Point of Sale Revenues (Alberta Council)

From SJA

Contents 1 The Need 2 Policy 2.1 Purpose 2.2 Scope 2.3 Responsibilities 2.4 Definitions 2.5 References and Related Statements of Policy and Procedure 3 Procedures 3.1 All Transactions 3.2 Cash Transactions 3.3 Debit and Credit Card Transactions 3.4 Cheques 3.5 Daily Point of Sale Processing 4 Attachments

The Need

In a retail environment, controls must be built into the point of sale processes to reduce the risk of losses due to fraud, theft, or accounting error. Strong controls over this function ensure that revenues are recorded accurately and that cash, debit, and credit card transactions are safeguarded.

These policies and procedures apply in an environment where sales are made by cash, cheque, credit card, and/or debit card.

Policy

St. John Ambulance accepts debit cards and cash.

St. John Ambulance accepts the following credit cards, Visa, MasterCard, and American Express.

St. John Ambulance does not accept personal cheques unless the customer has an existing and approved credit account. Certified cheques and money orders are accepted.

Purpose

The purpose of this Statement of Policy and Procedure is to record sales accurately and on a timely basis, minimize risk to the company, and provide guidance to point of sale employees.

Scope

This policy applies to all point of sale employees and their supervisors.

Responsibilities

Customer Service Representatives are responsible for:

• Ensuring that all transactions are processed in accordance with company policy
• Balancing payment transactions at the end of each day, and reporting overages and shortages to their supervisor

Administrative Coordinators are responsible for:

• Maintaining cash floats in cash drawers
• Making bank deposits
• Resolving overages or shortages
• Ensuring accounting records are forwarded to the Finance Department in the daily integration packages

The Finance Department is responsible for:

• Any adjustments to cash records stemming from overages and shortages
• Reconciling actual bank deposits

Definitions

• Accounting Tape means the paper roll of all transactions maintained by the cash registers (i.e., the copy left in the cash register)
• Overage means the excess amount of cash actually held compared to the amount which should be held according to calculations of all cash-affecting transactions undertaken.
• Shortage means the difference in cash which should be held according to calculations of all cash-affecting transactions undertaken compared to the actual amount of cash held.
• SKU means stock-keeping unit number. This is the number assigned to an inventory item for tracking and analysis purposes.

References and Related Statements of Policy and Procedure

• Unity to Great Plains Integration
• Refunds
• Sales Taxes

Procedures

All Transactions

1. All sales must be entered into the Unity point of sale system, and the customer must be given the receipt.
2. Ensure that the point of sale system captures the SKU of the product for inventory and management information purposes.
3. The Unity point of sale system will captures the sales persons (individual who sold the product or service) name by the login used for Unity.

Cash Transactions

1. The cash drawer must be locked when not attended.
2. Cash is balanced against the register at the end of each day.

Debit and Credit Card Transactions

1. The company accepts debit cards and major credit cards (Visa, MasterCard, and American Express).
2. All transactions are authorized by the point of sale credit and debit card system. Transactions that are not authorized must be cancelled in Unity.

Cheques

1. Personal cheques are not accepted, unless the customer has an existing and approved credit account.
2. Certified cheques, money orders, and corporate cheques will be accepted.

Daily Point of Sale Processing

1. At the end of each day the Customer Service Representative will balance the total of debit card and credit card transactions recorded on the Daily Cash Out Report to the point of sale terminal report.
2. At the end of each day the Customer Service Representative will balance the physical cash against the Unity Daily Summary Report. Overages and shortages shall be reported to the Administrative Coordinator for investigation.
3. The Administrative Coordinator will remove surplus cash from the cash drawer in the presence of the Customer Service Representative and both will sign the cash removal memo. These cash amounts are totaled and a bank deposit slip is created. The bank deposit slip should match the totals from the cash removal memos; the Administrative Coordinator shall initial the deposit book to this effect.
4. Any required cash (coins, small bills) shall be exchanged for larger bills from the Administrative Coordinator's petty cash drawer. The Administrative Coordinator is responsible to ensure their petty cash contains coins and small bills for this purpose.
5. Deposits are required to be taken to the bank at a minimum of three times a week, however, daily deposits are preferable.
6. The accounting tape and stamped deposit slip is sent to the Finance Department in the Daily Integration Package along with all cash removal memos, credit and debit card slips and the cash reconciliation forms. The Finance Manager shall verify cash removal memos against actual deposits recorded by the bank.
7. Any overages or shortages not resolved by the Administrative Coordinator must be reported to the Finance Manager immediately by phone as well as noted on the Daily Cash Out Form. The Finance Manager will decide what further action is necessary.

Attachments

• Daily Cash Out Form
  

  

  Daily Cash Out Form
• Cash Removal Memo Form
  

  

  Cash Removal Memo Form