7. Reconciling Westpac Lump Sum Deposits

The time difference between a payment being made and the bank clearing the funds to a bank account is important to remember when reconciling club accounts Some points remember:-

1. Payments are not deposited indiviudally into the organisations account, a whole day’s payments are totaled up and cleared as one lump sum.
2. Payments made after 6.00pm will not appear in the next days lump sum but will appear the following day. eg if a member pays at 8.00pm on a Tuesday the payment will be in the lump sum deposited on Thursday
3. Payments made between Friday to Sunday will be deposited on the Monday.