Last updated 17/08/2017
Closing the register does three things:
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.
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:
Registers can also be closed in the backend:
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.
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.
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:
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:
You can also see a record of each batch that has been created.
To find them:
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.
In the POS Settings, you can choose between closing each register separately or the whole branch in one go.