How to Perform a Deposit Reconciliation
Deposit Reconciliation allows you to dig down into specific deposits in order to analyze exactly which purchases made up the deposit as well as view any discrepancies that may have occurred. Using the deposit details report you can see a breakdown of each purchase that went into the deposit, all fees that were applied, as well as match up the deposit amount to what you actually received in your bank account.
Steps for reconciling your deposits using the "Deposit Reconciliation Report":
- Login to the POSaBIT web portal
- Select Reporting from the left side menu.
- Under Financial Reports select the report labeled Deposit Reconciliation Report.
- Once on the report page, use the date selector at the top of the screen to select the day that you received the deposit you wish to reconcile
- Note: If you're a part of a franchise and have access to multiple venues, you will also need to specify which venue you would like to run the report for using the "Select Account" drop-down at the top of the page.
- Finally press "run" to generate the report.
After you have run the report you will see a list of all deposits that you received during the selected time frame. These deposits are organized by the date that the deposit occurred. Therefore, locate the deposit you would like to reconcile by finding the date that it was received. Once located you can view some summary data metrics directly within the table, or dive into the deposit by clicking on the "Date" column.
Once in a specific deposit's details, there are several useful metrics that can be used for reconciliations. Below is a list of key data points that can be used:
- First, you can use the transactional dates found at the top of the report along with the transaction count, to reconcile with your POS, in order to determine if they're reflecting the same amount of transactions for those specific dates/times.
- Second, the net deposit amount can be found in the top right-hand corner. This deposit amount can be reconciled by comparing it to the deposit you received in your bank account for this specific day.
- Third, within the top metrics in the report, you will see a count of any discrepancies that are reflected in this deposit. You will also see a reason for the discrepancy such as "Void" for a purchase that was manually voided.
- Lastly, within the table at the bottom of the page, there is a row titled "POS Tender Amount". This is the exact amount that the POS rang up for the purchases before any tips or fees were applied through POSaBIT. Therefore, if you scroll to the bottom of the table, you can use the total for the "POS Tender Amount" and compare it directly to the sales for your POS within the transactional dates to perform a detailed purchase reconciliation.
