Reconciliation: Clients' Payment Dates vs. Funds Transfer Dates
I have an issue when reconciling credit cards (cc) and bank accounts. When recording clients' payments, the payment date is the date obviously used. As a result when I reconcile a cc or bank account, this poses a problem....
e.g. When PayPal or Stripe transfer funds, it is usually anywhere between 2 or 7 days before it is transferred into my business account and because of this, often a payment received does not fall into the same payment cycle as my cc and bank statements. So what I end up having to do many many times is...
1. I have to undo reconciliation
2. unmatch all the transaction(s) involved
3.
change the payment date to the date my money was transferred from PayPal / Stripe to my bank account
4.
match the transaction(s) again and
5.
reconcile again
Is anyone following me? This is so inconvenient, backwards, and extremely time consuming.
Is there anything that can be done to streamline this process? The current workflow is painful and very manually intensive!