FENXT - how to reconcile transaction dates with BBMS to account for the 3 day delay?

@Kristen Zeng

We actually have this issue with Student Billing.

We used to recognize the payment in the Student Billing on the date it was made. Then when the disbursement came later we did a reversing entry for the whole amount. You have to recognize the cash on the date it enters the bank.

The entry would look like this:

For our Controller's sanity when doing bank reconciliations we decided to use a holding account for BBMS payments, so now they look like this:

You can reconcile the holding account by running a transaction list for “Not disbursed."

Funny enough we just were remarking yesterday as to what a game changer this was for bank reconciliations. If you have questions, just let me know.

@Kristen Zeng:

Hello! We are getting ready to start using BBMS for our credit card gifts - we have never had to wait 3 days for the money to be deposited, and are wondering what others do in this situation. Do you reconcile using the date the gift was actually made, or the day it is received at the bank….? Thanks for any insights!

We use the date someone made the gift as the Gift Date in RE, and the the BBMS Disbursement date (which matches the date the funds hit our bank acct) as the GL Post Date in RE. If you're set up to receive email notifications from the gift form on your website, you'll be able to tell in advance what will be disbursed. Also in NXT, you can go to Merchant Services (if you don't have it, ask your Admin to adjust your permissions) and click Transaction Lists to see what has and has not been disbursed over the past 90 days.

Hope that helps!