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FreeAgent matching of bulk receipts

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We have a potential new client who has an online business with all payments being made by credit cards.  They sell 3 products (small, medium and large) which retail for £5, £10 and £20 respectively.  Each day they sell about 100 of each.  The significance of this is that there are lots of invoices for the same amount e.g. £10

The day after the sale the company receives all the income as one lump sum into the bank account.  The payment service provider who handles all the card payments provides a list of all transactions.

The company has been using FreeAgent but I cannot see any way for the company to carry out an efficient daily bank reconciliation.  It is being done manually at the moment. I can see other threads lamenting that you cannot easily match invoices to a single receipt in FreeAgent.

The client needs the ability to match a single bank receipt to multiple raised invoices by date raised.

I am well versed in how this can be done with Xero and, say, Stripe, but am not a  FreeAgent user (other than the basics). Surely this can be done in a more efficient way. I should also say, the client is not keen to switch software.

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By accountantccole
03rd Aug 2018 12:35

Where are you having the issue?
Are you raising sales invoices in FreeAgent for every sale? I would have thought it would be easier to track the cash (maybe via a new bank account) and just look at cut off issues at the end of each month for VAT and year end?

Or have a single customer "web sales" and post one figure daily?

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