Purpose

To ensure accurate tracking and reporting of daily sales, while reconciling cash and electronic transactions to maintain financial integrity.

Scope

This SOP applies to the Retail Store Manager and staff responsible for cash handling, sales reporting, and reconciliation at the end of the business day.

Reference SOPs

• SOP 2: Daily Store Closing Procedure
• SOP 4: Inventory Management and Restocking
• SOP 5: Customer Service Escalations
• SOP 9: Monitoring Key Performance Indicators (KPIs)

Steps

1. Collect Sales Data:
   • Gather end-of-day sales reports from the POS system.
   • Ensure all registers are closed and their totals are recorded in the sales log.
2. Count and Verify Cash:
   • Count the cash from each register drawer, including starting balances and sales earnings.
   • Compare cash totals against the POS system’s cash sales report to identify discrepancies.
3. Reconcile Electronic Transactions:
   • Cross-check credit card, mobile payment, and other electronic transactions against POS records.
   • Investigate any discrepancies (e.g., failed transactions, duplicate charges) and resolve them immediately.
4. Document Discrepancies:
   • Log any discrepancies between cash, electronic payments, and sales reports in the reconciliation record.
   • Include explanations or resolutions for discrepancies (e.g., cashier errors, voided transactions).
5. Prepare Bank Deposits:
   • Separate the cash deposit amount from the starting cash balance for the next day.
   • Place the deposit in a tamper-proof bag and complete the bank deposit slip.
   • Secure the deposit in the store’s safe for delivery to the bank or pickup by an authorized service.
6. Update Financial Records:
   • Input sales and reconciliation data into the store’s accounting system.
   • Ensure records are detailed and accurate, including:
     • Total daily sales
     • Cash and electronic payment totals
     • Any voids, refunds, or discounts applied
7. Review and Approve Reports:
   • Verify that all reports are complete and accurate before submitting them to the head office or regional manager.
   • Sign off on the daily sales log and reconciliation report.
8. Address Any Issues:
   • Investigate recurring discrepancies or unusual patterns in sales data.
   • If necessary, escalate unresolved issues to the finance or accounting team for further review.
9. Secure Documentation:
   • Store physical copies of sales reports, reconciliation logs, and deposit slips in a secure location.
   • Maintain digital records for audit purposes, following company policy for data retention.
10. Communicate with Stakeholders:
    • Share a summary of daily sales performance with the team during the next shift meeting.
    • Highlight key insights, such as top-selling items or areas needing improvement.