Cash Control - Retail

CASH CONTROL

3/25/2015 Chandan Rout 1

The Important Terms1. Cash count form – (also called fund log) form for recording amount of

fund received during the shift

2. Cash drawer – (also called till or register) drawer that hold money from

customer purchase.

3. Cash drops – removal of excess cash from the register/cash drawer

4. Cash funds – all payment methods, including paper money and coin,

cheques, credit card receipts, coupons or discount, and gifts certificates or

vouchers.

5. Cash pulls – (also called skims, bleeds, drop the till, cashier settlements)

removal of excess cash from drop boxes or the registers/cash drawers.

6. Cash reconciliation – (Also called settle banks, count drawers, cash count)

the counting of cash received to verify that the amount present matches the

amount that should be on hand, according to sale records.

7. Change fund – the change available for registers.

8. Crash kit – (Also called manual operations toolkit) box of items, such as

calculator and manual bill book etc.

9. Petty cash fund – (Also called paid –out fund) fund for the purchase of

small items.3/25/2015 Chandan Rout 2

POS( Point Of Sale)

Point of sale is the place where a retail transaction is

completed. It is the point at which a customer makes a

payment to the merchant in exchange for goods or

services.

EPOS - during computerization later

becoming electronic point of sale or EPOS

The modern point of sale is often referred to as the

point of service because it is not just a point of sale

but also a point of return or customer order.

Additionally it includes advanced features to cater to

different functionality, such as inventory management,

CRM, financials, warehousing, etc.,


ECR (Electronic cash Register)

A cash register, also referred to as a till is

a mechanical or electronic device for

registering and calculating transactions. It

is usually attached to a drawer for

storing cash and other valuables. The cash

register is also usually attached to a

printer, that can print out receipts for

record keeping purposes.


Follow cash handling standards and

procedures

Effective cash management begins with an understanding of the

cash used in the store.

The term cash fund refers to all the ways customers pay for their

orders:

• Paper money or coin.

• Cheques.

• Credit card receipts

• Coupons or discounts.

• Gift certificates or vouchers.

Keep cash funds at the proper level. Cashiers must have enough

cash at the registers to give customer change.


Controlling cash at the registers

The MOD is accountable for controlling cash for the shift. This

includes ensuring that every team member properly performs tasks

such as

• Receiving cash from customers

and making correct change

• Securing cash

• Settling funds at the end of the shift

and accounting for all cash in the register

• Removing excess cash from the registers.


Cash drops and cash pulls

A cash drop is when a team member takes excess cash

from the register and puts it into a drop box.

A cash pulls is when the MOD puts money from the drop

box or register into the safe.

Each cash pulls must be

documented carefully

to ensure:

• Team member security.

• Accountability.

• Accurate setting to funds.


Take 15 minutes…

1. What cash control procedures should be followed

when counting funds?

2. What are the advantages of the cashier of limiting

the amount of money on hand.

3. What procedure regarding the register does a

person follow before and after going on break?

4. Why it is important to have consistent cash

control procedure in place?

5. How are the cash shortage and surpluses

handled?


If the type of transaction…..

1. Credit card

2. Personal cheques

3. Coupons

4. Gift certificates or vouchers

5. Refunds

6. Counterfeit money

7. No-Show(customer who does not show

up to pick up an order.

8. Voids

9. Discount team member discount

10.Cash purchase



If your cash till contains Rs56000 and as per POS the sale of a store is Rs 50000 in which10000 is the tax amount, Rs 3000 for credit card and Rs 2000 for food coupons. So calculate the cash amount as well as the petty cash available in a store.

Note: due to emergency the cash purchase was Rs 2000, and the float amount was Rs 1000

Daily Sales Report CHS: if the denomination is as follow Gross sale –The credit sale: 1000* 1= 1000Credit card – 500*Debit card – 100*Master card - 50*Amex Card Food coupons/gift vouchersSodexo –Ticket Restaurant -GV –Sale tax amount -

Cash Control - Retail

Retail

Transcript of Cash Control - Retail