1- Create a cash reconcilement form. At the top of the form, leave a space for your name or the name of your employee and the date. On separate lines list each type of bill, from $1 up to $100. List each type of coin, from one penny to one dollar. Include another line under the coinage for "other" currency, such as commemorative coins issued in unusual increments. Create a line for checks, money orders and any other forms of payment that the business accepts. Leave lines for the drawer's cash total and overall total underneath the other forms of payment.
At the bottom of the form create two signature lines: one for the person balancing the drawer and another for a second employee to sign if he audits the drawer. Photocopy the form and distribute copies to all employees on a regular basis.
2- Count the money in the cash drawer at the beginning of the day. Sort cash into the correct denominations. To make counting easier, turn the bills so all of them face the same way, with the president's face on the top side. Count each denomination separately, and record the sum total of each type of bill and coin in the relevant sections of the form. Use a calculator to add up the total, and write the total in the appropriate box. If you have any checks or money orders, add them up and list them on the form.
3- After closing for the day, print out a daily transaction report from your computer, point-of-sale machine or teller system. Many machines automatically print out the final total of the day's cash and check balances, adjusted for any cash back or change given out. If your report does not list the total, you must add up all of the cash transactions you received on a calculator and deduct the total of cash that you gave out. Do the same for checks and money orders. Add the final cash amount to the cash balance you had in the drawer at the start of the day.
4- Count the cash and checks that you have in the drawer and write the totals on a new cash reconcilement sheet. Compare the total with the amount you added together by combining your beginning balance with the day's total cash and check intake. If the totals match, sign the form. If the totals do not match, ask a co-worker to recount your money and check your receipt tape for errors.
If you find an error, correct the cash reconcilement form. If you cannot locate an error, you must charge the loss to the business or the employee. If you transfer money to a vault, write the total amount deducted on the end-of-day reconcilement form, and have a co-worker sign the form to verify that the transaction occurred.
5 - Staple beginning and ending cash reconcilement sheets together, and keep the forms on file for 12 months so you can look for trends and have information on operating losses readily available at tax time.
Tips & Warnings
Many businesses balance cash drawers several times a day to detect any errors as early as possible. This practice works well when training new employees but can become problematic if it takes a long time and large numbers of customers are left waiting in line while it takes place.
Most financial institutions require supervisors to conduct surprise audits on teller cash drawers on a monthly or quarterly basis. If you notify employees about audits ahead of time, you allow workers committing theft to cover their tracks.
At the bottom of the form create two signature lines: one for the person balancing the drawer and another for a second employee to sign if he audits the drawer. Photocopy the form and distribute copies to all employees on a regular basis.
2- Count the money in the cash drawer at the beginning of the day. Sort cash into the correct denominations. To make counting easier, turn the bills so all of them face the same way, with the president's face on the top side. Count each denomination separately, and record the sum total of each type of bill and coin in the relevant sections of the form. Use a calculator to add up the total, and write the total in the appropriate box. If you have any checks or money orders, add them up and list them on the form.
3- After closing for the day, print out a daily transaction report from your computer, point-of-sale machine or teller system. Many machines automatically print out the final total of the day's cash and check balances, adjusted for any cash back or change given out. If your report does not list the total, you must add up all of the cash transactions you received on a calculator and deduct the total of cash that you gave out. Do the same for checks and money orders. Add the final cash amount to the cash balance you had in the drawer at the start of the day.
4- Count the cash and checks that you have in the drawer and write the totals on a new cash reconcilement sheet. Compare the total with the amount you added together by combining your beginning balance with the day's total cash and check intake. If the totals match, sign the form. If the totals do not match, ask a co-worker to recount your money and check your receipt tape for errors.
If you find an error, correct the cash reconcilement form. If you cannot locate an error, you must charge the loss to the business or the employee. If you transfer money to a vault, write the total amount deducted on the end-of-day reconcilement form, and have a co-worker sign the form to verify that the transaction occurred.
5 - Staple beginning and ending cash reconcilement sheets together, and keep the forms on file for 12 months so you can look for trends and have information on operating losses readily available at tax time.
Tips & Warnings
Many businesses balance cash drawers several times a day to detect any errors as early as possible. This practice works well when training new employees but can become problematic if it takes a long time and large numbers of customers are left waiting in line while it takes place.
Most financial institutions require supervisors to conduct surprise audits on teller cash drawers on a monthly or quarterly basis. If you notify employees about audits ahead of time, you allow workers committing theft to cover their tracks.
How to Balance a Cash Drawer Every Day
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