In reconciliations, I've noticed that my daily cumulative totals for Debit and Credit payments received in GlobalTill do not always line up with what is deposited into my bank account for the same day.
Why don't the total payments received from GlobalTill transactions match the total amount deposited in my bank account for the same day?
Payment processors have a cut-off time, usually 11:00 PM. This means if your business performs transactions past this time, GlobalTill will record the transactions on the date they occur, but the same transactions wouldn't be settled by your payment provider until the next day.
Here's how this would look with dates applied:
Today's date is October 28, 2021 and you've had 2 credit card sales total when the business closes its door at 12:00 AM.
- 1 credit card transaction happened before 11:00 PM.
- 1 credit card transaction happened after 11:00 PM.
When looking at your End of Shift report, or daily sales reporting, you will see both transactions are recorded in GlobalTill on October 28, 2021.
However, when looking at the report from your bank or payment processor that you use for reconciliation, you may see the transaction processed before 11:00 PM settled on October 28, 2021, and the transaction processed after 11:00 PM settled on October 29, 2021.
Variances stemming from the cut-off time/settlement date will washout over time. If you wish to drill down further, you can export GlobalTill's Payment Detail Report to reveal each transaction's authorization number, and compare it with the authorization number in the transaction export from your payment processor.
Some payment processor's offer extended cut-off times. Reach out to your payment processor if you would like to request a change in cut-off time.