How to Complete your Daily Reconciliations

Overview

This article will go over our recommended end-of-day (EOD) reconciliation procedures using the Zaui reports. This is only a recommendation and not the only method to reconcile your EOD totals. 

It is important to note that this reconciliation procedure assumes that all bookings with travel components reported on the Daily Sales Summary for the report date are fully reconciled  (no outstanding balance).

We will rely heavily on the following three reports to reconcile each day. Each report can be found under Reports > Company Financials. 

1. Daily Balance Report will calculate your total transactions for the day minus your total revenue for the day (taking into account anything unearned or pre-paid) and indicate if you are balanced or not.
2. Daily Cash Sheet (CS) will summarize your daily cash intake on a per-employee basis.
3. Daily Sales Summary (DSS) will show all sales per activity date, as well as earned and unearned revenue.

Daily Reconciliation Process

1. Run the Daily Balance Report for the date you wish to reconcile. The report performs the following calculations:

What To Do If There Is A Variance

If you have a negative variance, you have collected less cash than you should have for the bookings you have fulfilled on this date. 

1. If you are reconciling a date in the past, it is possible that payments or adjustments have been made since the activity was completed. The first place to check would be the section at the bottom of the Daily Balance Report under "Bookings with travel components on [date] with payments in future".
   
2. If there are no bookings listed here, you can run the Daily Sales Summary, or Accounts Receivable Report to ensure that all bookings are fully paid. Both reports are located under Reports > Company Financials. 

If you have a positive variance, you have collected more cash on this date than you should have for the bookings that occurred. There are two possible explanations for this:

1. This date may be reporting transactions that were applied to a past booking that previously had an outstanding balance. To determine this, you will need to run your Daily Cash Sheet Report, and check through each credit card, cash, or debit transaction to ensure all activities on the booking are for the current or a future date. 
2. If you have to reconcile a date in the past, it is possible that a discount and refund could have been applied since the date the booking took place. In this case, the booking is reported at the discounted rate, but the discount is reflected on the Cash Sheet on another date (this will inevitably cause a negative variance on this date as well). To determine if this is the case, run the Daily Sales Summary and check each discounted booking under the Activity Details section to ensure the discount was transacted prior to, or on the activity date.