Open the till with a fixed float
Start every day with the same float, counted and signed for by the cashier. A fixed float makes the end of day count simple: anything above the float should match cash sales.
During the day
- Record every sale in the POS, including small ones.
- Record the payment method correctly: cash, bank card, transfer or mobile money.
- Record cash taken out of the till, such as a safe drop or a petty expense, at the time it happens.
At close: count and compare
- Print or open the POS sales report for the day.
- Count the cash in the drawer by note and coin.
- Subtract the opening float. The rest is cash takings.
- Compare cash takings with cash sales in the report, after cash taken out.
- Check mobile money and bank payments against the wallet or bank, not the drawer.
- Record any shortage or surplus with a short note and the cashier's name.
Common reasons for differences
- A mobile money sale recorded as cash, or the other way round.
- Change given wrongly.
- A sale not entered in the POS.
- Cash taken out for an expense without recording it.
- Counting errors. Count twice before you record a difference.
Bank the takings
Deposit takings promptly and record the deposit from the till to the bank. At month end, the bank reconciliation should show every deposit.
How InsightBooks helps
InsightBooks opens the till day at 05:00 and closes it at 19:00 automatically, tracks the opening float and deposits and emails the day's sales report to the owner. Cash, bank and mobile money sales are shown separately, which makes the count quicker.
Frequently asked questions
How much should the float be?
Enough change for the first sales of the day. Keep it the same every day so the count is easy.
What should I do about a small shortage?
Recount, check mobile money and card sales were recorded correctly, then record the difference with a note. Watch for patterns rather than single days.
Related
- POS Software for Shops in MalawiPoint of sale for Malawian shops: fast checkout, cash and mobile money, receipts, automatic till open and close and a daily sales report emailed at 19:00.
- Bank Reconciliation Software for Malawi BanksImport bank statements (CSV, Excel, OFX and Standard Bank, NBS and NBM e-statements), match them to your books and finish only when the difference is zero.
- Retail Shop and Supermarket Software in MalawiPOS, barcodes, stock across branches and warehouses, supplier purchases and daily sales reports for retail shops, supermarkets and wholesalers in Malawi.
- Restaurant and Bar POS Software in MalawiCounter POS, drinks and supplies stock, expenses, staff payroll and a daily sales report for restaurants, bars, cafes and takeaways in Malawi.