What is the normal procedure for cash management with Retail POS and the Xero integration?
- Retail POS for Mac or PC
- Xero Integration
The standard procedure for cash management
- Open the register at the start of the day with a set float
- Process sales throughout the day as normal
- Count the cash in the register at the end of the day
- Close register by entering in the counted cash amount
- Take all the cash out of the register
- Deposit in to bank account (This is often done weekly to avoid having to make deposits everyday)
- Reconcile the deposited cash amounts in Xero with the cash amounts Retail POS sends to the selected account code in Xero.
Since you count the cash and enter the counted amount in to the register closure, the invoice created in Xero for that register closure will contain the same counted cash amounts and should line up with the amount you deposit into your bank.
Each register in each outlet will create a register closure invoice when the register is closed. This invoice will contain all the cash float, petty cash and cash in/out movements for that register from the time it was opened to the time it is closed.
These cash movements will go into the account code you have setup for cash float, petty cash and cash in/out in your Xero mappings page.
When you activate cash management in your store for the first time, you will see three new mappings in your Xero mappings page. Cash float, Petty Cash and Cash in/out. You will need to map each of these to valid account codes from your Xero chart of accounts.