Controlling Cash Register Transactions in Your Business
Controlling Cash Register Transactions in Your Business
Most businesses empty cash registers each night and put any cash not being deposited in the bank that night into a safe. However, many businesses instruct their cashiers to periodically deposit their cash in a company safe throughout the day and get a paper voucher to show the cash deposited. These daytime deposits minimize the cash held in the cash drawer in case the store is robbed.
After the cashier balances the cash register at the end of the day, the staff person in charge of cash deposits (usually the store manager or someone on the accounting or bookkeeping staff) takes all cash out except the amount that will be needed for the next day and deposits it in the bank.
In addition to having the proper amount of cash in the register necessary to give customers the change they need, you also must make sure that your cashiers are giving the right amount of change and actually recording all sales on their cash registers. Keeping an eye on cashier activities is good business practice, and it’s always a way to protect cash theft by your employees.
There are three ways cashiers can pocket some extra cash:
They don’t record the sale in the cash register and instead pocket the cash. The best deterrent to this type of theft is supervision. You can decrease the likelihood of theft through unrecorded sales by printing sales tickets that the cashier must use to enter a sale in the cash register and open the cash drawer. If cash register transactions don’t match sales receipts, then the cashier must show a voided transaction for the missing ticket or explain why the cash drawer was opened without a ticket.
They don’t provide a sales receipt and instead pocket the cash. In this scenario, the cashier neglects to give a sales receipt to one customer in line. The cashier gives the next customer the unused sales receipt but doesn’t actually record the second transaction in the cash register. Instead, he or she just pockets the cash.
In the company’s books, the second sale never took place. The customer whose sale wasn’t recorded has a valid receipt though it may not match exactly what he bought, so he likely won’t notice any problem unless he wants to return something later. Your best defense is to post a sign reminding all customers that they should get a receipt for all purchases and that the receipt is required to get a refund or exchange. Providing numbered sales receipts that include a duplicate copy can also help prevent this problem; cashiers need to produce the duplicates at the end of the day when proving the amount of cash flow that passed through their registers.
They record a false credit voucher and keep the cash for themselves. In this case the cashier wrote up a credit voucher for a nonexistent customer and then pocketed the cash themselves. Most stores control this problem by using a numbered credit voucher system, so each credit can be carefully monitored with some detail that proves it’s based on a previous customer purchase, such as a sales receipt.
Also, stores usually require that a manager reviews the reason for the credit voucher, whether a return or exchange, and approves the transaction before cash or credit is given. When the bookkeeper records the sales return in the books, the number for the credit voucher is recorded with the transaction so that she can easily find the detail about that credit voucher if a question is raised later about the transaction.
Even if cashiers don’t deliberately pocket cash, they can do so inadvertently by giving the wrong change. If you run a retail outlet, training and supervising your cashiers is a critical task that you must either handle yourself or hand over to a trusted employee.
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How to Use a Cash Register Online
A poll conducted by Hospitality Technology shows that 51 percent of restaurant executives are interested in using online point of sale for their businesses. Mobile app marketplaces have led to an abundance of online POS options that are tailor-made for various fields, including food service, retail and service industries.
How to Use a Cash Register Online
Connect your laptop or mobile device to the same Wi-Fi network that your receipt printer is using. For online POS systems like Shopkeep, the receipt printer serves as your register hub, plugging into the cash register and bar code scanner with Ethernet cables and receiving instructions wirelessly from your laptop or mobile device. If you are using a minimalistic setup like Intuit GoPayment, plug the card swiper into the auxiliary jack of your tablet or smartphone. You will want to test your Wi-Fi or cellular connection on these devices before starting a transaction.
Ringing Up Items
When a customer is ready to check out, you can use a live inventory tracking system, such as LightSpeed, to select items and add them to a bill. You can also view inventory levels as you add products. To save time, add a bar code scanner to your LightSpeed setup so that you don't need to manually navigate to each product on screen. Lightweight POS systems like Square don't track your inventory with a database. Instead, you will need to input product templates into the Square dashboard manually or create all new item lines during the transaction.
Accept Payment
Tell your customer the total amount due, inform her of the payment options and select the appropriate form of tender on screen. Generally, swiped card transactions are subject to lower fees than manual keyed entries. For example, Intuit GoPayment and Square both start with a 2.75 percent per swipe transaction, which goes up to 3.75 percent for key entry. This can be a greater incentive for you to swipe the card in store, rather than accepting card payments over the phone. If you have a cash drawer linked to your point of sale, press the "Cash" tender button to open the drawer. Online POS products are not created as a "one size fits all" solution. You will need to find a service that will best fit the payment needs of your employees and clientele. For example, Revel incorporates tipping prompts and customizable gift cards into the payment process, while other retail solutions like LightSpeed do not support these features.
Print or Send a Receipt
All POS systems have a way for you to send or print a receipt for a customer after the tender is accepted. Systems like Square, Shopkeep and LightSpeed connect to Star Micronics thermal printers. Ask the customer whether she wants a print or electronic copy of the receipt. If the customer wants you to send a receipt, confirm her email address or telephone number on screen. When you accept credit card payments with LightSpeed or Square, the email field will automatically populate with the contact information that is attached to the credit card. Press "Send" or "Print," and the transaction will be complete.
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