Grand Gate Gardens Case Study Video #32: June Wk5 - POS Clearing Reconciliations

Video #32 in the Grand Gate Gardens Continuous Case Study. Each week I share downloadable mocked up documents following a fictious Canadian Business that you can use to learn, practice, and test with. Then I record the actual bookkeeping while answering common questions, solving common problems, and testing different bookkeeping and business apps. Find out more here https://naomiwilkins.ca/about-the-ggg...

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June Week #5 is split into 11 separate videos. This 9th video covers the POS Clearing GL Account reconciliations for June

This video covers the Moneris and Square statements in the Statements folder for June 29th to July 5th 2025. It reviews what we did for the Moneris POS Clearing Reconciliation for May, and why that won't work for June. I covers how to reconcile the Moneris POS clearing GL Account for June with a deposit that combines both sales related to both June and July, and also covers how to reconcile the Square Clearing GL Account when the is a deposit that combines sales related to both June and July AND square fees related to both transactions.

0:00:00 Beginning
0:00:05 Reviewing what we did for the May Moneris POS Clearing Reconciliation
0:00:25 Explanation of why the May POS Clearing Reconciliation report had a zero Ending balance June 2nd
0:02:27 When the zero balance method works, and when it wouldn't
0:06:46 063025-09Y June 2025 Moneris Stmt
0:07:47 Following the money; can we find and follow how the money flows on the statement
0:10:48 Now that we've confirmed June 30th sales, what are our options?
0:12:20 One method we can use to reconcile the POS Clearing when there is a "combined deposit" that combines sales from both the current month and the following month in one total deposit
0:12:53 A second method, that allows us to have the ending balance at "Zero"
0:14:48 Why it's important to know how to reconcile the POS Clearing (finding a mis-categorized refund)
0:16:38 The details of the refund withdrawal on the Moneris Statement
0:17:46 Why it's important to reconcile the POS Clearing, and why it usually does not actually balance, and what to do about it (and why it's important to have the payment processing machine actually connect to the sales register if possible - it will save SO MUCH bookkeeping work and will also reduce losses from typos that inevitably happen by the sales clerk when they are not connected.)
0:22:44 How Moneris Deposits are different that Square Deposits
0:24:00 063025-03Y Square Dashboard June 2025
0:25:23 Reconciling the Square Clearing
0:31:02 Using 063025-08Y Square Payment Details

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