How do you reconcile cash drawers and vaults at the end of the day?

1 Prepare your documents

Before beginning the process of reconciling your cash, it’s important to prepare documents that will help you track your cash flow and identify any discrepancies. This could include a cash report or log to show opening and closing balances, as well as deposits, withdrawals, transfers, or adjustments made throughout the day. Additionally, a cash count sheet listing denominations and quantities of bills and coins in your drawer or vault is essential. A calculator or cash counting machine can be used to quickly and accurately count your cash. Lastly, a pen and a highlighter should be available to mark any errors or corrections on your documents.

2 Count your cash

The next step is to count your cash and record it on your cash count sheet. To do this securely and privately, it is best to separate your bills by denomination and face them in the same direction. Begin counting from the highest to the lowest denomination for both bills and coins, writing down the subtotal for each denomination on your cash count sheet. Afterwards, add up the subtotals of your bills and coins to get your total cash amount and record it on the sheet.

3 Compare your cash with your system

The third step is to compare your cash amount with the amount recorded in your system, such as a computer program, register, or ledger. To do this, log into your system and print out or view your cash report or log for the day. Then, compare it to your cash count sheet to identify any discrepancies. Highlight any differences on your documents and attempt to pinpoint the source of the error - it could be a mistake in entering a transaction or receiving counterfeit money.

4 Resolve any discrepancies

The fourth step is to resolve any discrepancies between your cash and your system. Depending on the nature and amount of the discrepancy, you may need to correct errors in your system or documents, report any suspicious or fraudulent activities to a supervisor or security officer, explain legitimate discrepancies to a manager and document them, or write off minor discrepancies as a loss or gain and adjust balances.

5 Balance your cash

The fifth step in the process is to balance your cash, which requires that the cash amount matches your system amount. This can be done by making any necessary adjustments or corrections to the cash amount or system amount and writing down the final balance on your documents. Furthermore, you should double-check that the final balance on your documents is equal to the final balance on your system. Lastly, sign and date your documents and attach any receipts or vouchers that support your transactions or adjustments.

6 Secure your cash

The final step in securing your cash is to store it safely until the next day or deposit it in the bank. To do this, you should put your cash in a sealed envelope or bag and label it with your name, date, and balance. Then, place the envelope or bag in a locked drawer or vault, making sure to keep the key or combination with you or in a safe place. Additionally, fill out a deposit slip or form and take your envelope or bag to the bank or night drop box if it is required by your policy or procedure. Lastly, keep a copy of your deposit slip or form and attach it to your documents.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?