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Financial and Pricing

Learn about cash registers, change funds, deposit slips, overages, shortages, balanced registers, voids, cash drops, and security measures in retail store financial management.

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Financial and Pricing

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  1. Financial and Pricing Jolie Richards Lydia Martin Sarah McAllister

  2. Cash Register • A machine used in shops that has a drawer for money and totals, displays, and records the amount of each sale.

  3. Change Fund and Change fund reports • Change Fund: A specific amount of cash to make change • Change Fund report: A report on the amount of cash that is kept by the departments, including profits and lost money. • Why the cashier must know how much they begin the day with to know how much should be in the drawer: • To avoid holding too much cash on the sales floor. • If the store is robbed. • When a customer complains about too little change. • For discovering frequent overages/shortages for particular cashiers. • To remove temptation of taking cash without documentation from the cash drawer.

  4. Deposit Slips • A small written form that is used to deposit funds into your account. • Indicates the date, the name of the depositor, the depositor's account number and the amounts of checks, cash, and coin being deposited. • Ex: Cash registers can print a sales slip telling how much money the cashier made in sales and how much money they are responsible for. If the money counted does not match what is on the balancing slip, the cashier may be over or short.

  5. Overages • An excess or surplus, especially the amount by which a sum of money is greater than a previous estimate. • Ex: overage $12.34: is written as +12.34; is printed out as: $12.34

  6. Shortages • A state or situation in which something needed cannot be obtained in sufficient amounts. • Ex: shortage $12.34 is written as: -12.34; is printed out as: ($12.34)

  7. Balanced • Taking everything into account; fairly judged or presented. • Balanced cash registers have no overages or shortages.

  8. Voids • Declaring something not valid or determining something as not legally binding.

  9. Cash Drop • The amount of money removed from a cash drawer and placed in a safe or sent to a bank for deposit.

  10. Allowance for “Paid Out” transactions • To put money in the register or take money out for transactions that are not sales • Ex: cashier loans

  11. Security Measures • Move till to a more secure location • Do not count money in front of customers or at register • Be with a manager while counting money • Removes possibility of stealing allegations

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