Configure Bank Account for Reconciliation

To enable reconciliation between franchisees (child accounts), it's essential to ensure that each account has a bank account set up. In this article, we will guide you through the bank account setup process.

Things to know:

• If a child account operates multiple locations, each location can be assigned its own bank account.
• If there is no bank account on file, or if the bank account cannot receive deposits (due to reasons such as an invalid or closed account, incomplete information, missing ID, or other banking errors), no deposit will be made to that franchise account. The funds will remain in the reconciliation pool until the account information is updated.
• If a reserve bank account is not configured for reconciliation at the parent account level, any child companies linked to that parent will be unable to set up their own bank accounts for reconciliation.
• Stripe offers two ways to register your sending account: Instant Verification and Manual Registration.
  • Instant Verification: This method uses Stripe Financial Connections to authenticate directly with your bank via OAuth, making the account ready to use immediately.
  • Manual Registration: This involves manually entering your routing and account numbers, followed by a micro-deposit verification process.
• Micro-deposits typically take 1–2 business days to appear on your bank statement.
• The system ensures that "sending" bank accounts in Reconciliation settings display their pending status clearly rather than remaining in a generic "Awaiting setup" state.
• The "Complete verification" link is displayed directly in MyTime, directing you to a Stripe-hosted page where you enter the specific deposit amounts from your bank statement to finalize and activate your account without needing to rely on the original Stripe email.
• Verification progress is saved for up to 10 days, ensuring your session remains active even if the bank takes several days to process the deposits.
• You are not required to stay logged in while awaiting the verification. The pending status is saved to the database and will remain visible when you log back in or refresh the page days later.
• A "Bank account verification failed" message indicates the verification was unsuccessful. You can click the "+ Add a bank account" link shown below the error to try again using the same secure session

Contents: 

• Configure Bank Account for Reconciliation via Manual Registration
• Configure Bank Account for Reconciliation via Instant Verification Method

Configure Bank Account for Reconciliation via Manual Registration

1. Navigate to Business Setup > Payments & Deposits
2. Scroll to the "How should MyTime pay/collect for reconciliations?" section
3. Click +Add Bank Account link                                                                                                  
4. In the “Select All Applicable Locations For This Account” section, choose the appropriate location from the dropdown menu 
   
5. Under the "Add Bank Account For Receiving Reconciliation Payments" header, click the 'Add Bank Account' button        
6. You will be redirected to the Stripe onboarding form to enter your bank account details
   
7. After completing the form, you will be redirected back to MyTime
   
8. Click Edit, then select Add Bank Account to enter your sending account details
   
9. In the “Add Bank Account for Sending Reconciliation Payments” section, click 'Add Bank Account'
   
10. Select the "Enter bank details manually" link 
11. Enter your routing and account numbers in the Stripe-hosted form 
12. After submitting, you will see the following message: “Next, finish up on MyTime to initiate micro-deposits. You can expect an email with instructions within 1–2 business days.”
13. Select "Back to MyTime" to exit the Stripe form
14. Enter your contact information and select 'Set Up Direct Deposit'
15. A confirmation message will appear indicating that verification is in progress 

Configure Bank Account for Reconciliation via Instant Verification Method

If you prefer not to manually enter your bank details, you can securely connect your bank account using instant verification.

1. Enter your email and name 
2. Select your bank from the list of available institutions.
   
3. Review terms and privacy policy, then select the 'Agree and Continue' button  
4. Select Continue to proceed to your bank’s login page.
   
5. Sign in using your online banking credentials.
   
6. Click "Connect Account" to authorize access
7. Select "Back to MyTime" to return to the platform
8. Select 'Setup Direct deposit'
9. The account status will update to 'Verified'
10. Click Save to complete the setup

Your bank account is now successfully connected and verified for reconciliation.

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ACH Fee for Reconciliation

Royalty Configuration

Reconciliation for Packages

Reconciliation for Gift Cards

Reconciliation for Memberships

Reconciliation Settlement Report

Reconciliation Detail Report