A settlement report will reflect the amount of money Rotessa sends you based on approved transactions. Settlements are processed within 5 business days of the process date (allowing enough time for declines to be reported). You can click into each report to reconcile each transaction amount to update your accounting records.
View all your settlement reports by clicking Settlement Report under Admin in the menu.
A transaction report displays all your transactions and statuses within a date range. You can view your transaction reports by going to Admin > Transaction Reports. Input the date range and click Search.
The status meanings of your transactions are as follows Future Transactions - These are scheduled but have not been sent to the Canadian Financial System for processing. You may add, update, or delete transactions up until two business days prior to the process day.
Pending Transactions - Every transaction is pending from the time they are sent in for processing (one business day before the process date) to four business days after the process date. Pending transactions can’t be recalled or edited.
Approved Transactions -These have been sent to the Canadian Financial System for processing and have been cleared. It typically takes 3-5 days for transactions to be cleared based on the settlement process from FI to FI in Canada. Unlike Interac or credit cards, pre-authorized debits do not have instant verification of funds available.
Declined Transactions - Transactions that have been sent to the Canadian Financial System for processing and have been declined. As per the rules of the CPA, you may resubmit this transaction 1 time within 30 days of the process date. If a different arrangement is agreed to, you can simply enter a new transaction.
Chargebacks - A chargeback occurs when funds have been settled to your account after which it is discovered that the funds have been declined. Rotessa will then debit your account or adjust the next settlement to reconcile.