Daily Cash Reconciliation Checklist
A step-by-step checklist for reconciling daily cash takings against sales records. Ensures accuracy and accountability in cash handling procedures.
Complete Checklist
- 1Print or export the end-of-day sales summary from the POS systemCritical
- 2Count all cash in the register, separating notes and coins by denominationCritical
- 3Record the total cash count on the daily reconciliation form
- 4Subtract the opening float amount from the total cash count
- 5Compare the net cash amount to the POS cash sales totalCritical
- 6Investigate and document any discrepancies over the acceptable thresholdCritical
- 7Record all EFTPOS and credit card transaction totals
- 8Verify EFTPOS totals match the POS system electronic payment records
- 9Account for any refunds, voids, or adjustments processed during the day
- 10Record any petty cash withdrawals with supporting receipts
- 11Prepare the bank deposit slip with the correct amount
- 12Secure the deposit in the safe or prepare for immediate bankingCritical
- 13Reset the cash float to the standard opening amount for the next day
- 14File the completed reconciliation form with supporting documents
- 15Report any unresolved discrepancies to the manager or business owner
Frequently Asked Questions
What is an acceptable cash discrepancy threshold?
Most Australian businesses set a tolerance of plus or minus five dollars for daily cash reconciliation. Discrepancies beyond this threshold should be investigated immediately. Persistent small discrepancies can indicate systemic issues with change-giving or process adherence and should also be reviewed.
Can we automate parts of the cash reconciliation process?
Yes, modern POS systems can automate much of the comparison between expected and actual takings. Cash counting machines reduce human error. However, the physical count and final sign-off should always involve a person to maintain accountability and catch issues that automated systems might miss.
How should we handle a significant cash shortage?
Document the shortage amount and the date, review CCTV footage if available, check for any unrecorded transactions or refunds, and interview staff who handled the register during the shift. Report the findings to management and adjust your procedures if a process gap is identified.
Need help implementing these checks into your daily operations?
Our team can build custom checklists integrated into your daily operations workflow.