In today’s fast-paced business environment, managing finances efficiently is crucial. Venmo, a popular mobile payment platform, simplifies transactions for both businesses and individuals. However, keeping track of Venmo transactions alongside other financial data like website reports, ERP systems, and bank statements can be a tedious and error-prone manual process. This is where automated Venmo payment gateway reconciliation comes in.
For a clear understanding of Venmo reconciliation, let’s delve into the various reports involved:
These reports detail completed orders and corresponding payments made through Venmo.
These reports track canceled or refunded orders processed via Venmo.
These reports encompass all orders placed through your website.
These reports contain internal order data maintained by your company’s Enterprise Resource Planning system.
These statements reflect all transactions processed through the Venmo payment gateway.
Cointab Reconciliation: Venmo with website reconciliation
Cointab’s automated reconciliation software eliminates the hassles of manual reconciliation. Our software is designed to adapt to your specific needs, offering a customized approach to verifying your Venmo transactions with unmatched ease and precision.
Cointab’s reconciliation software seamlessly integrates with your existing systems, including website reports, ERP data, and bank statements. It then meticulously compares this information with the invoices provided by Venmo to achieve comprehensive data reconciliation and deliver accurate results. Focus on Growth, Leave Reconciliation to Cointab.
Automate the entire reconciliation process, allowing you to dedicate your valuable time and resources to core business activities.
Eliminate the risk of human error inherent in manual reconciliation, ensuring data accuracy and integrity.
Access detailed reports that pinpoint discrepancies, enabling you to promptly address any issues.
Confidently leverage reliable financial data for informed business decisions.
Efficiently handle large volumes of transactions with ease.
Verify the accuracy of fees charged by Venmo.
These transactions appear in both your Venmo settlement report and your website report.
The website report reflects a higher amount compared to the Venmo settlement report. (Consider adding a reason for the discrepancy if known, for example, fees)
The website report displays a lower amount compared to the Venmo settlement report. (Similar to above, consider a reason)
These transactions exist only in the Venmo settlement report, not on your website report.
These transactions seamlessly match between your Venmo settlement report and your website report, reflecting consistent financial data.
Identifying discrepancies is crucial. This scenario might occur due to:
Transaction fees applied on your website platform could explain the difference.
If you issued partial refunds to customers, the website report might show the original amount, while Venmo reflects the final amount received.
Investigate these instances for potential explanations:
If a customer initiated a chargeback that was later reversed, Venmo would reflect the full amount received.
Website promotions or discounts might cause a lower reported amount compared to Venmo’s settlement.
Capturing Complete Data – Canceled transactions initiated by the customer will appear only on your website report, not in the Venmo settlement reports.
Streamlined Data – These transactions seamlessly match between your Venmo settlement report and your Enterprise Resource Planning (ERP) system, guaranteeing data consistency.
Investigate these discrepancies to ensure accurate financial records:
The ERP report might include taxes or fees not reflected in the Venmo settlement amount.
Shipping costs associated with the transaction might be captured in the ERP but not in Venmo.
Identify the cause for potential adjustments:
Discounts or promotions offered through your website might lead to a lower reported amount in the ERP compared to Venmo.
Partial refunds issued to customers might be reflected in the ERP but not yet settled in Venmo.
Capturing Complete Data – Transactions existing only in the Venmo settlement report, not the ERP report, might indicate:
These could be manual payments made directly through Venmo that haven’t been integrated with the ERP.
Newly processed Venmo transactions might take time to sync with your ERP system.
Ensuring Data Consistency – These transactions seamlessly match between your Venmo settlement report and your Enterprise Resource Planning (ERP) system, guaranteeing data accuracy.
Investigate these discrepancies to maintain financial clarity:
Transaction fees charged on your website might be reflected in the ERP but not the Venmo settlement amount.
If you issued refunds to customers, the ERP report might show the original sales amount, while Venmo reflects the final settlement.
Understand these instances for potential reasons:
If a customer initiated a chargeback that was later reversed, Venmo would reflect the full amount received.
Website promotions or discounts might cause a lower reported amount in the ERP compared to Venmo’s settlement.
Capturing All Data – Transactions existing only in your ERP reports, not the Venmo settlement report, could indicate:
These could be manual sales entries made directly in the ERP that haven’t been integrated with Venmo.
Ensure your Venmo account is correctly linked to the ERP system to avoid missing transactions.
Understanding Customer Actions – Canceled transactions initiated by the customer will appear only on your ERP report, not in the Venmo settlement reports, as they never reached the payment processing stage.
Green Light for Transactions – These transactions appear in both your bank account and the Venmo settlement report, confirming a successful transfer of funds.
Understanding the Wait – These transactions are visible only in the Venmo settlement report, indicating they haven’t reached your bank account. Here are some possible reasons:
The transfer might still be processing between Venmo and your bank. This usually resolves within a few business days.
The settlement date for the transaction might be scheduled for a future date. Check the settlement report for details.
In rare cases, transactions might be manually entered into the Venmo settlement report but not initiated through your bank account. Investigate these for accuracy.
Ensuring Consistency – These transactions seamlessly match between your Venmo settlement report and your bank statement, guaranteeing data accuracy.
Investigate these variations to maintain financial clarity:
If you issued refunds to customers, the Venmo report might show the original sales amount, while your bank statement reflects the final settlement.
Resolved disputes in your favor through Venmo might lead to a higher amount in the settlement report compared to the initial bank transaction.
Understand these instances for potential reasons:
Fees charged by your bank for the transaction might be reflected in the bank statement but not the Venmo settlement amount.
If the transaction involved a currency conversion, there might be slight variations due to exchange rates between when Venmo settles and your bank processes the transaction.
Capturing All Data – Transactions existing only in your bank reports, not the Venmo settlement report, could indicate:
Ensure your bank account is correctly linked to Venmo to avoid missing transactions.
Deposits made directly to your bank account might not be reflected in Venmo if they weren’t processed through the platform.
Cointab’s automated reconciliation software surpasses the limitations of manual reconciliation by effortlessly verifying the reports mentioned above. It streamlines the entire process, guaranteeing accuracy and eliminating the possibility of human error. This empowers you to make critical business decisions based on reliable and trustworthy financial data. Additionally, Cointab efficiently handles high transaction volumes, ensuring scalability for businesses of all sizes.
Don’t let tedious manual reconciliation hinder your business growth. Leverage Cointab’s automated solution to gain valuable time, minimize errors, and achieve financial clarity.