In urban and rural areas, finding a POS (Point Of Sale) stand is more easy than locating a traditional bank. This shows that the POS business is lucrative, but this comes with a great deal of accountability and carefulness. In this article, i will teach you how to audit your POS account to detect any missing money at the end of each day.
In this article, i will use Moniepoint POS as an example. But this shouldn't be a problem, when you understand the basics . Balancing accounts at the end of the day can be very daunting, especially for new POS agents, But i intend to break this down so it becomes very easy. That at the end of the day, you just plug and play. This will tell you how much you or your sales personnel should have at hand and how to audit your POS wallet, to be sure that your POS provider does not cheat you. Let's get started.
For expected cash at hand
To check for cash at hand, three things are important before you start your business day ;
- POS wallet balance
- Initial cash and hand.
- A book to write down every single transaction that you did and the charge you collected. We will call these journals
This journal is very important, because it tells who you gave money too. We are all humans and may sometimes make the error of paying a declined transaction out of mistake. So you need to keep your own record aside the one on the POS platform. I advise that you have three separate ones for; Withdrawal journal, deposit journal, Bill payment journal. The General book for summing up transactions, we will call this POS cashbook in this article.
In the POS cashbook, we will record only cash receipts and payments. It has only one money column on each of the debit and credit sides of the cash book. All the cash receipts are entered on the debit side and the cash payments on the credit side.
While writing a single column cash book the following points should be kept in mind:
1. The pages of the cash book are vertically divided into two equal parts. The left hand side is for recording money received and the right hand side is for recording money payed.
2. The cash balance from the previous day is brought forward in the current day as initial cash.
This is an example below :
|Cash receipts||Cash payments|
|Initial = 474,710||Withdrawal card = 1,126,800|
|Deposit cash = 1,126,000||Withdrawal card transfer = 200,000|
|Deposit card transfer = 195,000||Withdrawal account transfer = 20,000|
|Withdrawal card commission collected = 10,600|
|Withdrawal account transfer commission collected = 200|
|Card transfer commission collected = 800|
|Bill payments = 2000|
|Total = 1, 809, 310||Total = 1, 346, 800|
Cash at hand = Cash receipts - Cash payments
= 1, 809, 310 - 1, 346 800 = 462,510.
The beauty of the formula above is that even if you add more money to your wallet during the day, it does not change the outcome. The cash at hand should still be the same. I will now go on to explain the headings in that table.
This is the cash your started the business day with.
This is all the cash you deposited during the day.
Deposit card transfer
Moniepoint POS does card transfer, I don't know for the platform that you use, but it shouldn't change anything. Also make sure you put the exact amount that was credited to the receivers account. As customers may withdraw and deposit different amounts from a card.
Withdrawal card commission
These are all the commission collected from your customers when they make a card withdrawal, whether it was billed on the card or collected cash.
Withdrawal account transfer commission
These are all the commission collected from your customers when they make a transfer to your account and you give them cash, whether it was billed on the card or collected cash.
Card transfer commission
These are all the commission collected from your customers for card transfer, whether it was billed on the card or collected cash.
These are all money collected for bill payments like Electricity and Television bills.
This is the total money paid due to card withdrawals.
Withdrawal card transfer
This is the total amount debited from customers card for card transfers.
Withdrawal account transfer
This is the total money paid due to money paid into your account.
Basically all money received should be on the left and money given out should be on the right.
To audit your POS Wallet
This part is quite easy when your cash at hand is correct . The current balance should be gotten as:
Current wallet balance = previous day wallet balance + previous day cash balance - current cash balance - wallet provider charges .
Feel free to ask me any questions in the comment section below and have a nice business day.