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Closing the Register

Last updated 17/08/2017

Closing the register at the end of the day is a very important process - this article explains closing the register in depth.

Overview


Closing the register does three things:

  • Sales for that day are given invoice dates.
  • Each individual sale is set to 'Do Not Import'.
  • A batch invoice is created, per payment type, for import into your accounting system.

Instead of importing individual sales into your accounting software, Cin7 creates a number of 'batch' transactions. These batches consolidate all transactions made for a particular payment type into one.

This means that only one batch per payment type need be imported to your accounting system, making it easy for your accountant to reconcile. The individual transactions will still remain in the system for you reference.

Best Practice

It is very important that the register is closed every day - not only to keep a close eye on the totals in the tills, but also to make life easy for your accountant.

Closing the Register


Before closing the register in Cin7 we recommend counting the cash in your till, and closing the day on your card machine - so that you have the totals taken that day.

To close the register in the POS:

  1. Whilst logged in to the POS, from the left navigation select Close Register.
  2. Enter the total card payments taken in the green box beneath 'card' (or similar).
  3. Enter the opening float and closing float for your till in the boxes beneath 'Cash Takings'.
  4. Enter the cash taken that day. (This is the grand total of the till less float).
    It doesn't matter if either of the above have discrepancies, simply enter the true amount counted.
  5. Click the Close Register button.

Registers can also be closed in the backend:

  1. From the left navigation, select Sales then Close Register.
  2. Select the Branch.
  3. Follow the process above.

Handling Discrepancies


Inevitably there will be discrepancies between what should be in the register and what was actually counted in real life.

Let's assume that you recorded taking $100 in a day, but upon counting the till find that there is only $90.

Although you should enter $90 into the close register screen, the process will still create a batch for $100. When you come to reconcile this with the payment from the bank - which will be for $90 - you will notice the difference. You can use one of the reports below to confirm this is the case.

The missing $10 should then be manually journaled to an 'over and under' expense account.

Similarly, instances where you have more in your register than expected should be treated in exactly the same way.

Reviewing Register Closes


There are two useful reports that break down historic register closes - this will be useful for problem-solving any discrepancies, and useful for your accountant to use whilst reconciling.

Print Daily Sales and Payments Report

This report is similar to an 'end of day' you may have printed from the system. It records every single payment in or out of the POS, including Cash Out and Credits.

To find this report:

  1. From the left navigation, under Admin & Reports select Retail Reports Dashboard.
  2. Select Print Daily Sales and Payments Report.
Payments by Branch

The Payments by Branch report summarises all the payments for the company and is useful to compare to the batches that were created. Fields like Batch Ref, Branch and date can refine the report, so is very useful for problem-solving.

To find this report:

  1. From the left navigation, under Admin & Reports select Retail Reports Dashboard.
  2. Select Payments by Branch (Created Date).
Batches

You can also see a record of each batch that has been created.

To find them:

  1. From the left navigation, select Accounting, then Batch Invoices.
  2. Change the Filter to Search All to see a list of all batches.

FAQs

We currently use a clearing account - can we do this with Cin7?

We've found that the use of a clearing account for this purpose proves very difficult - we recommend our method as it is more accurate and easier to maintain.

We close all our tills in one store separately, is this possible in Cin7?

In the POS Settings, you can choose between closing each register separately or the whole branch in one go.