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End of Day Reconciliation

Balance your till, verify transactions, and close out each trading day with accurate financial records.

Hayden Zammit Meaney avatar
Written by Hayden Zammit Meaney
Updated today

End of Day Reconciliation

End of day reconciliation ensures your actual takings match your recorded sales. This daily practice keeps your finances accurate and helps identify any discrepancies quickly. Tourism Accelerator makes the process straightforward.

Why Reconciliation Matters

  • Accuracy: Confirms your records match reality

  • Security: Quickly identifies theft or errors

  • Compliance: Required for proper financial management

  • Peace of mind: Know your books are correct

When to Reconcile

Complete reconciliation:
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  • At the end of each trading day

  • When handing over between shifts

  • Before banking cash takings


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Starting the Reconciliation Process

Step 1: Access Till Reconciliation

  • Go to Point of Sale at /point-of-sale

  • Click Close Till or Reconcile

  • The reconciliation screen opens

Step 2: Count Your Cash

Physically count all cash in your till:

Coins:

  • 5c pieces

  • 10c pieces

  • 20c pieces

  • 50c pieces

  • $1 coins

  • $2 coins

Notes:

  • $5 notes

  • $10 notes

  • $20 notes

  • $50 notes

  • $100 notes

Enter each denomination count in the system. The total calculates automatically.

Step 3: Enter Your Counts

  • Enter the quantity of each denomination

  • System calculates total cash counted

  • Compare to expected cash amount

  • Note any variance

Step 4: Review Card Transactions

  • Check your card terminal's end-of-day total

  • Enter the terminal total in the system

  • Compare to recorded card transactions

  • Note any discrepancies

Step 5: Review the Variance

The system shows:
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  • Expected Cash: Based on cash sales minus change given

  • Counted Cash: What you physically counted

  • Variance: The difference (should be zero or very small)


Similarly for cards:
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  • Expected Card Total: Recorded card transactions

  • Terminal Total: From your card machine

  • Variance: Any difference


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Step 6: Explain Variances

If there's a variance:
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  • Click Add Note

  • Explain the discrepancy (if known)

  • Common reasons:

- Incorrect change given
- Unrecorded transaction
- Float amount different than expected
- Counting error

Step 7: Complete Reconciliation

  • Review all entries

  • Click Complete Reconciliation

  • Print or save the reconciliation report

  • The till is now closed for the day

Understanding Expected Amounts

Expected Cash Calculation

Opening float + Cash sales received

  • Cash refunds given

  • Change given

= Expected cash in till

Expected Card Calculation

Card sales processed

  • Card refunds processed

= Expected card terminal total

Handling Discrepancies

Small Variances (Under $5)

  • Common due to minor change errors

  • Note the variance

  • Complete reconciliation

  • Monitor for patterns

Larger Variances

  • Recount the cash carefully

  • Review day's transactions for errors

  • Check for voided or cancelled transactions

  • Look for missing entries

  • If unexplained, report to management

Recurring Discrepancies

If variances happen regularly:

  • Additional training may be needed

  • Review transaction processes

  • Consider procedural changes

  • Investigate thoroughly

Cash Drop Recording

If you did cash drops during the day:

  • In reconciliation, go to Cash Drops

  • Verify recorded drops match actual amounts removed

  • These are subtracted from expected till total

  • Count only remaining cash in the till

Shift Handovers

When handing over to another staff member:

  • Complete a mid-day reconciliation

  • Count and record cash

  • Have incoming staff verify the count

  • Both parties sign off (if required)

  • Till reopens for next shift

The Reconciliation Report

After completing reconciliation, you receive a report showing:

  • Date and time of reconciliation

  • Staff member who performed it

  • Opening float amount

  • Cash sales and refunds

  • Card sales and refunds

  • Cash drops during day

  • Expected vs actual amounts

  • Variances noted

  • Any explanatory notes

Save this report - it's an important financial record.

Tips for Accurate Reconciliation

During the Day

  • Process all transactions through the POS (no off-system sales)

  • Record cash drops immediately

  • Keep the till organised

  • Handle one transaction at a time

At End of Day

  • Count cash in a secure location

  • Count twice to confirm

  • Don't rush - accuracy matters more than speed

  • Complete before banking

Best Practices

  • Same person starts and ends day (when possible)

  • Consistent float amount each day

  • Regular training refreshers for staff

  • Review reconciliation reports weekly

Banking Your Takings

After reconciliation:

  • Remove excess cash for banking (keep float for next day)

  • Prepare a bank deposit

  • Record the banking in the system:

- Go to Cash Management - Click Record Banking - Enter the amount banked - Add deposit reference

  • Secure cash until you can bank it

Reconciliation History

Review past reconciliations:

  • Go to Reports > Reconciliation History

  • View all completed reconciliations

  • Check variance patterns

  • Download for your records

Common Questions

What if I forget to reconcile? Reconcile first thing next morning. Note the delay in comments. Try not to let this become a habit. Can I reopen a closed till? Yes, but this is logged for audit purposes. Only do this if genuinely needed. What's an acceptable variance? Industry standard is less than 0.1% of cash handled. A few dollars on a busy day isn't unusual, but patterns of larger variances need investigation.

Need Help?

If you're having trouble with reconciliation or noticing unexplained variances, our support team can help you troubleshoot the process and ensure your records are accurate.

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