General

• Why is this change taking place?
• What is going to happen?
• What is the most important thing for me to know about this change?

Transactions Page

• How can I see my completed transactions easily?
• Can I see the Transaction completed date?
• Do you think I should post transactions differently now?
• Can I see my pending transactions?
• Anything else I should know?

Balance Page

• Why do I have three balances on the Balance page instead of one?
• Did the Balance Statement change?
• How do I reconcile the Account?
• Where is the potential friction?

General 

Why is this change taking place?

Mesh is changing the bases of calculation to simplify and standardize month-end processes. Card statements, provided by banks and other issuers, are reconciled based on settled transactions rather than authorized (i.e., pending) transactions and Mesh is aligning its solution to meet the industry standard.  

What is going to happen?

As of January 1st, 2023, all statements issued by Mesh will include completed (settled) transactions in the relevant period rather than authorized transactions in the relevant period. This means that any transactions that did not settle (i.e., completed) between the start and the end date of the statement are excluded from that statement. In other words, the statement will not include pending transactions that are most likely to settle in the following month.

What is the most important thing for me to know about this change?

Your account will be updated with a “cutoff date” (December 31st, 2022). The cutoff date is the last day your account reconciles based on all activities (i.e., authorizations).  As of January 1, 2023, your account will reconcile based on completed (i.e., settlements).

If you moved to the new mode (i.e., reconcile by settled transactions) prior to December 31st 2022, 
we've updated your account cutoff date to reflect the date of the move.

For auditing purposes, 

• Any statements issued by Mesh for periods before the cutoff date are issued based on all activities (authorizations). 
• Any statements issued post the cutoff date, are issued based on completed activities (settlements).

Transactions Page

How can I see my completed transactions easily?

Navigate to the Transactions page, click on the Completed Date filter, select the date range and click on Apply. 

The mentioned settings will query for completed activities in the selected time range.

Can I see the Transaction completed date?

Yes, a 'Completed Date' column was added to the grid of the Transactions page. 

Do you think I should post transactions differently now? 

Great question! The Mesh-ERP integrations were updated accordingly to support the mentioned change. For example: 

• Vendor Bill / Vendor Invoices will still post based on the authorization date. 
• Bill Payment, Expenses (Quickbooks), and Journal Entries will post based on the completed date.

If you are posting transactions manually, you should create payments based on a completed date instead of a transaction date. 

Once you posted all the transactions please, navigate to the Balance page and download a statement. Please note that Mesh updated the structure of the balance statement and you can read more about it in the next section below. 

Can I see my pending transactions? 

Yes, you can still see the pending transactions on the Transactions page. The pending transactions are marked with an orange dot and you can add them to the report by marking ‘Pending’ in the settings of a filter named ‘Transaction Status’.  

Anything else I should know?

We added new export options from the Balance Page for Bank account reconciliation. These statements will include the relevant running balance according to how your account is reconciled. 

In addition, you can also export a CSV / Excel file from the transactions page. This report will show you your available balance, to help you investigate how each transaction impacted the funds available to spend. 

Balance Page

Why do I have three balances on the Balance page instead of one?

Until now, there was a single balance named “Available balance” (i.e. funds available to spend). This balance reflects all of the transactions in your Mesh account, including Pending and Completed, and impacts the decision process of authorizing new transactions. 

Now, that Mesh is moving to reconcile the account based on Completed transactions, we’ve added two additional balance figures:  

• Completed Balance - this balance reflects your Completed (settled) activities, and it is aligned directly with your Balance Statement.
• Pending Activity - this amount is the difference between your Completed Balance and your Available Balance and is attributed to transactions that are still Pending.

Did the Balance Statement change?

Yes! We applied a few changes to the balance statements:

1. All balance statements are updated as of January 1, 2023, and calculated based on completed activities instead of all activities (i.e., authorizations).

2. We've also updated the structure of the statement as follows:

a. The first section includes a summary that describes your journey from your previous balance to your current balance.

b. Each category (e.g., card transactions) includes a detailed breakdown of the relevant transactions.

c. Last but not least, your December statement and January statement will include an Important Account Update notifying you of the changes and listing the potential differences between the December 2022 closing balance and the January 2023 opening balance, including a breakdown of the individual transactions accounting for the differences.

How do I reconcile the Account?

After posting all of your transactions, and reconciling your bank account, we highly recommend navigating to the Balance page and to click on the “Download Statement” button. You can use one of the available exports  (e.g., CSV or Excel) which will include a running balance figure and a complete breakdown of your transactions. 

The running balances are aligned to reflect the Available balance for periods before the cutoff, or the Completed balance after the cutoff.   

Where is the potential friction?

Moving between the old and the new way of reconciling the account may create potential friction. Your closing balance for December 2022 may be in misalignment with your opening balance of January 2023, since some of the transactions included in your December statement are also included in your January statement. 

• In cases where Mesh identifies that your account may have differences between the opening and closing balance, your December 2022 Statement as well as your January 2023 statement will clearly reflect these differences, their source, and a detailed breakdown of the transactions leading to the differences.
• By posting the entire January 2023 activity, your January closing balance should align with the Mesh closing balance.