Understanding your Chase payment gateway fees is crucial for accurate financial management. This guide breaks down key terms you’ll encounter during reconciliation, along with the importance of using an automated tool like Cointab Reconciliation.
Fee Verification:
Matched Fee:
The fee charged by Chase aligns perfectly with the amount calculated using your Chase rate card. This indicates accurate billing.
Overcharged Fee:
The fee on your Chase report exceeds the calculated amount based on the rate card. You may have a discrepancy requiring investigation.
Undercharged Fee:
The fee on your Chase report is less than the calculated amount. While seemingly beneficial, it could indicate an error that needs correction.
Tax Verification:
Matched Tax:
The tax amount on your Chase report matches the calculated tax based on your tax rate.
Overcharged Tax:
The tax amount on your Chase report is higher than the calculated amount. This could signify an error requiring resolution.
Undercharged Tax:
The tax amount on your Chase report is lower than the calculated amount. While it seems favorable, it could lead to tax liabilities later.
Settlement Amount:
Matched Settlement:
The settlement amount (total amount minus fees and tax) in your calculations matches the settlement amount on your Chase report. This indicates accurate reconciliation.
Mismatched Settlement:
The calculated settlement amount differs from the Chase report. This highlights a potential discrepancy needing investigation.
Bank Reconciliation:
Settled in Bank Reconciliation:
The transaction appears in both your Chase settlement report and your bank account, signifying a complete transaction.
Not Settled in Bank Reconciliation:
The transaction exists only in your Chase report and not your bank account. This requires investigation to determine if it’s a pending transaction or an error.
Streamlining Reconciliation with Cointab:
Manual reconciliation of Chase fees is time-consuming and prone to errors. Cointab Reconciliation automates the process, comparing your Chase payment report, ERP reports, bank statements, and website reports. This ensures:
Reduced Risk of Errors:
Automated verification minimizes human error.
Improved Efficiency:
Free up your team’s time for core financial tasks.
Enhanced Accuracy:
Gain confidence in your financial data.
Simplified Workflow:
Streamlined reconciliation saves time and resources.
Embrace Efficiency with Cointab Reconciliation
Don’t let manual reconciliation slow you down. Cointab offers a seamless solution for accurate fee verification and efficient reconciliation. Contact Cointab today to learn more and take control of your financial processes!