When conducting a reconciliation of the point of sale terminal, if any of the figures don't match against the actual cash or non-cash items, you will need to recheck your work until you find the cause of the discrepancy and fix it. This means checking all the summaries and it may mean rechecking the cash and/or going back through individual entries in the terminal throughout the day.
It helps if you know where to look. You may save a lot of time if you get to know some of the common causes of discrepancies and how to fix them.
Here is a list of common balancing problems, possible causes and solutions.
Note: Some of these discrepancies may be easily identified and fixed, however, others will require you to notify your supervisor.
| Problem | Possible cause | Possible solution |
|
EFTPOS reading does not match non-cash items. |
EFTPOS transaction processed twice. |
Reverse one of the EFTPOS transactions – this may need a supervisor override. |
|
EFTPOS terminal reading does not match EFTPOS totals in the final reading. |
Different amount entered in EFTPOS terminal and POS terminal. |
Identify which terminal has the incorrect amount. Process a correction on this terminal. This might mean reversing the original transaction and reprocessing the correct amount. |
|
Two subtotals from the EFTPOS terminal reading do not match the non-cash items summary. |
A Visa card transaction may have been incorrectly processed as an EFTPOS debit transaction, making both subtotals wrong. |
The EFTPOS transaction must be reversed and then the Visa card transaction processed. This can be done without the customer's card. |
|
Cash takings don't match the cash transaction subtotal in the final reading. |
Cash counted incorrectly. |
Recount cash. This might be simply a matter of recounting the number of bundles and bags and loose cash. In some cases, individual bundles of notes might need to be recounted to locate a possible error. |
|
Cash takings don't match the cash transaction subtotal in the final reading. |
Cash count section of Daily Reconciliation Sheet is different from actual cash holdings. |
Recount cash and check the cash summary slip again. |
|
Cash takings don't match the cash transaction subtotal in the final reading. |
Excess cash was collected from the cash drawer during the day but wasn't recorded on the terminal. |
Record and/or process a cash collection slip. |
|
Cash takings don't match the cash transaction subtotal in the final reading. |
A cash sale was processed as a cash refund by mistake. |
Reverse the refund and process the correct sale transaction. |
|
Cash takings don't match the cash transaction subtotal in the final reading. |
The incorrect change was given to the customer. |
You can't be sure this has happened and there is no way this can be fixed. To avoid giving incorrect change always follow correct cash handling procedures for counting the notes and coins out to customers. |
|
Cash takings don't match the cash transaction subtotal in the final reading. |
The float you started with was prepared incorrectly the previous day. |
See if the terminal was out of balance in the previous shift by a similar amount, otherwise, this can't be confirmed as the cause. |
|
Cash takings don't match the cash transaction subtotal in the final reading. |
Cash was taken from a customer for a purchase but the transaction may not have been completed on the terminal. |
There is no real way of knowing this happened but the amount might be the same as an item you sell in the store. If it's obvious, you could enter the sale. But this might not always be a solution. |
|
Cash takings don't match the cash transaction subtotal in the final reading. |
The incorrect amount entered in the terminal, eg $100 entered instead of $10. |
In this example, you'd be $90 short in cash. Experience may tell you that it's a missing zero, but it takes time to develop this skill. Rechecking all the cash sales transactions for the day would confirm this. |
| Cash takings don't match the cash transaction subtotal in the final reading. | Potential staff member theft. Especially if multiple staff members have access to the same terminal. | Improve security at POS terminals by having staff member login codes and security cameras. |
