Difference between revisions of "Reconciling the cash box"

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# Use a till worksheet spreadsheet to account for all cash remaining in the cash box
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# Prepare all daily deposits
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#* Put prepared but undeposited deposits as individual lines in the checks fields
+
# 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)
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#* delete the value values from the ''A. Cash (start)'' field
+
# Using a till worksheet spreadsheet, count all of the cash remaining in the cash box
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#* enter the current balance from the ''Assets:Cash:Safe'' account in the ''J - Tot Real from DB'' field
+
#* Put prepared but undeposited deposits as individual lines in the checks fields (DO NOT enter these in the books)
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#* double check and print
+
# delete the value from the ''A. Cash (start)'' field
−
#* The amount in ''K - Till Adjustment'' should be recorded in the ''Assets:Cash:Safe'' account as a ''short till'' or ''overage''
+
# Open the books and make sure all dailies and all bank deposit receipts have been entered.
 +
# Enter the current balance from the ''Assets:Cash:Safe'' account in the ''J - Tot Real from DB'' field
 +
# Open a reconciliation window for "Assets:Cash:Safe"
 +
## Going through the dailies, make sure all of the daily transfer amounts and all of the deposit receipts have been correctly entered
 +
## 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.
 +
## 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''
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# If you can't wait for the deposits to be made, double count prepared but undeposited deposits and record them in the books anyway.
+
# Finish the reconciliation.
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# make a special deposit, especially if there is a glut of change
+
# Note the overage or underage on the till worksheet as having been entered in the books, and print out the till worksheet. 
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#* include any undeposited checks
+
# Mark the worksheet with a colored line around the edge and put it in the dailies with the deposit receipts..
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#* include any unneeded change:
 
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#*# count out 15 pennies, 15 nickels, 15 dimes, all the quarters and save them
 
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#*# any remaining coins (including half dollars and dollar coins) are unneeded change and go into the special deposit
 
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# Using the till worksheet, count the bling in the cash box (including change, bills, and loose checks, if you have them)
 
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#* the actual amount in the cash box will appear in the Money for Safe box
 
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#* in the "Tot Real from DB" field enter the amount from the books (Assets:Cash:Safe)
 
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# What is the amount that comes up under Assets:Cash:Safe?  Do this amount match your cash box total?
 
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#* ''discrepancy will appear in Till Adjustment field''
 
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#* make sure deposits have been recorded
 
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#* double check cash book (daily transfers & deposits)
 
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#* have all the dailies been recorded?
 
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# If the actual cash box amount and the expected amount in the books differ, then record an overage or shortage.
 
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# Reconcile to that date
 
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When finished:
 
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* 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.
 
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** ''the larger or more regular the discrepancy, the more important this is''
 
−
 
 
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[[Category: Accounting]]
 
[[Category: Accounting]]

Revision as of 16:38, 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.
    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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