Settlement Accountant

Settlement Accountant

Overview

The Customer Accountant is responsible for reconciling all activity between the System of Record and the Bank and researching all variances. Responsibilities also include the posting of activity to general ledger, and the monthly close functions associated with the assigned platforms, processor, and/or client.

Job Responsibilities and Functions:

• Perform daily, weekly, monthly updates and balancing of platform specific settlement accounts

Retrieve various system of record (book) activity

Retrieve bank data from various bank accounts

Access supplemental reports to assist in the breakdown of combined amounts

• Prepare report of the daily cash position and assist in researching fluctuations in order to provide variance explanations as needed
• Prepare Platform, Processor, or Client specific journal entries

To record monthly cash activity in all assigned bank accounts

To record Stage 1, Stage 2, or Stage 3 as required to set up and clear receivables and payables

To re-class activity to facilitate balancing for the Operations Cash team month end close process

• Reconcile, and research open items through resolution. This will include client and consumer concerns as they relate to operations cash, or processor exceptions specific to the assigned Platform, Processor, Client or General Ledger: Cash, Receivable, and Payable Accounts.

Each Platform may have several Bank accounts

Receivables: Service Fees, Payment Value

Payables: Client Disbursements

Exceptions: Chargebacks, Reversals, Consumer Refunds, Rejections

• Perform comparisons with the stage(s) of the cash recording process supported by the Ledger source/Platform and prepare appropriate adjusting entries as necessary
• Initiate or Approve daily cash settlement wires
• Operational knowledge of the Exception processes (Chargebacks, Reversals, Refunds). Researching and/or working with the Exception team through resolution.
• Prepare Discount Fee cost analysis and research variances as needed.
• Compile applicable support for internal and external audit sample selections as often as required
• Perform backup duties and other duties or special projects as assigned

Education and System Requirements:

• Bachelors Degree in Accounting, or successful completion of accounting coursework credits at an accredited University
• Credit Card Processing or Issuer/Acquirer Settlement experience
• Microsoft Suite, specifically Intermediate level Excel knowledge
• Reconciliation Software, such as Smartstream or an equivalent reconciliation tool
• Working knowledge of various bank portals to access data and initiate wires

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