Businesses and stores use cash registers to hold cash and keep track of sales, and it is important that they keep their registers secured from theft and miscalculation. Balancing the cash register and checking the till’s cash amount for the shift or day is important, and allows you to properly keep track of the money your outlet or department is earning.
Whether you are a cashier about to finish your shift or about to balance the cash register at the end of the day, you have to make sure that your assets are calculated correctly and done while safe from prying eyes.
What you need:
- Cash register
- Reconciliation sheet, or any necessary paperwork
- Pen, pencil
1. Remove cash register till
After your shift or after closing hours, “ring out” and take the cash register drawer to a secure location. The cash register contains the money your store has earned for the day, so it is best that counting its contents and preparing the day’s financial report should be done somewhere private.
2. Total the transaction documents
Keep and take note of all the transaction documents (e.g. receipts, credit card slips, coupons) so they can be compared with and balanced with the cash in the register drawer. If you are using a computerized cash register system in your store or department, run a cash report that tells how much money had amounted from the shift or day. Be sure to list cash transactions and credit card transactions separately when adding the sale totals. After getting the cash register’s balance for the day, write down the figure on the paperwork.
3. Count the money
Take out the money from the till and count the amounts, as well as any other additional cash transactions that had taken place during the shift or day. For added accuracy, you can also use a calculator if you want to. Be sure to list their amount according to type (e.g. cash, checks, coupons). After calculating their amount, write down it down as well as grand total on the paperwork.
4. Compare amounts
Be sure to compare the total sales you have made for the day and the amount you have counted. If the amounts match, this means that your calculations are accurate and there are no problems with the shift or day’s earnings. But be sure to double-check just in case. If there is a difference in the amounts though, investigate and try to resolve the problem. Take note of this as well for future use.
5. Settle the day’s amount
This is for calculating the cash amounts at the end of the day. Get the register’s balance from the night before and subtract that amount from this day’s grand total. Whatever comes up from this calculation should be equal with this day’s cash sales. If you find that both numbers match, then that means that your cash register till has balanced and the transactions accurate. Then, fill out the rest of the paperwork accordingly.
Make sure that your cash amount calculations are done accurately, so you can properly assess your earnings and sales. Having this accurate information will make sure that your outlet or department will not suffer from any financial problems or fraud.