• 1 year ago
Categories: Entrepreneurship

How to bank cash sales (as a business owner)

Several small businesses collect cash each day, from their sales.
Someone from the team is usually designated to bank all the cash sales.

Ifeoma works at Ndikom Cosmetics and is the designated staff who banks all the cash sales.
Every day, she completes the deposit slip, she writes her name, Ifeoma.
When the bank statement arrives at month end, her name appears over 22 times and reconciliation becomes a night mare.
You cannot tell which day of sales she did not bank nor which day was banked.
If she took out some expenses before banking the balance cash, you cannot reconcile the amount banked with the cash sales for the day.
She lumps up Friday, Saturday and Monday sales in one. You need to struggle to add them up to make any sense of it.
The entire bank statement just has Ifeoma, Ifeoma, Ifeoma,littered everywhere and very little sense to be made out of it.

Here’s out advice:

1. Complete one deposit slip for each day of sale. Do not lump up sales of two or more days on one slip.
2. Include the name and the day of sale in the field for Depositor’s name.
3. Ndikom Cosmetics has branches in Lekki, Ikeja and Trade fair. Include the branch in that same field
4. When you arrive at the bank, tell the Teller at the Counter to please ensure to post your narration in the way it is written. Explain to her that your company requires it for reconciliations. After a while, the Tellers at the bank already know you, so, they post your sales without any further instructions.
5. At month end, when the bank statement arrives, it will be a super-easy reconciliation document. It will look like this:

Ifeoma – 2nd July sales – Ikeja
Nkem – 2nd July sales – Lekki
Timothy – 2nd July sales – TF
Timothy-3rd July sales – TF
Ifeoma – 3rd July sales – Ikeja
Nkem – 3rd July sales – Lekki

All you need to do is just to pick up the sales record and compare with what each person banked.
Oh, what a peaceful and easy way to reconcile cash sales.

If you enjoyed this, tag a friend who runs a business that collects cash.

Teach your friends to make their cash reconciliation, easy.

Courtesy of www.accountinghub.ng

How to bank cash sales (as a business owner) was last modified: August 15th, 2018 by Obiageli Asika