Transaction reporting is now available via the client portal for on-demand download. Clients now 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 a payment was settled to the recipient. ACH payments are typically settled to the recipient’s bank on this date. This date is the date a check payment was cashed.
Type Code: Transaction types include;
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.
Funding Return: is an infrequent return of funds deposited into the Velo platform. 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.
Wire: represents a deposit you have made via wire transfer to your available funds balance
Inbound 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.
Reference ID (Ref ID): is a unique identifier assigned to the transaction or reflects the check number of the payment.
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.
Amount: is the transaction amount. Amounts are expressed as positive (credit) or negative (debit) numbers based on how they affect your available funds balance.
Memo: is a variable field available to clients to add a custom message or payment reference notation viewable by the recipient.