The Close of Day report is generated after you have completed the close of day process in your account. It will contain a list of all of the payments and payment reversals since the last close of day process was completed. It's important to understand that the Close of Day report is the only report in storEDGE that is not based on the calendar day. It has data in it based on the timing of the close of day process. For example, if you complete the close of day process on Monday at 5 pm and then not again until Thursday at 5 pm, the report generated on Thursday at 5 pm will have all of the payments processed between 5pm on Monday and 5 pm on Thursday.
Although the Close of Day report contains all payment activity, its primary goal is to provide documentation of the reconciliation of cash, check, and money order payments with what you physically have in your cash drawer. To assist with that, the summary section of the report is grouped into two categories: physical payments and electronic payments. Those two categories are further sectioned into payments and reversals. Typically, you can ignore reversals when reconciling to the cash drawer, but in the case of a payment mistake, you’ll need to include the reversal in the reconciliation.
How a payment mistake affects the Close of Day report
Say a $25.00 check payment was applied to Unit 101. After applying the payment, you realize it should have been applied to Unit 110. You go to Unit 101’s ledger and void the payment. Then you go to Unit 110’s ledger and apply the payment. The Close of Day report will reflect three transactions:
- Check payment of $25.00 toward unit 101.
- Check void of $25.00 toward unit 101.
- Check payment of $25.00 toward unit 110.
The Close of Day summary will have $50.00 in check payments and $25.00 in reversals for a net total of $25.00. Your cash drawer will also have a single $25.00 check in it. So in this case, you would reconcile your cash drawer to the total amount rather than the payment amount.
How an NSF affects the Close of Day report
Say a $120.00 check payment was applied to Unit 200 on the 2nd of the month. Then on the 14th, you received notice that the check bounced and recorded it as an NSF on Unit 200’s ledger.
The Close of Day report will include the NSF check in the check reversal section for the day but your cash drawer would not have anything in it for this NSF. To reconcile to your cash drawer, you would ignore this NSF check activity and only look at check payments.