POS closing is done by the cashier in charge of a particular POS. Once all POS are closed and cash is handed over to the shop manager, the manager also needs to close the accounts and hand over the cash to the head office or deposit it in the bank.
Store closing involves checking inflows and outflows of the particular time period that needs to be closed. It also requires balancing cash in hand with the system’s cash.
Store Closing is not just about keeping track of daily sales and returns. It also needs to take into account all expenses and receipts made during the time period that is being closed. This means store closing keeps track of the expenses like utility bills, supplier payments, entertainment, or other miscellaneous expense.
To learn Store Closing follow the steps below:
Go to the Store Closing screen by selecting Sale>End of Day from the main menu.
The screen will show total inflows, outflows and System Cash (difference between inflows and outflows)
Cash inflow is the money going into a business.
Cash outflow is the amount of cash that a business disburses.
Remember: Once you have saved a store closing, all the transactions before the closing date will be locked and cannot be updated/deleted
Enter cash in hand in the Cash Counted field.
If cash is being submitted to Bank or Head office, enter the amounts in relevant fields.
field will show the total amount submitted.
The difference in the total submitted cash and physical cash will become the opening balance for the next closing.
Note: If your outflows are greater than inflows the System Cash will be negative.
Note: At the time of the first store closing, the Opening Balance by default will be zero.
The End of Day closing is complete, and all your transactions, including both inflows and outflows, are saved in the system!