If the amount you input matches the deposit, the account's status will be changed to "Verified"
10. Click Save 

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

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