In fact, there are many key differences that would affect which route you go for your retail business. While many may use those terms interchangeably, they’re not one and the same. The heart of a retail business? The point-of-purchase, cash register or point-of-sale (POS) system. To handle that kind of volume, brick-and-mortar businesses need to arm themselves with the tools - both hardware and software - to keep operations running smoothly. The supervisor reviews the reconciliation form, as well as any explanations for discrepancies, and approves the form if he or she agrees with it.Ī sample of the reconciliation portion of the daily cash reconciliation form is shown below.Most thriving retail businesses process many transactions on a daily basis, sometimes thousands. Sign and date the form, and submit to a supervisor for review. Reconcile the differences between the two columns.

Using the cash register tape, summarize on the form the amount of receipts by cash, check, coupon, and credit card.Ĭompare the totals on the form for cash, checks, coupons, and credit card receipts that are based on individual receipts and that are based on the cash register.

Using the cash register tape, summarize on the form the amount of gross sales, voided sales, and sales returns to arrive at a net sales figure. Using individual cash and receipts in the cash register, summarize on the form the amount of receipts by cash, check, coupon, and credit cards. List on the daily reconciliation form all cash collected, which may be broken down by individual type of bill and coin.

List on the form the amount of beginning cash in the cash drawer, which may be broken down by individual type of bill and coin. Obtain a daily reconciliation form on which to document the cash reconciliation. The procedure to follow for this cash reconciliation is as follows: The verification can also take place whenever a different clerk takes over a cash register. A cash reconciliation is the process of verifying the amount of cash in a cash register as of the close of business.

Another word for running cash register