Cash Control Systems...

Cash Control Systems

The industry averages show that between 2-4% of sales are lost to theft or cash mishandling. You need systems to to keep track of the money from the time it leaves the customers hands until the time it is deposited in the bank.

Have a written cash/credit handling policy. Have forms that employees can enter refunds given to customers and showing credits for mistakes made. This form should have the time, date, amount and employees signature.

Limit access to the safe. The safe should be kept locked at all times. Most safes have envelope size areas allowing money to be dropped in ( drop safe).

Keep the opening and closing cash, used to make change for the customers, the same all of the time. Make sure the money is counted at opening and closing, dated and signed by the employee.

Paid-outs should be entered on a form with the time, date, signature and receipt stapled to it. Paid-outs should be deducted from a petty cash fund if possible and not from the daily deposits or cash drawers.

Do a cash drop for each shift. One person should be responsible for each shift deposit. Have them enter a log with the amount of the deposit, total sales for the day, date, time and signature and have them put this on the envelope that is to be dropped into the safe.

Make bank deposits daily, keeping each days deposit separate and attach the bank deposit slips to daily cash reports

A Key and safe combination access log should be maintained. Keys should be numbered and a log should be kept with information on the person having the key.

Have written standard cash register procedures - what types of checks to be taken, no out of town checks, what types of id shown and if it should be for the amount only, etc.

Use registers with a cumulative register reading - This is like an odometer on a car, keeping a running total of the sales, coupons, etc. Incorporate theses readings in the daily sales report.

Use a register that has the transaction visible to the cashier and the customers. Secret shoppers take note of these transactions to make sure the employees are not under-ringing sales.

Sales should always rung up at time of the transaction and a cash receipt should be given to the customer.

Cashiers should place the customer's money on register ledge until the change is made. This way if the customer says he gave a larger dollar amount, the cashier has it right there to confirm it.

Cash registers should not be left unattended. Money should not be exchanged from register to register if multiple registers are used.

Do a Z reading each day. This clears the register of the previous days sales. This reading should be attached to the daily cash report.

Follow up on your banks deposits to make sure your money has been credited to you account. Go through your bank statements line by line and check to see that no deposits are missing and each one is entered accurately. Banks do make mistakes. The janitor found one of my deposits that I had dropped off behind a counter while cleaning at my bank.



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