Daily closing

How to close cash drawers at the end of the day


Daily closing
 

1. Counter clerks count the cash and cheques in their cash drawer, settle the Point-of-sale terminal for credit cards, detail the cash and checks on daily cash re-cap sheets, open the DealerVu Daily Book, enter the total of cash, cheques and cards into the Counted Total and Manager Cash Out fields of their cash drawer on the Cash Drawer tab, then set the Daily Book to Pending status. Accounting later that day (or the next morning) Closes the Daily Book and makes bank deposit posting(s) either through the Banking Transactions screen or through GL General Journal.

2. Counter clerks count the cash and cheques in their cash drawer, settle the Point-of-sale terminal for credit cards, detail the cash and checks on daily cash re-cap sheets, open the DealerVu Daily Book screen and set the Daily Book to Pending status. Accounting later that day (or the next morning) enters the total of cash, cheques and cards into the Counted Total and Manager Cash Out fields for each cash drawer on the Cash Drawer tab, then set the Daily Book to Closed status, then Closes the Daily Book and makes bank deposit posting(s) either through the Banking Transactions screen or through GL General Journal.

Counter Clerk Procedures

Step 1: Counter clerks count the cash and checks in their cash drawer and settle the Point-of-sale terminal for credit cards

Step 2: Detail the cash and checks on daily cash re-cap sheets. You can now print a Cash Count Sheet from within the daily book. Open the Daily Book screen from the Business Office menu item and click on the Open status daily book on the left side of the screen to display its contents on the right. Click on the Reports menu item and select Counter Reports->Cash Drawer Payment Details. On the report screen you can now click on the Summary Total Only checkbox to get the report in a format that can be used as a Cash Count sheet.
 

Some notes about the Cash Count Sheet format:

• If you want to produce a cash count sheet containing all cash drawers, leave the Cash Drawer field blank
• If you want to produce a cash count sheet for a particular cash drawer, select the cash drawer in the Cash Drawer dropdown
• If you want to ignore the separation of accounting for payment types by the defined cash drawers in the system and present one grand total value for each payment type, check off the By Payment Types the Only checkbox.

Below is a sample of the Cash Drawer Payment Details screen with the option set to produce Cash Count Sheets:


 

Step 3: Either enter the total of cash, cheques and cards into the Counted Total and Manager Cash Out fields of their cash drawer on the Cash Drawer tab or (under scenario b above) leave the fields 0.00. If each clerk responsible for a cash drawer is to enter their own cash count totals then they must click Save then exit the screen.


 

Step 4: After all the Counted Total and Manager Cash Outs have been entered, the Daily Book must be set to Pending status in order to suspend further transaction processing into the daily book. Or if the clerks do not enter values in for Counted and Manager Out fields then the closing clerk need only set the Daily Book to Pending status by clicking on the Pending icon. Setting the daily book to Pending also launches a new daily book for the next day or session. To set the daily book to Pending status, just click on the Pending icon on the toolbar.
 

Note: each individual drawer can be set to “pending”, but the entire daily book must be set to pending at day end to trigger a new daily book to be opened for the next day.

The illustration below shows that the whole daily book has been set to pending and a new daily book is now open and ready for the next day:


 

What can go wrong & what can you do about it?

When settling the cash drawers at the end of the day the biggest issue is to get the count accurate. If the counted total is entered incorrectly it is not an issue if the daily book has not been set to closed because the counted total can be changed up until the Daily Book is set to close.