End of Day/Shift is one of the most important process that should be done at the end of day/shift to balance the till. You should make sure your staff can balance and have tight control over your cash. If there is dependency, you need to find out the reasons.
There are a number of reasons why your cashier could be out of balance when it’s time to close out the register. For the most part, these discrepancies arise as a result of employees making simple mistakes and not catching them in time.
Here are some reasons why your numbers on your reports might to match up to the money in your drawer.
1.Giving customers too much change
One of the main reasons why shortages occur is because cashiers end up overpaying customers. And while these cash discrepancies do happen from time to time, the good news is that the money missing is usually just a few cents to a dollar. For this reason, some stores give cashiers a little bit of flexibility, usually $0.50 to $1.00, if they come up short once in a blue moon.
2. Not giving customers enough change
Did you know that having an overage in the drawer is just as bad as having a shortage? This is because more often than not, overages are a result of the cashier not giving the customer sufficient change. Overages are especially bad because of the negative impact they can have on your brand reputation. Not do you run the risk of an unhappy customer never shopping at your store again, they might also post about their experience getting shortchanged on social media.
3. Entering incorrect payment methods
Another factor that can cause the cashier to end their shift out of balance is entering the wrong payment type. This is especially common among stores that use Point-of-Sale systems that require the cashier to manually enter whether the product was paid for with cash, credit and debit cards where one careless error could give the register a significant overage or shortage. While these mistakes can be incredibly frustrating, the good news is that the money isn’t really missing. And with a little bit of investigating, managers are usually able to spot the problem and correct it.
4.Not handling refunds properly
Not following the proper return protocol can also cause a lot of problems when it comes to end-of-shift reporting, especially in instances where refund is made. In fact, mishandling returns can cause a lot of problems with the inventory as well as cash discrepancies in the drawer, which it’s always a good idea to make sure that only well-trained and experienced employees are allowed to handle refunds.
The last major cause of cash shortages is theft. While managers shouldn’t be quick to accuse cashiers of theft at the first sign of a shortage, there are instances where employees do steal from the drawer. As soon as you notice money regularly missing at the end of a shift, you’ll want to conduct an investigation to see whether someone is stealing from you.
With that said, cash discrepancies are a serious issue. Even when the money isn’t actually missing, managers still end up spending a lot of time reading receipts or going through data to track down mistakes and fix them – and that’s time that could’ve been spent doing more productive things.
End Of Day/Shift Report
Follow steps below to make your End of Day/Shift report. Go to reports, select End of day/Shift report.
- Open the cash drawer, by pressing F10 on the keyboard, or by selecting Open icon.
- Make sure that the Till Tab is highlighted at the top left hand side of your screen and touch the appropriate sub folder and input and/or verify the totals for each.
Remove your float from the register and put aside. (The float that you opened with in the morning or shift opening will display on this screen next to "Opening Balance"). Count all the cash in your tray. Each time you choose a box to enter the quantity for each denomination of currency a QTY Form will appear.
Enter total pennies into the QTY Form and press the OK button on the form, then choose nickels, dimes etc, following the same procedure. Double-check your entries prior to continuing. When you are certain that your entry is correct, choose the big OK button (with the big red check mark on the top portion of the screen.
When the Notification! Box appears displaying the message, Are You Sure press YES if they are correct. If you don’t wish to enter all denomination, select Lump Sum and enter total money.
- Cash, verify that each of the cash listed are correct and press the OK button. All payouts for washer/dryer are listed. When the Notification! Box appears displaying the message, Are You Sure press YES if they are correct.
Verify that each of the checks listed are correct and press the OK button. When the Notification! Box appears displaying the message, Are You Sure press YES if they are correct.
Credit Card, If the credit card totals Visa, M/C Amex etc match the total on the "IN" column on the Till Report screen, press OK on the credit card tab. If there is a difference, review each item listed on the credit card tab. When you have identified the discrepancy correct if possible or report discrepancy to Sales Audit. Now you can press OK on the credit card tab.
When the Notification! Box appears displaying the message, Are You Sure press YES if they are correct.
- Laundry Card, If the Laundry card match the total on the "IN" column on the Till Report screen, press OK on the credit card tab. If there is a difference, review each item listed on the credit card tab.
Refund, Verify that each of Refunds listed are correct and press the OK button. When the Notification! Box appears displaying the message, Are You Sure press YES if they are correct.
- Payout, Verify that each of Pay Outs listed are correct and press the OK button. When the Notification! Box appears displaying the message, Are You Sure press YES if they are correct.
When you have verified all the Sub Folder amounts and answered YES to each one you will see a check mark next to each item on the bottom of the form.
NOTE: you must go through EACH tab whether you have applicable amounts or not.
If the check mark does not appear next to a particular Sub Folder, choose the Sub Folder from the top tab, verify the items listed and press OK. When the last Sub Folder has been confirmed, a NOTIFICATION message box appears stating, "Are you Sure to Close This Station or shift? No more transactions on this station allowed." Choose YES or NO. You will only get an additional message box displaying, "Are you Sure to Close the Store?" if you choose YES. Press YES. A message box will display to confirm that your store has been closed
Prepare your bank deposit slip as per your current store procedure and store the store float in the tray as usual. Remember to leave the cash drawer open.
Print the Till Report. Ensure that the Till Report tab is highlighted and press the Print button.
After all tender types are verified, you get prompted to close the day/shift. Once the store/shift is closed, you are not allowed to make any more transactions.
After new day/shift is started, you get prompted to enter till float. Enter your new shift till and confirm.
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