Why aren't the payments recorded in GlobalTill equal to the amount deposited into my bank account each night?

December 08, 2020 17:13

Question

The daily total of debit and credit payments received in GlobalTill doesn't always line up with the amount deposited into my bank account for the same day.

Why doesn't the total amount of card payments recorded in GlobalTill equal the amount deposited into my bank account for the same day?

Answer

Payment processors have a cut-off time, usually 11:00 PM. Your business might see variances if it performs transactions past the cut-off time. While GlobalTill records transactions on the date they occur, transactions processed after the cut-off time aren't settled by your payment provider until the next day.

Here's how this looks with dates applied:

Today's date is October 28, 2021. You have two credit card sales total when your business closes its doors at 12:00 AM.

One credit card transaction happened before 11:00 PM.
One credit card transaction happened after 11:00 PM.

When looking at your End of Shift report, or daily sales reporting, you'd see both transactions are recorded in GlobalTill on October 28, 2021.

However, when looking at the report from your bank or payment processor, 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 washout over time. If you wish to drill down further, use 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.

Frequently asked questions

Payments are deposited into my account sporadically, with a much bigger variance than what could be accounted for with a cut-off time. Why?
If you're seeing deposits every 2-3 days, where a variance stemming from a cut-off time just doesn't make sense, reach out to your provider to ensure your batches are closing each night. See the article, Why aren't the funds from my payment terminal deposited into my bank account?