How to Reconcile your Daily Purchases
Daily purchase reconciliation is used to analyze purchases for a specific day in order to confirm that your POS system and POSaBIT debit payments match up. Additionally, this can be used to determine which transactions have been paid out (settled) compared to how many are still processing (unsettled).
Steps to reconcile your daily purchases:
First, generate the "Daily Purchase Reconciliation" report for a specific timeframe that you would like to reconcile:
- Login to the POSaBIT payments 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 a timeframe that you would like 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.
Second, generate a sales report for debit purchases using your POS systems portal
- Login to your POS systems online portal
- Generate a sales report for the same timeframe that you set when running the "Daily Purchase Reconciliation" report in POSaBIT.
Third, compare your POS's sales report to POSaBIT's "Daily Purchase Reconciliation" to ensure that everything is matching up the way it should. Below are a couple of different useful ways to compare these reports:
- One, compare the POS total Amt. found within the Daily Purchase Reconciliation to the total amount of debit purchases within the sales report from your POS portal. This will give you a quick indication of whether these two systems are completely synced up or not before starting to look at settlement statuses. If these totals do not match it is most likely from a user tendering one or more purchases out as the wrong tender type. Read more on in-depth transaction reconciliations HERE.
- Two, you want to ensure that your deposits are settling when they should be. Settlements can take up to a week to settle, however usually settle within 24-48 hours. If you identify any days that have not settled for over a week, first ensure that all of your terminals have been getting batched out on a nightly basis. Once you have confirmed that all of your terminals have been batching out, reach out to POSaBIT so we can further look into why your deposit has been delayed. To learn more about how to read the settlement status on the "Daily Purchase Reconciliation" report click HERE.
- Finally, for more details on which transactions make up a specific deposit, you can click on the "Deposit Date" found on the "Daily Purchase Reconciliation". This will give you a view of every transaction that went into that day's deposit as well as any discrepancies within the deposit such as a voided transaction. Note, some days will have transactions that are paid out over two-three days depending on when the debit terminal was batched out. Click HERE to learn more about batch times and how they affect your payout schedule.
