How to Reconcile your Sales over a Given Time Frame
Purchase reconciliation is when you compare the POS transactions that were marked as 'debit' compared to how many actual debit transactions were run through POSaBIT. This will allow you to identify any mistakes that could have been made when ringing up orders as well as identify any settlement issues that may have occurred with the POSaBIT debit transactions.
Steps to reconcile your debit sales:
First, generate sales reports from the POSaBIT's payments portal as well as your POS portal:
- Login to your POS portal and pull a report on sales for the desired time frame. Use this report to identify the total quantity of debit purchases made as well as the total sales amount of transactions for the selected time frame.
- Login to your POSaBIT Payments portal.
- Select Reporting from the left side menu.
- Under Financial Reports select Purchase History - Between Dates.
- Once on the report page, use the date selector at the top of the screen to set the same time frame that was used to pull the sales report within your POS portal in step #1.
- 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, once you have generated both reports use the following methods to compare/reconcile the data:
- First, scroll to the bottom of the "Purchase History - Between Dates" table and locate the total for the column labeled "POS Total Amount". This amount can be directly compared to the total sales amount found within your point of sale portal.
- Second, under the table on the left-hand side, you will see a count of entries. This is the total amount of transactions for the selected time frame. This can be compared to the total debit transaction count found within your POS portal.
Finally, if either the POS Total Amount or transaction count found within POSaBIT doesn't match the sales in your POS portal, use the following steps to diagnose the issue:
- First, export the "Purchase History - Between Dates" report and open using a spreadsheet editing software such as Excel.
- Next, compare the total purchase amount found within your POS portal to the "POS Total Amount" column total found on the "Purchase History - Between Dates" report. This number will tell you which system has more "debit" sales than the other.
- If the total purchase amount found within your POS portal is higher than the "POS Total Amount", this most likely means that a cash transaction was accidentally tendered out as "Debit" on the POS. If this is the case, you can easily identify the transaction that was wrongly tendered by downloading the sales report from your POS portal and searching for the difference amount found above. If this doesn't work then there are probably multiple transactions that were wrongly tendered and you will need to do a side-by-side comparison of the sales report from your POS to the "Purchase History - Between Dates" to identify the difference.
- If the total purchase amount found within your POS portal is lower than the "POS Total Amount", this most likely means that a debit transaction was accidentally tendered out as "Cash" on the POS. Similar to above you can easily identify the transaction that was wrongly tendered by downloading the sales report from your POS portal and searching for the difference amount found above. If this doesn't work then there are probably multiple transactions that were wrongly tendered and you will need to do a side-by-side comparison of the sales report from your POS to the "Purchase History - Between Dates" to identify the difference.
