I'll try to clarify, from how I understand it:
Rep cap reached means you got at least 20 upvotes during that day (community wikis not included). Or in another way: If you got 200 points counting only upvotes.
Rep cap exceeded means you got at least 201 points during that day.
So, if you get 20 or more upvotes, but no accepted answers, you'll get 200 points (less if you also got downvotes or voted down). That means your "reached" count increases, but not your "exceeded" count.
If you have less than 20 upvotes, but more than 200 points (for example 19 upvotes, and one accepted answer = 205 points) your "exceeded" count will increase, but your "reached" count will not.
If you get 20 or more upvotes plus at least one accepted answer, both the "reached" and "exceeded" count will increase.