How to Reconcile Cash Deposit Transaction
Cash Reconciliation is the process that verifies cash amount in cash register at the time of closing of business day. There may be certain discrepancy take place when the man behind the calculation of cash reconciliation takes place.
You need to follow certain steps for cash reconciliation:
- Gain reconciliation form to obtain cash reconciliation document.
- Note down the amount with which you are starting your drawer for the day. This may include bills and hard cash.
- List of the cash collected under daily reconciliation form or the amount broken by individual bill or hard cash.
The cash reconciliation process is identified as a process that checks the total amount of cash mentioned in the cash register while closing the business. The checking of the total amount in the cash register is carried out while is done by a different professional. The below mentioned steps help in cash reconciliation to be carried out by the accounting professional.
Steps for Cash Reconciliation:
- Acquire day to day reconciliation form to document the cash reconciliation.
- Mention the primary amount available in the cash drawer that might be divided by individual type of bill and coin.
- Then close out the cash register.
- Make a list of the regular reconciliation form all cash gathered that can be further divided by individual type of bill and coin.
- With the help of individual cash and receipts in the cash register, summarize on the form the amount of receipts by cash, check, coupon, and credit cards.
- With the help of cash register tape, summarize on the form the amount of gross sales, voided sales, and sales returns to arrive at a net sales figure.
- Try out the cash register tape, summarize on the form the amount of receipts by cash, check, coupon, and credit card.
- Analyze the totals on the form for cash, checks, coupons, and credit card receipts that are based on individual receipts and that are based on the cash register.
- Reconcile the differences between the two columns.
- Sign and date the form, and submit to a supervisor for review.
- The supervisor reviews the reconciliation form, as well as any explanations for discrepancies, and approves the form if he or she agrees with it.