How to make ABR work if your processor has your account set to a "daily discount".

A Daily Discount is when your payment processor deducts its fees from your daily sales volume – a little bit at a time - and can be very difficult to reconcile. If your processor has you set to a Monthly Discount, you will receive the gross deposit from your daily sales and your processor will deduct its fees at once at the end of the month.

If you are set to a Monthly Discount, Biller Genie's Automatic Batch Reconciliation (ABR) feature will automatically create the requisite journal entries in your accounting software each day to automatically match to your bank deposits.

If your processor has you set to a daily discount, there's one additional step that you'll need to perform to get your books to balance, and you can do this at the interval that is most convenient for you.

Your processor should provide you with a daily batch reconciliation report that shows the amount of your gross and net sales, including the daily withholding amount. For each period that you are reconciling, create a journal entry for the amount withheld from the daily discount:

• Debit the expense account where you record your merchant service fees
• Credit the sweep account in Biller Genie

Perform these entries regularly and make ABR work for you on a daily discount as well!

Want to avoid this manual step? You may consider asking your payment processor to switch you to Monthly discounting