Deposit reconciliation

Reconciling payments can be complex, especially if you receive multiple bank transfers or consolidated deposits.

Manual transfer reconciliation

Cord does not have direct visibility into your bank statement. This procedure is for transfers to your regular payout account. If your client pays by SPEI to the CLABE Cord shows them on the quote or the invoice, or by bank transfer with a reference in EUR, GBP or USD to the account Cord shows them, don’t record it by hand: Cord reconciles it on its own (SPEI on invoices and bank transfer with a reference are new features being enabled). To reconcile other transfers:

1. When you receive a deposit, search for the quote’s folio or the client’s tax id in Cord (the RFC in Mexico; the NIF/CIF, EIN, NIT, or other local identifier elsewhere).
2. Open the invoice (or the quote, if you have not invoiced yet) and click Record payment with the amount, method and reference.
3. The balance is recalculated and, once it reaches zero, the invoice becomes Paid. Recording a payment does not stamp the invoice: you issue the CFDI yourself. In Mexico, if the invoice is already a PPD CFDI, Cord issues that payment’s complement right away. In every other country only the business status changes; nothing is submitted to any authority.

How Cord reconciles a bank transfer with a reference

Outside Mexico, each client has an account of their own for all their invoices and each payment carries its reference. Cord reconciles by the reference first; if the transfer arrives without it, by the exact amount among that client’s open transfer payments.

• Less than due arrives: what arrived is held for that payment but not recorded. The invoice history reads “Incomplete bank transfer” with what is still due, and the payment is recorded once the client completes the amount to the same account and with the same reference.
• More than due arrives, or there is no open payment: the excess stays as the client’s balance; it is not your money and is not recorded. If that client has a transfer payment waiting in that currency, it is applied to it; otherwise it is noted in the history of their oldest open invoice and, if they have none, Cord’s team is alerted. If it is not applied within 75 days, the payment processor tries to return it to the client.

Online payment reconciliation

If your clients pay online (card, SPEI in Mexico, bank transfer with a reference, bank debit, or from their portal) in any country where Cord Payments is available:

1. Cord records the payment after receiving a signed confirmation from the network.
2. Go to Payments to relate the quote number, charge, fee, net amount, and bank deposit of quote payments. An invoice’s online payment is listed in the Payments section of its detail page.
3. To reconcile against your bank statement, go to Reports › Payments received, pick the period, and click Export CSV: it lists every quote and invoice payment with its date, number, client, method, amount, refund, and net. See Export a report to CSV.