Reconciliation Settlement Report

Modified on Fri, 13 Feb at 7:02 AM

This reconciliation settlement report displays the net amount to be settled for the reconciliation period. The net amount is the sum of transactions that are found in the reconciliation detail report.

Things to know:

Reconciliation is only settled if both locations have ACH accounts
If any ACH account fails, the franchise (parent) reserve bank account (if provided) will be used. However, if there is no reserve account or if the reserve account also fails, payouts from the pool are halted until all funds are successfully received.
The system will retry the settlement once per day for up to 14 days.
If the reserve bank account is used for a debit, this will be reflected in the ACH Reserve Account column.
If reconciliation settings are adjusted mid-cycle, all unsettled tickets will be recalculated according to the updated settings and included in the next settlement. For example, if the settings are changed after one week during a two-week reconciliation period, the system will update all outstanding tickets to align with the new parameters, such as rate or settlement duration.
During the reconciliation settlement process, an additional $0.15 fee is applied to the debited location. However, this amount is reimbursed by MyTime when the reconciliation subscription fee is charged. As a result, the reconciliation subscription charge (ACH) is adjusted to $4.85 instead of the standard $5.
When reconciling this report with the Reconciliation Details report, you must account for a specific date overlap and perform a three-step calculation to ensure your totals match your bank deposits perfectly.
- Understanding the Settlement Date Overlap: To ensure no transactions are missed due to late-night processing or timezone cut-offs, this report includes a one-day overlap with the previous period.
- The Logic: The start date of the current settlement period is always the final day of the previous period. Example: If you are reconciling the month of December, the report range will automatically be set to Nov 30th – Dec 31st.
- How to Reconcile the Totals: To find the final settled amount that should match your bank deposit, follow this manual workflow on the Reconciliation Details report:
  - Export the Data: Download your report as an Excel or CSV file.
  - Summarize Locations: Calculate the grand total for the Purchase Location column and the Destination Location column separately.
  - Calculate the Net Settlement: Use the following formula to find your final total: {Total Destination Location} - {Total Purchase Location} = {Final Settled Amount}

To access your Reconciliation Settlement Report:

Navigate to Dashboard
Select the Reports tab
Under the company section, select the Reconciliation Settlement Report

When the report opens, you can filter to your preferred date range and then click on the UPDATE button to generate the data. On the top right of the report, you have the option to download the report as a CSV, PDF, or print version.

Report Columns

Column	Description
UUID	The universally unique identifier of the settlement payment
Start Date	The start date of the pay frequency
End Date	The end date of the pay frequency or the date the settlement was run
Owner	The locations for the reconciliation settlement
ACH Amount	The total reconciliation amount that was transferred or deducted
ACh Fee	Displays the ACH fee that was charged for the transfer of the reconciliation settlement
ACH Date	Displays the date the ACH was successfully charged. The date will only appear here if the transaction was successful
ACH Status	Displays the status of the reconciliation settlement Succeed: The transfer was successfully completed Pending: The transfer has not yet been processed Declined: The transfer was unsuccessful due to insufficient funds, etc. Due: The transfer amount has not been received from the location it should be deducted from
ACH Attempt Date	The date the settlement was attempted will be displayed in this column. If the transaction is declined or remains pending, the date will stay in this column. Once the transaction is successful, it will move to the ACH Date column.
ACH Error	The error message received when the transaction declines
ACH Reserve Account	Indicates whether the reserve account was utilized

For more information, contact us at support@mytime.com or (385) 233-6964.

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