I'm hoping that somebody can help me please. I work for a company who have cash tills in some sites. Most days the cash tills don't balance due to I'm hoping human error.
My question is though, what do you record as a cash sale, this physical amount of cash or what the Z reading says?
The z totals can tell you lots of different things depending on what has been set up in the till in the first place, eg can show VAT sales, non VAt sales, total sales,split between cards and cash and any differences, amongst others. You really need to find out what information has been set up in the till in the first place and consider if this is correct for the nature of the business and if not then it needs altering. The cash balance on the Z sounds like it is the balance of cash at the end of the day? This sounds like it does not represent the cash sales ...as you say it could be showing cash differences, which could indicate theft, or that someone maybe has taken some cash out to buy something at a local store for which you should have a receipt.
I'm afraid you need to do a bit of investigating to see what the system set up is, but maybe also talk to the staff as to how they input things and use the system.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Each day the sites do a reconciliation to show the z reading and the actual cash. They also have to authorise the no sales and comment on any over-rings they can.
They have to record on a portal the cash sales, would you record the physical cash or what the z reading's say?
I only input the daily cash sheets, someone else prepares them. It's rare, due to mistakes that things add up perfectly, so the person preparing them just goes off what they have in the till. If it was me however I would go off the z reading and have a cash discrepancy account, and then look at why there are differences, or get someone else to investigate
-- Edited by Rhianrach on Thursday 26th of March 2015 03:51:55 PM
Steve you beat me to it. I would go off the Zs and yes put the differences to a discrepancy account, but absolutely someone in teh business should be looking at why. I would get them to maybe mark the differences reasons on the back of the zs? I will bet that some of it is for something they bought using the money out of the till and if you dont ask for the receipts then the correct expenses will not be showing in the business. Granted there will be cash discrepancies as well but they should be few and far between (or someone needs tackling as they either cannot add up or its theft!)
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
I do the books for two cafe's and occasionally there are over-rings. As the proprietors of both businesses are on site they usually mark the z readings as such and I'm happy to take the cash figure declared rather than the z readings on those occasions. Obviously if it was happening too often I would raise a query.
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Hi
The z reading is the total sales that the till has made that day. That total is then made up form cash, credit cards, gift vouchers etc. Money may be taken out to buy milk or something but a receipt should go into the till for that. If there is an over ring then the receipt for that should go into the till and that amount taken off your total z. The amount that you have in cash, credit cards etc plus any purchases should add up to the z. If it doesn't then there is something missing. Once you start following a correct procedure and making sure the staff are putting the over ring receipts in or purchase receipts in the till it should become clear whats happening. Hope you get to the bottom of it.
Jo
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Jo Gillespie AICB
Thoughts are my own and must not be taken as professional advice.
