When your school makes the decision to accept payments by credit card via the online finance viewing, it is important that you are able to verify these payments against the student's account in LINC-ED. This article will assist you with this reconciliation process.
When setting up credit card processing you will have created an account with Stripe. (Stripe is the intermediary between the parent and the school whereby the parent pays Stripe who then deposits this money (less expenses) into the school's bank account). LINC-ED is not involved with this process. LINC-ED's responsibility is to update the student's account with the amount received.
To Reconcile a Deposit made by Stripe into your School Bank Account
1) Log into your school's Stripe Account. You will be presented with your Dashboard and a log of Events.
2) Select Balance from the left-hand column.
3) Select Payouts from directly below Balance. This will display a list of all your payouts from Stripe. Find the one that relates to your Bank Statement entry.
4) Click on the blue amount of the payout. This will provide you with the full details for that payout including the transactions that made it up.
5) Scroll down to the Transaction List which shows all the parent payments that made up this payout. There is an Export button that can be used, but it is best to simply print the transaction list as displayed as these dates relate to NZ so will match with LINC-ED. Right-Click and select Print.
6) Log into LINC-ED and go to Fees and Activities > Transaction Reporting.
7) Enter the date range that matches those from your Stripe report.
8) Select Bank Reconciliation.
9) Scroll down to your ONLINE payments. These will be all the individual transactions that were processed from the parent payments received. If they are not in Name sequence then sort the Name column. Download as a CSV.
10) Open your CSV file in EXCEL. At the top of your page select the 'Data' tab.
11) Select Subtotal.
12) Enter the following parameter in order to Subtotal your output by Name.
13) The totals produced should match your transaction listing from Stripe.