A list of Frequently Asked Questions can be found at the end of this article.
Monthly Statement Overview
Business & Contact Information General business information identifying your venue including name & address. Additionally, POSaBIT Support Contact information is provided in case any questions arise.
Monthly Summary A summary of all deposits/withdrawals that affected the statement period.
Outstanding From "Previous Month" A list of settlements for transactions that took place in the previous month but were settled within the statement month.
Outstanding From "Current Month" A list of settlements for transactions that occurred in the statement month but will not settle until the following month.
Revenue Share (If applicable, for high volume accounts only) This table will break down the total Revenue share you can expect to receive for the statement month.
Only applicable for high volume merchants that have a revenue share deal with POSaBIT
Fees (If Applicable) This table will break down any transaction-based fees that POSaBIT will be charging you for the statement month.
Only applicable for merchants that have transaction-based fees charged by POSaBIT
Debit Deposit Summary (If Applicable) A breakdown of every Debit deposit that is received within the statement month.
POSaBIT Pay Deposit Summary (If Applicable) A breakdown of every POSaBIT Pay deposit that is received within the statement month.
Monthly Statement Detailed Breakdown
Business & Contact Information
The Business & Contact Information section can be found at the very top of the first page of your POSaBIT Monthly Statement. This section includes general business information for your venue such as venue name & address. Additionally, this section will also tell you what time period this statement is for and provide POSaBIT support's contact information if any statement questions arise.
Monthly Summary
The Monthly Summary section can be found directly below the "Business & Contact Information" section on the first page of your statement. This section gives you a high level overview of the data that can be found within the statement. Below is a breakdown of each column found within the Monthly Summary:
Description
The "Description" column identifies what the data in that particular row is related to.
Count
The "Count" column represents the number of settlements related to the type of deposit/withdrawal identified by the "Description" column. For Debit & POSaBIT Pay Deposits, this will include all settlements received within the statement month as well as settlements for transactions that took place within the statement month but will not be received until the following month.
Amount
The "Amount" column represents the amount of funds processed related to the type of deposit/withdrawal identified by the "Description" column. For Debit & POSaBIT Pay Deposits, this will include all funds received within the statement month as well as funds for transactions that took place within the statement month but will not be received until the following month.
Returns
The "Returns" column represents the total amount of returns that were withheld from your deposits during the statement month.
Fees
The "Fees" column represents any transaction-based fees that are associated to the transactions that were settled within the statement month.
Collected
The "Collected" column represents the total amount of funds that you received within the statement month. NOTE: Revenue Share funds will appear within this column even though they will be paid out after the statement month.
Paid
The "Paid" column represents the total amount of funds that were withdrawn from your account for transaction-based fees. NOTE: Decline Fees will appear within this column even though they will be withdrawn from your account after the statement month.
Balance
The "Balance" column represents a running balance of all deposits/withdrawals associated with the statement month.
Outstanding From "Previous Month"
The Outstanding From "Previous Month" section can be found right below the "Month Summary" section on the first page of your POSaBIT Monthly Statement. This section is meant to call out specific transactions that took place within the previous month but settled within the statement month. Below is a breakdown of each column found within the Outstanding from "Previous Month" table:
Date
The "Date" column represents the actual transaction date that the transactions occurred on.
Pmt. Type
The "Pmt. Type" column represents what payment type the data in this column is associated with. This could either be "Debit" or "POSaBIT Pay"
Trans. Ct.
The "Trans. Ct." column represents the total count of transactions that occurred on this transaction date for the specific payment type.
Sales
The "Sales" column represents the total amount of sales that were processed through POSaBIT on this transaction date for the specific payment type. This column is most similar to the "Purchase" column within your POSaBIT transactional reports found within the portal. This means this total includes the POS Tender Amount as well as any Tips (but does not include change).
Change
The "Change" column represents the total amount of change given back to customers for transactions processed through POSaBIT on this transaction date for the specific payment type.
Returns
The "Returns" column represents any returned transactions that occurred on this transaction date for the specific payment type.
Amt. Rec.
The "Amt. Rec." column represents any funds that were received in the PRIOR statement month for transactions that occurred on this transaction date for the specific payment type. This is only applicable for payment types that are not paid out based on a standard midnight-to-midnight settlement timeframe.
Amt. Out.
The "Amt. Out." column represents any funds that were received in the CURRENT statement month for transactions that occurred on this transaction date for the specific payment type.
Outstanding From "Current Month"
The Outstanding From "Current Month" section can be found at the top of the second page of your POSaBIT Monthly Statement. This section is meant to call out specific transactions that took place within the statement month but settled within the next month.
The columns within this table match exactly to the columns found within the Outstanding From "Previous Month" table.
Revenue Share(If Applicable, for high volume accounts only)
The Revenue Share section can be found below the Outstanding from "Current Month" section on the second page of your POSaBIT Monthly Statement. This section contains any revenue share you have with POSaBIT. Within this table you can find details on what payment type the revenue share is for, the revenue share rate per transaction, the total amount of transactions used to calculate the total revenue share, then finally the total revenue share you can expect to receive for the statement month.
Fees(If Applicable)
The Fees section can be found at the bottom of the second page of your POSaBIT Monthly Statement. This table will break down any transaction-based fees that POSaBIT will be charging you for the statement month. Within this table you can find details on the type of fee, the fee rate per transaction or fixed rate, the total amount of transactions used to calculate the fee, then finally the total fee amount owed.
The Debit Deposit Summary section & POSaBIT Pay Deposit Summary can be found on the 3rd & potentially 4th page of your POSaBIT Monthly Statement. These tables contain the most in-depth data on the funds received within the statement month. This breakdown contains a list of each transaction date that you received funds for within the statement month including a count of transactions run, the total sales processed, the total change, total transaction based fees charged, and any returns run on that transaction date. Additionally, the two far right columns help to break down funds that were received in a previous month vs. funds received in the statement month. Below is a detailed breakdown of each column found within both the Debit Deposit Summary as well as the POSaBIT Pay Deposit Summary table:
Date
The "Date" column represents the actual transaction date that the transactions occurred on.
Pmt. Type
The "Pmt. Type" column represents what payment type the data in this column is associated with. This could either be "Debit" or "POSaBIT Pay"
Trans. Ct.
The "Trans. Ct." column represents the total count of transactions that occurred on this transaction date for the specific payment type.
Sales
The "Sales" column represents the total amount of sales that were processed through POSaBIT on this transaction date for the specific payment type. This column is most similar to the "Purchase" column within your POSaBIT transactional reports found within the portal. This means this total includes the POS Tender Amount as well as any Tips (but does not include change).
Change
The "Change" column represents the total amount of change given back to customers for transactions processed through POSaBIT on this transaction date for the specific payment type.
Fees
The "Fees" column represents any transaction-based fees for transactions processed through POSaBIT on this transaction date for the specific payment type.
Returns
The "Returns" column represents any returned transactions that occurred on this transaction date for the specific payment type.
Rec. Prev. Month
The "Rec. Prev. Month" column represents any funds that were received in the PRIOR statement month for transactions that occurred on this transaction date for the specific payment type. This is only applicable for payment types that are not paid out based on a standard midnight-to-midnight settlement timeframe.
TOT. Deposit AMT.
The "TOT. Deposit AMT." column represents any funds that were received in the CURRENT statement month for transactions that occurred on this transaction date for the specific payment type. This column will usually be blank on the last couple days of the month due to those transaction dates settling in the following statement month.
Frequently Asked Questions
When will the prior month's statements be available on the payments portal?
Statements are generated and uploaded on the 9th of the following month.
Why is the "Collected" on the Monthly Summary so much lower than the total "Amount"?
The "Amount" column for "Debit Transactions" within the Monthly summary is the sum of all transactions that occurred within the month as well as the funds that settled within the month. While the "Collected" is just the total amount of funds that were settled within the month.
Therefore, any transactions that occurred at the end of the month that did not settle within that month will not be included in the "Collected". This means the difference between the Amount & Collected Columns are transactions that occurred in the statement month but settled in the following month.
Why doesn't the "Debit Transaction Summary" line up with my deposits?
The Debit Transaction Summary is organized by transaction date, not settlement date. Therefore, if your settlements are not paid out based on the transaction date then the debit transaction summary will not align with the deposits you received throughout the month.
Why does the "Debit Transaction Summary" table contain transaction dates from the previous month?
The Debit Transaction Summary is meant to show all transactions that were settled within the statement month as well as all transactions that occurred within the month. Therefore, because the settlement date is often several days after the transaction date. There will most likely be a couple transaction days from the prior month that are settled within the statement month.
Did I receive funds for the transactions outlined in the "Outstanding From" tabled?
Yes, you have received funds for all transactions within the "Outstanding From Last Month" & "Outstanding from Current Month" tabled. These tables are simply meant to call out transactions that occurred in one month but settled in the following month.
