After a day of trading through a till, the cash, cheques and EFTPOS transactions need to be accounted for. This process is called Till Reconciliation. All Frameworks tills that perform transactions are required to have the cash, cheques, cards and so on reconciled on a daily basis.
The till reconciliation process analyses the amounts held in the till and compares these amounts (that Frameworks is expecting), then records any variances. The end result of the till reconciliation process is that the daily takings are then banked.
Balancing the cash drawer is an important task that ensures staff have not entered receipts incorrectly, forgotten them altogether or that cash has not disappeared by accident or theft. You should perform cash reconciliation daily or even at the end of each shift or session. Most businesses do a regular cash reconciliation as part of monitoring and controlling cash-flow, however retail businesses generally do a cash reconciliation at the end of each day. It tells them how much they have taken in (turned-over) during that day.
Refer to the table below for an explanation of the Till Reconciliation & Banking options and a link to the processes:
|EFTPOS Settlement||Allows you to process an EFTPOS settlement from within Frameworks, however it is a requirement for the terminal to be integrated. If you are interested in how integrated EFTPOS could be utilised within your business, please contact Sterland Support.|
|Locking a Till Session for Till Reconciliation|
Prevents any further transactions from being recorded against it, which allows till reconciliation and banking to be performed. Any subsequent transactions for the till today will be automatically logged against a new session.
|Allows you to reconcile a till.|
|Multiple Till Banking||Allows you to bank multiple tills that have been reconciled, rather than one till at a time.|
|Printing the Bank Deposit List||Allows you to print the bank deposit listing for a specified range of dates and till numbers. This can then be presented at the bank with your takings for the day.|
|Till Log||Allows you to view the till log to assist in identifying any errors in tender types in till reconciliation.|
Additonal Till Security - Setting limits on allowable till variances
Frameworks can be tailored to create an extra security check to till reconciliation to prevent the completion of a till and posting of variance/s including:
- Preventing users from closing a till if outside their allowed variance. Frameworks provides a popup message "The till variance of <amount> exceeds the maximum value that you are allowed to process". You cannot continue and complete the till.
- Allowing users with the correct security to close a till if outside the variance. Frameworks first provides a popup message warning that there is a variance that is outside the allowable tolerance, however the user can still close the till. The message is "Please confirm that the Till Variance of <amount> is correct".
To set limits on allowable till variances, perform the following:
1. Set the code FWTILLVar (within the System - Settings - Amounts table) to the till variance amount allowed before confirmation and additional security is required. Refer to Miscellaneous Table Maintenance for further information.
2. Tick the checkbox "Can Post Till Variances" for each user who is allowed to post till variances outside the variance amount set in code FWTILLVar (in step 1 above). Refer to System User Maintenance for further information.
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