How do I create a manual settlement?
Creating a Manual Settlement
Create a batch settlement deposit in Room Choice for a batch of checks you are going to deposit in your bank account. All payments that have been added manually will need to be batched and deposited. Online payments batch automatically.
About batch deposits
When you create a batch deposit, Room Choice creates a single batch deposit transaction. When your batch deposit appears in your bank account you only need to reconcile this one transaction.
How to create a settlement batch deposit
- Select the green circle with a white plus or addition sign.
- Select +Create Settlement
- Click on all unsettled payments you wish to include in the batch. Payments will move to a Payments to Settle section after being selected.
- Once all desired payments have been added to a settlement batch, select Generate Settlement
- Your settlement batch has been generated and is now visible under reports > settlements
Upload Deposit Documents
After you have created your settlement deposit you can see can set additional information and details on the settlement batch under the reports view of your settlements. Here you will set the deposit date, reconciled date and upload deposit receipts. After a verified deposit:
- Open the report for the corresponding settlement batch
- Select Reports
- Select Settlements
- Select Properties
- Select Dates
- Apply
- Set the Deposit Date. This should be the date that the batch was deposited to the bank and you have a verified receipt for the batch deposit.
- Upload the bank deposit slip or proof of deposit. This is used for your accounting reconciliation.
- During the Suggested Room Choice Month End Close Process, you will be asked to set the reconciliation date on each batch.
- What is the Reconciled Date?
- In accounting, reconcile means to compare two sets of records to make sure they are in agreement. For our use, the first set of records is your bank account (bank), and the other set of records is Room Choice accounting records (book). Set the reconciled date as the date on your bank records for the settlement batch.
- Room Choice generated settlements will have both the deposit date and the report file automatically added. The reconciliation step is required for all settlement batches.
