This guide will look at the process that should be followed at the end of each days trading.
What is Reconciliation?
Reconciliation/Takings is the process taken to make sure all your accounts have collected the amount of revenue that has been recorded against that payment type.
Depending on your settings and what's happened during the day, your SALES may be different from the figures you see in a takings report. It's important to recognise that this process is to RECONCILE the movements of money in and out of your store, not to reflect SALES.
Your SALES reports reflect a date range, your Reconciliation/Takings include all payments, adjustments, refunds etc made since the last time you did you Reconciliation.
Note: This process should ideally occur at the END OF TRADE EACH DAY. This is to finalise and cash up the sales from the day and confirm the figures from the current day of trade. The process should also be done at the same time each day. Reconciliation reports gather data from the last time the report was done to the next time. So if you did not reconcile for 2 days. Then the last 2 days of total sales and figures would be included in the report.
Each Payment Type that is added to Kounta needs to be reconciled. The 2 most basic types of reconciliation are Cash or Card.
Cash: Cash relates to the amount of Cash that should be in the till when reconciliation takes place. eg: Wendy places $100 float for the start of the day & makes $200 worth of cash sales. She decides she needed $10 for milk so took it out of the till. 100+200-10=$290 recorded. Wendy should have $290 worth of Cash in the till.
There is a process that needs to be followed when doing all of this which we will go through in detail later.
Card: Card sales are usually made through a manual or integration EFTPOS Terminal. It is important to ensure that the recorded amount on the terminal matches up with the recorded amount in Kounta.
Other: Other types can include Gift Vouchers, AMEX
Note: Please refer to our payment types article for information on how to set payment types.
Learn more about this process by reading our Process for Starting & Ending a day here.
Setting the Takings Reconciliation Level
The takings reconciliation level outlines how you would like to record and count end of day takings. To set the takings reconciliation level, follow the steps below.
1. Tap Sites or MySite - select a site if multiple sites
2. Tap Site Information
3. Scroll down to Site Options and select the Takings Reconciliation level.
The takings reconciliation can either be set to By Register, By Site or By Staff. See below for definitions and examples of when to use each option.
By Register would be used if each register has it's own dedicated cash drawer.
Learn more about using multiple registers with Kounta.
By Site would be used if there is only 1 register at the Site or if there are multiple registers but only 1 cash drawer. If you are using the Beat the Q add on, takings reconciliation needs to be set to By Site.
By Staff would be used if each staff member has a dedicated cash drawer / wallet. Takings would be recorded based on the staff member (User) each sale was assigned to when the sale was finalised.
Learn more about assigning Users to a sale.
Finalising Takings / End of Day Reconciliation
Note: If you entered a float at the beginning of the day, and you do not intend to bank that float, your first step would be to 'Money Out' the float that will not be banked from the till, and set that money aside so that it will not be counted in the days takings. For more information see Process for Starting and Ending a day (Takings)
- Login with your user (ensure you have adequate Permissions to perform a Finalised Takings Report).
- On the POS click Menu & click Takings
- There may be some Open or Pending orders on your Orders Page. You can still finalise your Takings with open and pending orders but these would not be included in your Takings report. To Finalise your takings, select Yes.
- Enter the counted amounts for each payment type, by selecting the payment type and entering the Counted amount. To review your recorded payments, select the Takings History tab. Note: Only users with View Current Takings Permission will be able to review recorded payments.
Integrated payments such as Tyro and Integrated Credit Card will be reconciled automatically.
- Select Finalise Takings
Upon finalising Takings, if you have the Tipping Add-On enabled, you will also have the Option to Withdraw Tips as Cash. This will perform a cash out so that the tips are withdrawn from the cash balance. Learn how to finalise takings with Tips.
When entering your cash count, you can also choose to simply count the available denominations in the till. Simply enter in how many of each note or coin you have in the till. Kounta will add these up to show you the grand total.
Simply choose 'Denominations' when prompted to use this method of counting your takings instead.
When finalising takings, a new takings record will be created with a balance of $0. For current and past takings reports, you will be able to see three columns - Counted, Recorded and Variance. You can also print the report to an Integrated receipt printer by selecting the record you wish to print and selecting the print option on the bottom right.
If you have declared incorrect payment types for some transactions throughout the day your total variance will remain the same.
To adjust this, you will need to find the offending transaction, reverse it and re-enter with the correct payment type. The ability to adjust the payment type may come in the future.