Money & Banking

Updated 30th May 2006

Daily Cash Summary and Banking

This task is the balancing of the money taken out of the register to the register printouts.
You are checking to ensure money is neither lost nor stolen and correct information is passed on to our accounts people. Others will save an enormous amount of time if you get all the detail correct. Time will be lost and customers will be upset if you do not allocate R4 (invoiced goods) payments.
The key to balancing the registers is to balance them as soon as possible. They must be balanced at the end of the day Friday, Saturday, and Sunday and on Public holidays. Otherwise they must be balanced the following day.
Any delays at all make it very difficult to trace imbalances and if money has been mislaid it will be lost if not followed up as soon as possible. You will find problems easier to solve while the transactions are still fresh in staffs’ minds.
You must also spend whatever time is necessary to explain errors.
The daily cash summary is entered into the computer cashbook and returns file. Fill in all columns in all areas shaded, it will be used by the clerk who does the cash book for their reports.
The register readout figure is near the top of the docket shown as “nett sales” (above the line that says “T.I.D.”). The total transactions number is the figure on the same line as “nett sales.”

There are basically three stages to your job. Balancing the takings for the day, writing up the money for the day and then making sure what is counted out of the register is exactly what is banked for the day. Fill in the totals for EFT slips, pay in book and balance to armaguard.
While you are doing this you should pay attention to the following points.

Balancing the cash registers

Please make sure you are using the cashbook (and not the blank cashbook). Record the date and your name at the beginning of the entry. You need to fill in all the yellow spaces for every register that was used on the day (except manual Cred and EFT- unless the EFT machines have gone down).

All money needs to be counted out of sight of customers. Safes should be kept locked at all times.

Start with R4 to make sure it adds up to within $5 difference

1. Ring off register (key in R2 position, press CASH). On Wednesdays and the last day of the month you need to do a Z2 reading (key in Z2 position and press 200 then CASH). This is the Register Readout.
2. Ring off the EFT machine- Press blue ‘F’ key at the top of the machine. Choose 3 totals,’ enter password, choose ‘1- reconciliation.’ This is the EFT readout.
a. Prepare a float of $200 for registers 1, 2, & 3; $20 for R4
b. Count the cash left over and enter the amount into the cash column for that register
c. If there are any $5, $10 or $20 notes, try not to drop them in the Armaguard safe; swap them for $50 or $100 from the change safe.
d. Fill out the Armaguard slip and put slip on top of the bundle of cash, put the bundle in a large clearance bag, and feed it into the slot in the Armaguard safe. Ensure it drops and doesn’t stick in the teeth.
e. Remove all non-cash items from the drawer and put them in a bundle
3. This drawer can now be returned to the register
4. Add up the cheques and enter these into the spreadsheet.
5. Enter the register readout, which is TAXABLE TL + GST added together. This amount should equal the amount that appears in the line above T.I.D. (to within a few cents). For R4 & R5, the register readout is the total of all the entries in the R4 book and R5 Summary.
6. Enter the Reg EFT, which is the Total EFT on the EFT readout.
7. Enter the no. transactions which appears at the top of the Register Readout, next to the words ‘NETT SALES.’
8. For R1, R2 & R3, Enter return slips and gift vouchers in returns section.
9. EFT, AMEX and Diners Summ- Add up the TOTAL BANKs from the eft readouts on each register. Enter this amount into the EFT summ. box. Add up all the AMEX and Diners amounts and enter these as well. The EFT diff should be exactly zero.
10. Bagged and counted floats should be put on the left hand side of the safe for use the next day. If the registers have not been counted for the day the bags go on the right hand side.
11. The cash register drawer should be left open and empty with the money tray clearly visible to show would-be thieves that there is no cash on site.

When errors occur they must be investigated thoroughly straight away.
After checking your calculations check under the trays, in the safe, etc. for any cash that may have been left lying around. Check for returns left in returns books and ask register staff if they forgot to write any returns up. Check the till roll for mistakes and if the problem persists notify the manager and make sure the cashiers on the day know a problem has occurred.
You have to show some judgment with what size error to report, a $20 error once in two weeks is not a problem but if you are $20 short every day then it is obviously a considerable problem.

R4 & R5 Payments

If the takings in R4 or R5 exceed the amounts entered in the payments book it means that money has been put in and not attributed to an invoice or account.
You must spend the time to locate where these payments should be allocated. Always be completely sure before you allocate. If you take a punt so you can get a balance you will upset one customer who is going to get a statement for something they have already paid for and we may miss out on payment for the invoice you have incorrectly allocated it to.
Make sure staff are ringing up payments for invoiced products as well as writing them in the payments book. If you know the exact amounts it will make it a lot easier to establish who made the payment. It will also help the accounts receivable clerk.

Your first step should be to check all EFT slips and Cheques against R4 & R5 book, then look on the R4 till roll for missing payments. Then check the delivery allocation sheet for the day for Cod’s and Paid which have not been recorded as payments, and then the allocation sheets for the following days looking for invoices which have paid on the invoice but have not been written up.
Remember instant turf, gallery, water tanks and paving are also paid through the invoice register.

If the takings are less than what is in the payments book, money or EFT slips have probably been mislaid, so search in the obvious spots and report the problem to the manager.

Report to manager is R4 is not being filled with hard copy in shop and in yard.


Cross-checking banking.
It is essential that the cash counted in all registers equals the amount written up for Armaguard, that the total written up in the pay in book equals the computer total and the EFT total equals the summary. Enter all these totals in the computer cash book in the appropriate shaded area.
This is particularly important after the weekends and Public holidays.
We have had problems in the past with money disappearing behind the drawer in the safe. This check is to ensure money is not lost after it is counted out of the register and when it is taken to the bank.
If discrepancies occur you must trace them to the type of payment, eg. Cash, bankcard, cheque etc. This can be done by checking with the totals in the pay-in book.
A thorough search should be made if differences persist.
Cheques are taken to the bank on Monday and Thursday AFTER Armaguard has been. Armaguard cheque needs to be banked. Takings from Thurs, Fri, Sat, Sun banked on Monday and takings from Mon, Tues, Wed banked on Thursday.

Clear notes regarding any problems or alterations to the banking must be written in the daily cash summary where they cannot be lost and will save a lot of time for the staff member who does the weekly and monthly reports.


The change safe should be checked every Wednesday to replace any change used up. The change breakdown is listed on the back wall of the safe. Count the change and order replacements from Armaguard. Any discrepancies must be banked or a cheque written if the safe is down.
Change must be ordered by fax and before 12pm on a Wednesday for Thursday delivery.

Armaguard banking

Armaguard normally pick up Monday and Thursday. Write the Armaguard cheque up on a separate page of the pay-in book and bank on these days.
Armaguard will contact us advising us of any errors on the Armaguard slips. Make a very clear note regarding these mistakes on the Armaguard slips, put this into the envelope for the relevant week with the Z reads, EFT`s etc. Trace these adjustments back to the relevant day and register in the daily cash summary and make clear notes explaining how it affects that balance. Any problems that show up should be reported to the manager.
Make sure there is an adequate supply of bags and green booklets and make sure all banking bags etc. are tidily in the right spot.

The armaguard safe is insured for $50,000 in total (Up to $3000 in the change tray)
4.3 Sundry banking
Sundry banking is all banking of money that has not been through the registers.
This banking should be written onto a separate sheet and very clear notes as to its source should be written next to it in the pay-in book.

When you adjust the register printouts for the returns make sure that the returns have been allocated in the returns sub file of the cashbook. All returns slips must be put in an envelope each day and stored with the register printouts. Write the gift voucher number into the returns book.
Check that there are adequate returns books for staff to use and that staff are filling in all details on the slips.

Record keeping
If you do the banking the credit cards must be attached to the merchant summaries and put in the appropriate filing container on the same day that you bank. The Armaguard slips and summaries should also be filed on the day they are processed.
Remember to do Z2 readouts every Wednesday and also on the last day of each month. On all registers: turn the key to Z, Press 200 and CASH. Z! & Z2 register printouts, EFT transactions slips which should be attached to the summary, returns slips and any relevant notes must be put in a plastic banking bag in the top safe. Stephanie & Penny put them in the pink bucket on Stephanies desk.

Float bag
When you are doing the banking for the day you will have 2 lots of empty float bags. Make sure the floats you make up go back into the left side of the safe bottom tray. This will save time for the staff member who opens the following day.

Yard Register and Float
The yard register (R1) is treated the same as the R3 register. All EFT summaries need to be separated from R5 before balancing the register. The yard manager counts the Yard register float out every day before you receive the daily takings.

Never leave money unattended when you are balancing the registers. You are solely responsible for the money so never leave the room when you are counting the money and if you have to carry the money somewhere, go directly there and do not be distracted by anyone. Keep the delivery box locked at all times.

Gift vouchers
Make sure all used vouchers are immediately and clearly marked as cancelled and entered as redeemed in the gift voucher book and stored in the front of the accounts payable files.

To reach high office shelves you must use the step ladder provided not stand on chairs.

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