This is a common issue we see in support. There is a subtle but important difference to the Payment Reconciliation report and the Daily Payments Itemized report.
The difference between the Daily Submitted Payments report and the Payment Reconciliation report is mainly their purpose and suitability for reconciliation tasks:
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Payment Reconciliation Report: This report is specifically designed to reconcile the dollar value of received payments with your bank or credit card merchant amounts by comparing the charged amounts. It is the correct tool for comparing system payments with bank or merchant payments, providing accurate dollar-value comparisons without rounding errors.
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Daily Submitted Payments Report: This report shows all the submitted (or processed) payments within a certain time frame and can be filtered by payment type. However, it is not recommended for reconciliation purposes because it may display tax differently and lead to rounding errors, making the dollar-value comparison inaccurate.
In summary, use the Payment Reconciliation report for precise reconciliation of payments against banking or merchant data, while the Daily Submitted Payments report is better suited for viewing and summarizing payment submissions but not for detailed reconciliation.