Useful Information
If you receive a bank statement, you may wish to reconcile the banked funds in SCO against your statement.
Funds will then be displayed in the Cleared column in banking.
When reconciling bank statements, deposits and payments for each day are listed as individual entries on individual rows.
This also includes any payments made online, these payments can be ‘contracted’ to give one total for the selected day.
Reconciling against a bank statement is optional in SCO, but is necessary for trip deletion at year end.
Clearing Banked Funds
Note that transactions that have been Cleared on SCO cannot subsequently be cancelled.
- Click on the Banking tab
- Select Check bank statement at the bottom of the screen
- Select the relevant bank account
- This will display a list of all the transactions you have banked but not yet reconciled/cleared
- The online transactions will be listed individually. Note that the last 4 digits on your bank statement reference relate to the actual date of the online payment
- At the top right of the screen click Expand/Collapse* to group the online payments into daily amounts (these should match the credits on your bank statement)
- Tick the boxes on the right adjacent to the matched credits
- Check the opening and closing balances to ensure they match your bank statement
- Click on Save and exit, Yes
- Type a name for the bank statement, click OK, Yes
- The Bank Statement Report is generated - this includes the online payments as one total
- If you wish to generate a report with the individual online payments itemised:
- In Check Bank Statement, select View cleared statements at the bottom left
- Select the Bank Statement at the top right of the screen
- Click on Export to Excel at the bottom left
- Save or Print the Excel report
- Generate the Income and Expenditure Summary Report to keep with the statements above ready for audit
*If you don't see the Expand/Collapse option refer to Section 4 - Configure Online Payment System Options
See also:
Banking Quick Reference Guide
Note that WorldPay credit your bank account with a lump sum daily, usually 3 working days after the date of the transactions.
The timing is midnight to midnight, but WorldPay do not change their clocks for daylight saving hours, so it might be that the odd transaction carries over to the next day.
If this is the case, reconcile 2 days together which should give the correct totals.
Some card providers take longer to settle. This includes American Express who can take up to 10 days to settle. If you wish to stop parents paying by American Express, please call WorldPay on 0330 333 1233 to request this.
See also
Enter Fees for Online Credit/Debit Card Transactions
How to Enter Retrospective Income