Clarifying Daily Reports and Payment Reports

Finance UpdateA common financial question we get is that some reports don’t seem to reconcile with one another.  In particular, that some participant or transaction reports don’t reconcile with payment reports. There is a reason for this.  Payments follow a settlement calendar that is dictated by the banks and credit card processing companies.  Settlements typically cut off at 10:00 pm GMT (currently 6:00 pm EDT).  This means that transactions that happen after that time on a calendar day will be reported on that calendar day on the RSU system in participant or transaction reports but may show up on a subsequent day in a payment report because of settlement cut off times.

Said another way there are a few reports that sum up transactions but use a calendar date versus the settlement cut off date that is used for payments.  There are two reports in particular where we have noted this difference.  They are the Transaction sort by date in the Race Dashboard/Financial/Summary.  The other report where this occurs is in the Partner Dashboard under Financial/Top Races & Clubs.  If you run these reports by calendar date they will not match payments due to settlement cut off times. You will never reconcile them unless you take a period from when before processing starts and after it completes – like a few days before you accept registrations and a few days after you close (note that some races keep things like donations or stores open year round and therefore you will never stop taking transactions).

We know that reporting is important to you and it is our goal to provide accurate and timely reporting about your races.  It is also our goal to get your money to you for your races as quickly as possible. This results in two different ways of looking at the data.

Author: RunSignUp

RunSignUp is the leading innovator of online tools for race registration, race day solutions, and running clubs. Services include RunSignUp for registration, RunSignUp Go for Race Day, RunSignUp RD Go for Timers, RunSignUp Clubs to enable membership management, and RaceJoy for mobile experiences. More than 10,000 race directors, timers, running club officers and running stores use these services today, including leading organizations like the Boilermaker Road Race, Crim Festival of Races, Pittsburgh Three Rivers Marathon, Inc., Fifth Third River Bank Run, Blacklight Run, Bubble Run, Night Nation, Mercedes Marathon, Kentucky Derby Festival, Leone Timing, KC Running Company, Compuscore Timing, Knoxville Track Club, Pikes Peak Road Runners, Gulf Coast Runners, Columbus Running Company, Playmakers Running Store and many more. In 2015, over 10,000 races used the system to register more than 2.7 million participants. In 2016 over 14,000 races will use the system to process over 4.3 million paid registrations. Services are free except for processing fees when conducting monetary transactions such as race registration or club membership renewal. RunSignUp is founded by runners for runners, using technical capabilities to bring the power of cloud computing to benefit the running community. For more information, visit www.RunSignUp.com.

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