Reconciling payments and ensuring that your financial data is in sync are crucial for maintaining accurate records and ensuring business operations run smoothly. When managing payments in a practice management system (PMS) and dealing with payments that come through after office hours, it is important to have a systematic approach.
The best practices for managing payments in such situations may include:
1. Set a Cut-off Time: Establish a consistent cut-off time for recording payments in your PMS. Payments received after this time should be recorded as part of the next business day's transactions.
2. Use Batch Processing: If you are using a payment processor like Stripe, you can set up batch processing. This means that all the transactions for a given day are grouped and processed simultaneously. Make sure your batch processing time aligns with the cut-off time you set for your PMS. You can contact Stripe support to find out if there's an option to customize the batch timings.
3. Regular Reconciliation: Make reconciliation a daily activity. Compare the end-of-day totals in your PMS with the totals from your payment processor. Ensure that all the transactions match. For payments that come through after the office is closed, ensure they are accounted for on the next business day.
4. Record-Keeping: Keep a clear and organized record of all transactions. Make a note of any discrepancies between your PMS and the payment processor so you can promptly address these issues.
5. Automate Reconciliation Process: If possible, automate the reconciliation process by integrating your payment processor with your PMS. This can save time and reduce errors. Stripe, for example, offers various integration options that can help automate data synchronization.
6. Establish Policies for Handling Discrepancies: Have a policy for handling discrepancies between your PMS and payment processor. This should include steps for identifying and resolving the discrepancy's cause.
7. Audit Trails: Ensure your PMS maintains audit trails for all transactions. This will allow you to trace any transaction back to its original source in case of discrepancies.
8. Train Staff: Ensure your staff is trained on the payment recording and reconciliation procedures. This will ensure everyone is on the same page and that errors are minimized.
9. Security: Keep security in mind, especially when dealing with payments. Ensure that access to payment information is restricted to authorized personnel and that all data is encrypted. By implementing these best practices, you can ensure that your payment information is accurate and that your end-of-day numbers in your PMS match those of your payment processor.