R94 reports on the value of awards issued. This includes:
- Awards that have already been spent in full
- Awards that have only been spent in part (i.e. there are funds left over in the recipients' award balances)
- Awards that have been sent, but cancelled by the employer at a later stage (i.e. have not been added to recipients' balances)
MI reports, on the other hand, display figures for employee spend. This is the portion of issued awards that has already been used to purchase retail vouchers through the platform (and is independent from spend through the SmartSpending product).
Unless no employees on the platform have outstanding award balances, these will only cover a fraction of the awards issued that appear in R94.