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Tracking your float, petty cash, and cash back with Money In/Out

If you are tracking your float in and out each day, need to take some petty cash, pay some of your suppliers COD (cash on delivery), or offer cash-out to your customers, you need to use Money In/Out.

 


What's in this guide?

Before you begin

What is the float?

Managing your float | 1 minute

Taking cash out | 1 minute

View Money In/Out in reporting

What's next?

Frequently asked questions

 


Before you begin

You will need:

  • Money In/Out from Advanced POS Permissions

Check out our Managing User Settings  guide to learn how to adjust staff permissions.


What is the float?

  • The float is the amount of cash you start the day with in your cash drawer. It’s the money you need on hand to give change to customers when they pay in cash.
  • Remove the float before counting your till at the end of a shift to keep it separate from takings. At the start of the next shift, put the float back into the till. Each “float in” should match the previous “float out” amount.
  • To decide how much to use for the float, consider the number of cash transactions you process every day. Use the same daily float amount unless cash transaction volume changes significantly.

 


Managing your float

Entering your float in

1. Select Money In/Out from the POS menu to enter your starting float in amount for the day.

Top_left_menu.png

Money_In_Out_menu.png

 

2. Enter the float amount, add a note, and click  Money IN to save.

 

Float_IN.png

 

Entering your Float Out

Before counting cash at the end of the day, remove your float out from the till so that it’s ready for the next day.

  1. Select Money In/Out from the POS menu to enter your ending float out amount for the day.
  2. Enter the float amount, add a note, and save as Money Out.

 

Float_OUT.png

 


Taking cash out

Petty cash and cash on delivery

If you need petty cash to pay for supplies or deliveries, take it from the cash drawer with Money Out.

  1. Open the Money In/Out menu.
  2. Enter the amount of money you are taking from the till. Add a note explaining why you removed the money.
  3. Select Money Out to save.

Money_Out.png


Cash back

If you offer cash back as a service, you’ll want to track how much cash you are receiving from EFTPOS and giving out to customers. On an EFTPOS terminal, you’d normally perform a manual standalone payment followed by Money Out. On the POS, you must also record a transaction. 

  1. Open the Money In/Out menu.
  2. Enter the amount of money you’re taking from the till for the cash back.
  3. Add a note explaining you removed money from the drawer for cash back.
  4. Select Money Out to save.

View Money In/Out reporting

View Money In/Out in the Reconciliation Dashboard

  1. Go to Insights - Reports - Reconciliations to find the Reconciliations Dashboard.
Note -The reconciliation reports are generated based on when you do takings, which is different from the sales reports. For example, if you do takings every two days, then the reports will be for that period of two days.

The Reconciliation Dashboards include data on Money In/Out cash movements along with Payments, Tips, Refunds, etc. to give you a clear idea of where the money goes and help minimise variances.

On the dashboards, Money In/Out appears under the columns Other money in and Other money withdrawn in the Payments Summary tile at the bottom.

Money_in_out_Insights.png

 


View Money In/Out history in the POS

You can also view money ins and outs from the Money History on the Point of Sale

1. Open the Money In/Out menu.

2. Select Money History

 

Money_History.png

 


What's next?

Takings, cash up, z-read or reconciliation. This can all be handled seamlessly from the POS. Learn here how to finalise your takings and check for cash variances.

Have you added your staff as users? This is necessary for them to track Money In/Out and finalise takings. Adding your staff can also help you monitor attendance and track performance on Lightspeed.

Integrate your Accounting package to Lightspeed, Money In/Out will sync if you have the connection enabled


Frequently Asked Questions

Do I need to grant special permission for my staff to finalise takings and record Money In/Out?

Yes. Staff must be granted the Money In/Out permission from the People Page.

Do I need to use Money In/Out to take credit card tips out of the till?

No, tips will automatically be recorded as money out once withdrawn as Cash when finalising takings. If you choose to withdraw them immediately, they will be recorded as Tips.

How is the money out recorded in my accounting integration?

The Money In/Out feature records a reduction to the recorded amount of cash for the day.

For example, a $20 petty cash transaction would reduce the recorded cash amount by $20 and would appear in your accounting integration as Money Out (Cash) - $20.

If this was a cash back situation, then it would reconcile against the EFTPOS transaction. 

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