Payment reconciliation for small businesses
Wonderful's practical guide explains how to connect each customer payment with the right invoice, order or booking, then match the provider record with the money that reaches your bank.
That discipline is particularly important after a tax-rate change. A till might show a successful payment while an old product tax code feeds the wrong figure into your accounting records. A small sample across the complete journey can reveal the gap early.
Take one affected sale from checkout to bank entry and accounts record. Confirm that the gross amount, VAT treatment, payment reference and settlement all agree.
Debit cards arrived in Britain in 1987
The Bank of England records that debit cards were introduced in Britain in 1987. Thirty years later, in 2017, the number of debit card transactions overtook the number of cash transactions for the first time.
Close the VAT setting loop
Run the first check today. List every product, ticket or package that used the temporary 5% rate and confirm the active tax code across each place you sell.
On Monday, review a small sample of sales made from 2 September onward. Match each receipt with its payment report, settlement and accounts entry. Keep a short record of the settings, transactions and dates you checked.
Send any mixed package, prepayment or platform sale with unclear treatment to your accountant or tax adviser, together with the evidence. That gives them a specific transaction to assess.