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CAKE | Restaurant Management System & POS

Understanding Payment Reports

Understanding Payment Reports

Having helpful reports are essential to understanding the health of any business. For CAKE, restaurants are no different. CAKE knows it’s important to operators to comprehend these reports. This is why we provide robust reports to all operators. However, with all these various reports, it’s hard knowing what they all mean. This article provides a high level overview as to what each of the payment related reports are and how you can use them to make sense of your day to day business.

Close Cash Report - Close Cash is a critical function that is designed to be processed everyday. Close Cash ensures that you get paid for your Credit Card sales as soon as possible and is also an important custodial function for the wellness of the POS software. Below we discuss exactly what Close Cash does and why it is so important to be performed regularly.

Click here for Close Cash Process

Payment Reports - This tab gives you an in-depth summary of all credit card payments you accepted from your POS and through online orders. There are three types of reports available: Transactions, Account Balance, and Sales Summary.
Transactions - Overview of all credit card payments that have been posted (settled) to your bank account or pending (waiting to be deposited).

Account Balance - Overview of close cash batches that were captured from your POS minus any fees that were assessed. These fees may include but are not limited to transaction fees, hardware fees, premium funding options like Accelerated Funding, etc. Sales Summary - Overview of all sales and refunds over a specific date range. We show your net sums after any fees that were assessed as well.

Account Balance Report

One of the most important and frequently asked about reports we offer is the Account Balance Report. The Account Balance Report is an overview of close cash batches that were captured from your POS minus any fees that were assessed. These fees may include but are not limited to transaction fees, hardware fees, premium funding options like Accelerated Funding, etc.

As you can see in the screenshot below, the report is broken down into three columns: Date, Description, and Amount. The Date correlates to the date the line item was processed, the Description is what the line item is, and the Amount shows whether your bank account was debited (negative) or credited (positive).

 

For each day you accept payments with CAKE, you should see a few line items in the Account Balance Report after you close cash. The Description field will show you the following information:

Captured Transactions - This is the sum total of credit card payments you accepted that will be settled to your account according to the Cake Payments payout schedule. (If you use World Pay as your processor, please review your payout schedule)

Billing - Cake Transaction Fees (POS) - This is the sum total of all transaction fees from the captured credit card payments you accepted for this batch. You can click to view the fee breakdown in more detail where it shows the breakdown between card present vs keyed transactions.

Payout - This is the net amount that was settled to your bank account minus fees. You can calculate this amount by taking your Captured Transactions and subtracting all fees.

Click here for a PDF that explains the payout schedule. 

Sometimes you will have more than three line items per date; that’s okay! If you close cash more than 1x per day, this is normal. Each time you close cash, you will see a billing and and captured transaction line item. Right now, Payouts only happen 1x per day.