Virtual POS and bank reconciliation means checking, for every payment taken on your website or payment page, which order it belongs to, when and for how much it landed in the bank, and whether it was recorded correctly in the books. Reconciliation here means confirming that two records agree with each other.
When sales are low, this takes a few hours in Excel at month end. As sales grow, the picture gets complicated: installment transactions, commission deductions, different settlement dates, partial refunds, payments arriving by bank transfer. The accounting team starts spending days trying to figure out which orders make up the total that hit the bank.
Where does the money come from?
The first step is to list your collection channels. A typical company selling online has these:
- The bank's own virtual POS (payment gateway)
- Card payments taken through a payment institution
- Bank transfers (wire transfer and EFT)
- Cash on delivery, remitted in bulk by the carrier
- Marketplace payouts
Each channel works on its own schedule. The bank's virtual POS moves collections into your account after a set settlement period; a payment institution may bundle many transactions and transfer them in one go, net of its commission; marketplaces pay out on their own calendars. The difficulty of reconciliation lies in bringing these different patterns together in a single table.
Matching keys in virtual POS reconciliation
Matching rests on carrying a shared reference through every transaction. When a payment is initiated, the order number is added to the payment request, and the payment provider keeps that number in the transaction record. That way, when the bank or payment institution report arrives, each line can be tied to an order.
| Record | Information it must carry |
|---|---|
| Order | Order number, amount, payment method |
| Payment transaction | Order number, transaction ID, gross amount, installments |
| Payout or transfer | List of transaction IDs, commission, net amount, settlement date |
| Bank transaction | Transfer description, net amount, date |
| Accounting entry | Related invoice, collection and commission expense |
This level of order is harder with bank transfers, because the customer writes the description. Showing the customer a short code on the payment screen to include in the description noticeably improves the match rate. If your bank offers services that deliver account transactions digitally on a regular basis, these can also be connected to automatic matching.
A daily check prevents month-end surprises
Leaving reconciliation until month end lets small discrepancies pile up until they become impossible to untangle. The routine we recommend is a light daily check:
- Yesterday's orders and payment transactions are listed.
- The payment provider's report is pulled automatically and matched.
- Transfers reflected in the bank are compared with payout reports.
- Unmatched records drop into a short list, and one person looks only at those.
With this routine, the accounting team reviews a handful of exceptions rather than hundreds of lines. Exceptions usually come from the same few causes: a payment that was canceled and retried, a double charge on the same order, a partial refund, an installment difference.
Refunds and reversals
In a card refund, the money goes back the same way, but it can take a few days to show up at the bank; sometimes it is netted off a payout. The refund record should be linked to both the order and the payment transaction, and matched with the refund document in accounting. We covered the invoicing side of the refund flow in our e-invoice and e-archive integration article.
Then there are chargebacks, where the customer asks their bank to reverse the transaction. These should be tracked with a separate label, and the order's delivery information and shipping record should be easy to find as evidence.
Security and KVKK
Reconciliation does not require card numbers. Card data should never be stored in your system at all; it should be processed on the payment provider's page or secure field. A transaction ID and the masked last digits of the card are enough for matching. You can find how to protect the keys that connect to your payment provider in our API security checklist. The same principle keeps you on the right side of KVKK (Türkiye's Personal Data Protection Law).
Reconciliation checklist
- All collection channels are listed
- Every payment request carries the order number
- Payment provider reports are pulled automatically
- Commission and settlement rules are defined per channel
- Customers are shown a reference code for bank transfers
- Unmatched records drop into a short daily list
- Refunds and chargebacks are tracked separately
- Card data is not stored in the system
How we do it at Globya
First we sit down with your accounting team and listen to how month-end reconciliation is done today, and together we find where time is being lost. Then we build the connection between payment providers, the website and the ERP as part of our integration service, and prepare a simple list that gathers unmatched records on one screen. If you want to make collections and cash visibility meaningful for management, we also support you on the ERP reporting side.
Frequently asked questions
We work with several banks. Can everything be shown on one screen?
Yes. Each bank and payment institution sends its report in its own format; these are converted into a common structure and shown in a single list.
Can marketplace payouts be included in this routine as well?
They can. The marketplace payout report is matched order by order, and commission, shipping share and deductions appear as separate lines.
Can entries be posted automatically into our accounting software?
It is possible, but for accounting entries to be created automatically, the chart of accounts and posting rules must be agreed with your financial advisor. Pricing follows a written proposal after the discovery call. Describe your needs now in 3 minutes
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