Accurate reconciliation of payments is essential for maintaining financial records and ensuring smooth business operations. Here are some best practices to follow:
1. Set a Cut-off Time
Establish a consistent cut-off time for recording payments in your practice management system (PMS).
Payments received after this cut-off time should be recorded as part of the next business day's transactions.
2. Use Batch Processing
Set up batch processing with your payment processor to group and process all transactions for a given day simultaneously.
Align your batch processing time with your PMS cut-off time.
3. Regular Reconciliation
Reconcile payments daily.
Compare end-of-day totals in your PMS with those from your payment processor.
Ensure all transactions match and account for any payments received after office hours in the next business day.
4. Record-Keeping
Maintain clear and organized records of all transactions.
Note any discrepancies between your PMS and the payment processor for prompt resolution.
5. Automate Reconciliation
Integrate your payment processor with your PMS to automate the reconciliation process, saving time and reducing errors.
Utilize available integration options, such as those offered by Stripe, for data synchronization.
6. Handle Discrepancies
Establish policies for identifying and resolving discrepancies between your PMS and payment processor.
Outline steps to determine the cause and correct the discrepancies.
7. Maintain Audit Trails
Ensure your PMS keeps audit trails for all transactions.
Use these trails to trace any transaction back to its original source if discrepancies arise.
8. Train Your Staff
Provide training to your staff on payment recording and reconciliation procedures.
This ensures consistency and minimizes errors.
9. Prioritize Security
Restrict access to payment information to authorized personnel only.
Ensure all payment data is encrypted to protect against unauthorized access.