Bank deposit error
A couple of times the money in the till did not correspond with the cash total on the till balancing report. We corrected this by using the adjust button. This resulted in the correct cash amount being displayed on the till balance report. However, when we went to do a bank deposit, the cash total was the original valuie (before the adjustment was made). What are we doing wrong?
Regards, Mary
Re: Bank deposit error
The question is not why the deposit readjusts but why the cash total is wrong....
If I start a day with 100$ in my till and take 50$ cash and then take 25$ cash the total cash reported will be 175$ ...
Now if I count the till and find that I only had 170$ - I have either given someone the wrong change...or not taken enough cash - or (most likely where I work) I took 5$ for a coffee....
Either way when I Clear the till and it asks me for the actual cash - I count the till and put in the actual balance ...the till will automatically add the 5$ adjustment.
Now when I do a deposit (and that might be after 3 or 4 till clears...)
My coffee money cannot come out of actual takings - it would typically be recorded in acounting terms as an out of till expense (leave the debate as to whether coffee is work expense out of it) The actual takings are still 75.00$ and in theory thats what I should deposit...the 5$ should come out of the float - and I should either replace it out of my own pocket or write a check to increase the float when it gets too low...
In other words you cant fudge a deposit --it makes no sense ...if I was the boss I want the amount of money that was taken servicing clients...not a lesser amout after staff have made mistakes or taken cash for Out of Till Expenses.
Adjustments affect the float not the actual deposit - to affect that you would need to do a refund.
Re: Bank deposit error
It depends on current practice how this all works
2 Scenarios
1. Small Practice
FLoat $150
Actual Cash takings on a given day might only be 100$ (rest is typically on card)
So we have two options
1. Remove the takings and place them in a safe. So we do that before the till is balanced..and when we clear we record the till as having 150$ still....
2. Leave cash and clear the till recording the till as 250$ the till will record the +100$ as adjusted
In scenarion 2
THe following day we repeat but this time the float opens at 250$
We take 100$ and the float closes at 350$
On day 3 we bank
We look at the deposit slip and it tells us we need to bank 200$ ....
In scenario 1 the 200 is already in the safe so we take it and bank it.
In scenario 2 the 200 is in the till (float reads 350$) that night when we clear the till having taken only 50$ that day we record whats left (now only 200$) thats 350 - 200 (deposit) + todays takings(50$)
The adjustments in scenario 2 will balance out over the course of the week, as they will in scenario 1
Re: Bank deposit error
So if the till is out because someone has given the wrong change, we need to add or remove money from the banking so that the deposit adds up. Usually it is out because of addition errors - and then it is out by the same amount the next day (in the oppsite direction). It sounds like everyone needs to be more vigilant!
Thanks, Mary.
Simon Slater
Registered Linux User #463789 @ http://linuxcounter.net