Daily Reconciliation – Modern

Daily Reconciliation – Modern

1. Overview 

In retail business, there are two types of reconciliation processes:
  1. Shift Reconciliation: Each cashier, an employee of the store, performs this reconciliation at the end of their shift.
  2. Daily Reconciliation: The store's manager performs this reconciliation at the end of the day (or at the beginning of the next day).  
The "Daily Reconciliation" function in FTx Cloud POS refers to ensuring that the transactions recorded in the POS system match the actual financial activity for a given day. This is a critical practice for maintaining accurate financial records, preventing theft, and identifying errors. It can significantly help you to:    
  1. Ensure accurate financial records and identify discrepancies. Start by generating the end-of-day report, summarizing sales, payments (cash, card, and others), discounts, and taxes. Count the physical cash in the register and verify it against the POS cash sales report. Match card payments with the payment processor’s settlements and validate other payment methods.

  2. Identify discrepancies by investigating errors such as double charges or missing receipts. Confirm discounts and refunds are accurately applied and check transaction logs for unauthorized voids or unusual activity. Document any discrepancies and save reconciliation reports for audits.
Daily Reconciliation in FTx Cloud POS: Once all cashiers perform and finalize the Shift Reconciliation, the store manager or admin will perform the Daily Reconciliation by adding all the shifts through the POS. Once the Daily Reconciliation is performed from the POS and marked as Reconcile Is Final, the corporate employee can audit the reconciliation from Control Center. 

This article includes information about:
  1. How the store manager can perform the daily reconciliation.

2. Reaching "Daily Reconciliation"

  1. Step 1: Log into the POS.
  2. Step 2: Choose Reconciliations from the left panel. 
                                                Figure 1.1
  1. Step 3: On the Reconciliation pop-up window, choose Add Daily Reconciliation.
                                                                        Figure 1.2

3. Performing the Daily Reconciliation

The Daily Reconciliation process involves verifying all the shift reconciliations performed during the day; finding discrepancies between system totals and on-hand tenders, if any; and finalizing the Daily Reconciliation for the corporate employee to review. It involves the following steps: 
  1. All cashiers perform Shift Reconciliations for their respective shifts. 
  2. The manager generates a Daily Reconciliation using "Add Daily Reconciliation." 
  3. The manager clicks "Edit Daily Reconciliation," opens the generated Daily Reconciliation, verifies all Shift Reconciliations, and finalizes the Daily Reconciliation. 
  4. The corporate employee can audit the Daily Reconciliation from Control Center. 
If you are authorized to perform a Daily Reconciliation, please follow the steps below to process the Daily Reconciliation:  
  1. Ensure all cashiers who worked during the day have performed Shift Reconciliation for their shifts and marked "Reconciliation Is Final."
  2. Click "Reconciliation."
  3. Click "Add Daily Reconciliation." 
  4. If you choose "Include Today," the system will include today's shifts in the reconciliation process. If you click "Don't Include Today," it will include unreconciled from past days (in a real scenario, yesterday). This feature is for stores where the Daily Reconciliation is performed in the morning. Click the appropriate option. 
  5. The system will generate the Daily Reconciliation and show a Success message. 
                                                                                                      Figure 1.3
  1. Click "Edit Daily Reconciliation." 
                                                                                          Figure 1.4
  1. The Select Daily Reconciliation To Edit screen will appear, listing all Daily Reconciliations, as Figure 1.5 shows. Click on the reconciliation record you want to verify and click "Select." 
    1. Click the "Only Show Past 7 Days" checkbox to view the records of only the past seven days. 
                                                                                                            Figure 1.5
  1. The Recon | Daily Entry screen will appear, displaying the total of all cashiers' values, system values, and the difference between the cashiers' values and the system values, as Figure 1.6 shows. Check the values.
                                                                                                            Figure 1.6
  1. Footer Buttons/Options:
    1. Reconciliation Is Final: This checkbox lets you finalize the reconciliation.
    2. Refresh Sys: Use this button to refresh the system.
    3. Cancel: Use this button to cancel the Daily Reconciliation processing or the changes made at any point. 
    4. Verify Shifts: This button lets you verify the cashiers' shifts. 
    5. Print: This button lets you print the reconciliation data.
    6. Save: This button lets you save the changes you have made at any point.
  2. Once you check the cashier's values, you need to enter the manager's values. 

                                                                                                                  Figure 1.7
  1. Switch to the "Show Manager Values" tab and click "Verify Shifts." The Shift Reconciliation screen will appear.

                                                                                                                  Figure 1.8
  1. Select the shifts to verify from the dropdown menu. You can count the cash, perform other required calculations, and enter the values in the fields available in the Verified Amounts column.
  2. You must verify all shifts. Once done, click the "Save" button for each shift.
  3. When all the shift reconciliations are verified, select "Reconciliation Is Final." Once all the values are verified, click the "Save" button to save the Daily Reconciliation. 
  4.  When you click the "Print" button, the system will show the Daily Reconciliation Report screen, from which you can print the document. 

4. Control Center Side Information 

After the Daily Reconciliation is generated, it will sync with Control Center but will not be finalized.
  1. To complete the Daily Reconciliation from the POS, the manager must verify the sales values, tick the "Reconciliation Is Final" checkbox, and click the "Save" button. Once the manager finalizes the Daily Reconciliation, it will also be marked as finalized in Control Center.
  2. The corporate employee can view, print, reset, unlock, and audit the Daily Reconciliation from Control Center.  

                                                                                                                                  Figure 1.9


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