Reconciling Flywire with your Bank Deposits and/or EHR Posting File – Flywire Healthcare

When we talk about reconciliation, what does that mean when it comes to Flywire? Why is it important to regularly reconcile?

Reconciliation is the act of comparing financials between two or more systems to ensure they are both matching.

The two processes for reconciling are:

Bank Deposit Reconciliation: Matching Flywire payment totals with your bank deposits.
Posting File Reconciliation: Matching Flywire payment totals with the posting files from the EHR or host system.

How often should you be reconciling?

While every provider’s needs are different, generally speaking, most providers reconcile either daily, every other day, or every week. While you can reconcile as much or as little as you would like to, it is important to note that there are advantages to reconciling more frequently because it allows you to identify and fix potential posting issues quicker.

At the end of the day, it is a universal truth that every provider performs a monthly reconciliation in order to close out each month.

Interested in learning more? Read the article below and check out this video to learn how to reconcile your Flywire transactions with your bank deposits and also with your EHR posting file!

Bank Deposit Reconciliation

What is it?
- Comparing settled payments made in Flywire to the bank deposit.
Who is reconciling bank deposits?
- Treasury Teams or Cash Posting teams OR
- Other related teams who have access to view bank deposits
Which Flywire Reports to use?
- Payment Summary Report
- Payment Detail Report - Run this if the Summary Report doesn’t match the deposit.
Tips
- Detailed reports can be exported to Excel for further analysis.
- Flywire recommends to reconcile on a daily basis vs weekly or monthly.

Bank Deposit Reconciliation - Summary Steps

Typically, credit card deposits will reflect payments made in Flywire that settled 1-2 days prior, depending on the configuration of your credit card processor. For eCheck it is typically 3-4 days.

Use: Payment Summary Report
Modify the following filters:
- Time Frame to Group by: Day
- Date type: Effective Date
- Effective Date Range: 1-2 days prior to the date of deposit you are trying to match.
- Tender Type: <varies on what is being reconciled>
- Transaction type: <varies on what is being reconciled>
- Institution Name: This is for larger health systems <run per institution>
Run the report and compare the results to your deposit amount.
- The report total for a given payment method and facility should match your bank deposit.

Here is an example of the Payment Summary Report:

Flywire view:

Excel view:

Bank Deposit Reconciliation - Detailed Steps

Typically, credit card deposits will reflect payments made in Flywire that settled 1-2 days prior, depending on the configuration of your credit card processor. For eCheck it is typically 3-4 days.

Use: Payments Detail Report
Modify the following filters:
- Time Frame to Group by: Day
- Type: Cash Posting
- Date Type: Effective Date
- Effective Date Range: 1-2 days prior to the date of deposit you are trying to match.
- Tender Type: <varies on what is being reconciled>
- Transaction Type: <varies on what is being reconciled>
- Institution Name: This is for larger health systems <run per institution>
Run the report and compare the results to your deposit amount.
- The report total should match your bank deposit.
- Export the report to Excel to compare line by line.

Here is an example of the Payments Detail Report:

Posting File Reconciliation

What is it?
- Comparing payments made in Flywire to payments posted in the host system.
Who is generally reconciling?
- SMEs that are familiar with the posting process and/or work the posting exceptions for the host system.
Which Flywire Reports to use?
- Payment Summary Report
Tips
- Detailed reports can be exported to Excel for further analysis.
- Flywire recommends to reconcile on a daily basis vs weekly or monthly.

Other Information You Should Know

Flywire will post payments back to your host system on a daily basis. Typically, overnight all transactions from the previous period will be sent for posting, regardless of settlement status.
Use the Payment Summary Report OR the Payment Detailed Report
Run the report and compare the results to your EHR’s posting report.
- Payments are posted at the Bill/Account level and should match 1:1 with the automated posting file that was sent to your host system for posting.
- Other filters can be used if you want to focus on specific Tender Types, Transaction Types, etc.

How does the Data Flow from Flywire to your EHR?

Below is a data flow diagram to help explain the posting file process from Flywire right to the provider EHR. This diagram illustrates how a posting file or a payment transaction from Flywire gets posted into the EHR.

Once a payment transaction is recorded in Flywire, at the end of each day, Flywire automatically generates a posting file to send back to the EHR in the form of a flat file or a text file.

That EHR will already have reports that are available to the cash posting team, or whichever team is in charge of reconciling. From these EHR reports the cash posting team is able to see the payments that have been posted to the guarantor account or onto the visit in the EHR.

At that point the cash posting team members are able to work on the exception process. This involves identifying any transactions that did not post on the guarantor account like they should have and then troubleshooting why they didn’t post correctly. During this process they can also choose to manually post any payments that came over as exceptions.

Flywire’s Staff Experience reports help with troubleshooting any exceptions that occurred during the file posting process. The cash posting team is able to compare their HR reports with the Flywire reports on the transaction level to validate and also identify any anomalies between Flywire and their EHR.

Posting File Reconciliation - Summary Steps

Typically, credit card deposits will reflect payments made in Flywire that settled 1-2 days prior, depending on the configuration of your credit card processor. For eCheck it is typically 3-4 days.

Use: Payment Summary Report
Modify the following filters:
- Time Frame to Group by: Day
- Date type: Effective Date
- Effective Date: 1-2 days prior to the date of deposit you are trying to match.
- Tender Type: <varies on what is being reconciled>
- Transaction type: <varies on what is being reconciled>
- Institution Name: This is for larger health systems <run per institution>
Run the report and compare the results to your deposit amount.
- The report total for a given payment method and facility should match your bank deposit.

Here is an example of the Payment Summary Report:

Flywire view:

Excel view:

Posting File Reconciliation - Detailed Steps

Flywire will post payments back to your host system on a daily basis. Typically, overnight all transactions from the previous period will be sent for posting, regardless of settlement status.

Typically, credit card deposits will reflect payments made in Flywire that settled 1-2 days prior, depending on the configuration of your credit card processor. For eCheck it is typically 3-4 days.
- Use: Payments Detail Report
- Modify the following filters:
  - Time Frame to Group by: Day
  - Type: Cash Posting
  - Date Type: Effective Date
  - Effective Date Range: 1-2 days prior to the date of deposit you are trying to match.
  - Tender Type: <varies on what is being reconciled>
  - Transaction Type: <varies on what is being reconciled>
  - Institution Name: This is for larger health systems <run per institution>
- Run the report and compare the results to your deposit amount.
  - The report total should match your bank deposit.
  - Export the report to Excel to compare line by line.

Here is an example of the Payments Detail Report:

We hope this helps you better understand the two processes and approaches to reconciling Flywire with your bank deposits and/or EHR. Go forth and RECONCILE!