Transaction reporting is available via the client portal for on-demand download. Clients have the ability to download transaction reconciliation reports anytime.
Reports are available by clicking ‘REPORTS’ from the dashboard page.
To create a report for the previous day’s transactions, simply click the ‘DOWNLOAD’ button. Alternatively, you may use the date selector to define a date range for the report.
Reports are generated in CSV format and include the following data elements:
Transaction Date: is the date Velo sent the payment to the recipient. Velo typically sends ACH payments weekdays after close of business Pacific time.
Posted Date: is the date an ACH payment was processed by our bank partner to the recipients' bank. For a check payment, it is the date the check was cashed (otherwise blank, if the check has not been cashed).
Type Code: Transaction types include;
Settlement ACH: is typically a pay-to-bank ACH transaction and is expressed as a negative number (debit) from your available funds.
Check: is a pay-to-check transaction and is expressed as a negative number (debit) from your available funds.
Settlement Return: is an ACH payment that has been returned by the recipient’s bank. Returns are reflected as positive numbers (credits) to your available funds.
Reversal: is an infrequent ACH payment that has been reversed by the recipient's bank. Reversals are reflected as positive numbers (credits) to your available funds.
Funding ACH: represents a deposit you have made via ACH to your available funds balance.
Wire: represents a deposit you have made via wire transfer to your available funds balance.
Funding Return: is an infrequent return of funds deposited into the Velo platform.
Reference: is an identifier assigned by Velo that identifies the batch in which the transaction was included when Velo sent it to the bank for processing. It will also be the bank reference for an incoming wire transfer and, in the case of check payments, the check number issued.
Reference ID (Ref ID): is a unique identifier assigned by you to reference the payment within your internal accounting systems.
Memo: is a variable field available to clients to add a custom message or payment reference notation viewable by the recipient.
Recipient Name: is the recipient’s “doing business as” (DBA) name. For individuals this is often the recipient’s name while for companies this commonly reflects their business name.
Credit: is a transaction amount expressed as a positive number to your available funds balance.
Debit: is a transaction amount expressed as negative number from your available funds balance.