We currently receive gifts thru Online Express. The gift is posted for the gross amount. This amount uploads into our Banner Financial System. It does not match the amounts deposited to our bank account because the fees are deducted from each transaction. We have to make journal entries for each disbursement in order to reconcile to the bank deposit.
Why not do like all the other merchant services and deduct the fees for all monthly transactions at the end of the month. These are paid by EFT from the same bank account where the deposits are made. This would eliminate the need for all of the journal entries to reconcile deposits to the bank. The monthly total of fees would be posted to the books just as all other EFT transactions in one journal entry for the month.
Guest
Dear Idea Bank Community. Thank you kindly for posting this idea and thank you all for the additional comments. It is greatly appreciated from our team to continue to receive ongoing customer feedback and participation in the Ideas Bank community.
I wanted to respond and share that its not so much that other processors offers this and Blackbaud doesn’t, but that this has been a strategic decision by Blackbaud in partnership with our Treasury and Compliance departments. This strategic decisions was taken for a number of reasons, with Fraudulent risk, security and compliance risks all top of the agenda. For these reasons I need to share that BBMS would not be planning on offering monthly fees that would be debited in one lump sum, but continue with our existing offering of fees debited per transaction and with our daily disbursement capabilities.
Thank you,
Shaun.
Yes! We are having the same issue with reconciling. It is a nightmare. We just recently transitioned to Blackbaud's Billing Management, which requires BBMS as the credit card processor. Problem is, the credit card fees charged in Billing Management do not match the credit card fees charged by BBMS. It is always more or less, which requires an adjustment for each. It would be much easier for BBMS to charge fees in a monthly lump sum, as most credit card processors do. The way it is now is very time consuming and ineffective.
We are dealing with the same issue. Thank you for suggesting it!