3. G013–Prepare Sales Cash for Deposit¶
Overview
| Date: | March 13, 2015 |
|---|---|
| Author: | Corbin Fletcher |
Contents
| Document ID | Release Date | Author | Version |
|---|---|---|---|
| G013- Prepare Slaes Cash for Deposit | 6/2/2015 | Corbin Fletcher | v 1.0 |
New in version 1.0.1: Content added on 12/2/2015
3.1. Introduction¶
There are certain process that need to be followed to ensure that all money received for sales transactions is recorded and properly accounted for. This SOP will provided you with the steps to successfully complete this business process. All sales cash is submitted to management and is deposited daily.
3.2. Scope¶
This task requires a team member to understand our daily operational process of documenting each sale as well as keeping track of petty cash. This SOP with provide the instruction need so any team member can follow the step by step instructions and complete the task.
3.3. Processes¶
As each sales transaction is complete you use the specific details to record that transaction;
- Verify that you have sufficient numbers of two inch by three inch pieces of paper. Use one piece of paper per sales transaction and make a note each sale;
- The data you will record on the paper is as follows; a.) cash amount; b.) the days date; c.) corresponding invoice number and if applicable d.) Petty Cash (i.e., P.C.), plus total amount taken from petty cash: example, P.C. $30.
- These hand written paper sales records will be your primary check when totaling your cash sales at the end of the day.
At the end of the work day you will obtain a blank copy of Cash Out Balance (COB) sheet and enter the required data from the days sales. The COB sheets are stored in the front desk area for your convenience;
- For each column on the COB sheet you will provide relevant data for every transaction. Below is a list (a through h) of column headings which corresponds directly to a physical copy of the COB sheet; additionally, there are some details provided about each column;
- Cash On Hand: Hear you will count the money in the stack of cash to be deposited and put the quantity of each denomination of currency. So, if there are two one hundred dollar bills place the number 2 to the right of the “X” and write the total on the line provided. An example is: $100 X 2 = $200.
- Continue this process until you have accounted for all the currency in the deposit cash.
- Cash: In this section you will write the invoice number and total dollar amount for each cash transaction which occurred. Use only one single line per transaction. Next total all cash and put the total amount on the line provided;
- Checks: Company name and total amount of transaction are required. One line per transaction. Add the cash amounts and write the total on the line bellow the column.
- Credit Cards/Deposits: In this column you will add the name of the credit card holder and the amount of the transaction. Next, total all tractions and write the total on the line provide;
- Final Total: This line is at the buttom of the COB sheet. This line is where you provide the grand total from all sales (i.e., cash, check, credit).
- Prepared by: Is where you sing your name;
- Date: There are date fields at the top and bottom of the COB sheet;
Next, you will check the total from the “cash on hand” column and verify that it is exactly the same as the totals from the “cash” column. If the totals match move on to step seven. If, however, the totals do not match see additional information section of this SOP. This section will provide some information on how to investigate your cash shortage.
Collect all documents including your two inch by three inch paper transaction records, cash out balance sheet, checks, money, hand written receipts, credit card receipts, and any other items pertaining to the day’s sales, and deliver all of them to management.
Tip
You can use the note section of the COB sheet to state facts such as why you are short twenty dollars.
3.4. Scope¶
All service that is requested by customers must have a work order created. This SOP provides employees, who are not familiar with the process, the information need to complete this task.
See also
For additional detailed information see SOP T001-Work Order Work Flow in Track-it.
3.5. Definitions¶
- Receipt Book:
- For every sales transaction you will hand write a receipt. This receipt will serve as a secondary check when totaling your sales at the end of the day.
- 2 X 3 inch paper:
- You will need to keep sufficient quantity of two by three inch pieces of paper use for documenting each cash sale.
- Cash Out Balance Sheet:
- This form is where you provide all details about your days sales.
- Petty Cash:
- Is a term used to describe money that is separate from your daily deposit cash and petty cash is located to the right of the deposit money. The petty cash is also used to provide change to customers, if and only if, there is no money in the deposit cash stack. And you must make a note (e.g., PC $30) on your two by three inch paper reflecting the fact that you used money from petty cash to provide change. The petty cash money is used to provide employees with money to make purchases of office supplies, gas of the motorcycles, etc. Petty cash amount should be three hundred dollars at all times.
- Deposit Cash:
- Is cash that is used daily to provide change for cash sales, and is provided to management at the end of the work day.
3.6. Addational Information¶
- The amount of cash in the deposit stack must be equal or greater than the total from the cash column of the COB sheet. So, if the total cash amount from the cash column is $300 you should have $300 cash to provide for the deposit. However, if you have less money than the total from the cash column, you need to perform an investigation to determine why you are short. To begin your investigation you can check your collection of two by three inch papers and/or your receipt book to discover why there is a shortage. If you have a greater quantity of money in your deposit cash the amount that you are over is moved to petty cash.
- All currency is stored in the front desk area. There you will find two stacks of money, the stack furthest to the left is cash deposit money and the money to the right is petty cash. The cash deposit money is used to provide change when a customer has purchased an item.
Danger
SigerTronic Systems does not accept personal checks.
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