On the 10th of each month, merchants receive a monthly statement from their processor that will outline all of the credit card transactions your business has processed over the course of the month, as well as the fees they have removed from your gross total.
Here we outline how to match that monthly statement to your Katalyst reporting.
First, at the top of the statement, all of the credit card transactions are listed by sales and then by gross, which is the number we will want to match with Katalyst. Your gross profit is the only number we are able to track in Katalyst as we do not get a report of the fees.
Something important to note when looking at deposits is the date of the deposit. The date of deposit is not the same as the date of transaction. Meaning, that the date listed on the monthly statement should be backdated to identify the date of the transaction by a couple of days. When there are multiple batches listed with the same date, this indicates that the transactions fell on either a holiday, Friday, or over the weekend.
Because some batches will not report on the same day as the transactions, that may mean a day is left out of the monthly statement. For example, is the last day of the month that batch will report with the next month. Check the dates carefully prior to filtering your report on Katalyst.
To match the total number of payments you will need to log into your merchant admin portal, and go to Reports > Payments > Credit Card Batch Settlement. Take the dates that would correlate with the statement provided and filter the report. Scroll to the bottom of the report and make the credit card transactions shown on the Katalyst report versus what is shown on the monthly statement.
If the totals do not match go to the Sales Report and filter for the same dates. The totals in this report will not match because it will show your cash sales so you will need to scroll down on this report and look at sales by payment type. Once there, you will deduct the cash amount which will bring you closer to the number shown on the monthly statement.
Then, go to sales by accrued revenue and match each cc to make sure that all payment types are represented on the monthly accrued revenue. Be sure to deduct Gift Cards as this is not accounted for in the monthly statement.
Gift cards are not accounted for because the purchase of the gift card will have been processed on the day of purchase. Anything labeled on this report as a gift card is actually being treated as cash.