Difference between revisions of "Reconciling the cash box"

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# Make a special deposit
+
# Prepare all daily deposits
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#* include any undeposited checks
+
# Prepare a special deposit which contains the checks which came in the mail and have already been entered in the books as going in the safe, as well as extra coins (the need for coins may change depending on store and front desk needs)
−
#* include any unneeded change:
+
# Using a till worksheet spreadsheet, count all of the cash remaining in the cash box
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#*# count out 15 pennies, 15 nickels, 15 dimes, all the quarters and save them
+
#* Put prepared but undeposited deposits as individual lines in the checks fields (DO NOT enter these in the books)
−
#*# any remaining coins (including half dollars and dollar coins) are unneeded change and go into the special deposit
+
# delete the value from the ''A. Cash (start)'' field
−
# Make sure all regular have been made.
+
# Open the books and make sure all dailies and all bank deposit receipts have been entered.
−
#* ''If you can't wait for the deposits to be made, double count prepared but undeposited deposits and record them in the books anyway.''
+
# Enter the current balance from the ''Assets:Cash:Safe'' account in the ''J - Tot Real from DB'' field
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# Use a till worksheet spreadsheet to account for all cash remaining in the cash box
+
# Open a reconciliation window for "Assets:Cash:Safe"
−
#* ''do not include prepared but undeposited deposits in the till worksheet
+
## Going through the dailies, make sure all of the daily transfer amounts and all of the deposit receipts have been correctly entered
−
#* delete the value values from the ''A. Cash (start)'' field
+
## Things to watch for:
−
#* enter the current balance from the ''Assets:Cash:Safe'' account in the ''J - Tot Real from DB'' field
+
##* Uncaught beginning shift errors (till was off at the beginning of the day)
−
#* double check and print
+
##* Corrections were made to a till worksheet, but the uncorrected amount got entered into the books
−
#* The amount in ''K - Till Adjustment'' should be recorded in the ''Assets:Cash:Safe'' account as a ''short till'' or ''overage''
+
##* Deposit was different at the bank than originally calculated.
 +
##* Checks in special deposit are different than entered in books or are entered in something other than the safe account.
 +
## Correct line J as needed.
 +
# Once you are sure everything is correct, the amount in ''K - Till Adjustment'' should be recorded in the ''Assets:Cash:Safe'' account as a ''short till'' or ''overage'' and mark it as reconciled
 
#* ''at this point the till worksheet and the balance in the books should match''
 
#* ''at this point the till worksheet and the balance in the books should match''
−
# Review the ''Income:Overages:Other Petty Cash Overs'' and ''Expenses:C7:Short Tills:Other Petty Cash Shortages'' accounts for patterns that might point to a cause.
+
# Finish the reconciliation.
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#* ''the larger or more regular the discrepancy, the more important this is''
+
# Note the overage or underage on the till worksheet as having been entered in the books, and print out the till worksheet. 
 +
# Mark the worksheet with a colored line around the edge and put it in the dailies with the deposit receipts..
 +
 
 
[[Category: Accounting]]
 
[[Category: Accounting]]

Latest revision as of 18:04, 24 February 2010

  1. Prepare all daily deposits
  2. Prepare a special deposit which contains the checks which came in the mail and have already been entered in the books as going in the safe, as well as extra coins (the need for coins may change depending on store and front desk needs)
  3. Using a till worksheet spreadsheet, count all of the cash remaining in the cash box
    • Put prepared but undeposited deposits as individual lines in the checks fields (DO NOT enter these in the books)
  4. delete the value from the A. Cash (start) field
  5. Open the books and make sure all dailies and all bank deposit receipts have been entered.
  6. Enter the current balance from the Assets:Cash:Safe account in the J - Tot Real from DB field
  7. Open a reconciliation window for "Assets:Cash:Safe"
    1. Going through the dailies, make sure all of the daily transfer amounts and all of the deposit receipts have been correctly entered
    2. Things to watch for:
      • Uncaught beginning shift errors (till was off at the beginning of the day)
      • Corrections were made to a till worksheet, but the uncorrected amount got entered into the books
      • Deposit was different at the bank than originally calculated.
      • Checks in special deposit are different than entered in books or are entered in something other than the safe account.
    3. Correct line J as needed.
  8. Once you are sure everything is correct, the amount in K - Till Adjustment should be recorded in the Assets:Cash:Safe account as a short till or overage and mark it as reconciled
    • at this point the till worksheet and the balance in the books should match
  9. Finish the reconciliation.
  10. Note the overage or underage on the till worksheet as having been entered in the books, and print out the till worksheet.
  11. Mark the worksheet with a colored line around the edge and put it in the dailies with the deposit receipts..
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