Managing Your Cash Drawer / Till (2024)

FAQs

How much cash should you keep in a till? ›

You should keep a consistent amount of money in your register at the start of each day or shift, such as $100. This ensures you have enough cash to give change to your customers.

The currency should be separated into slots by denomination, portrait side up, with all facing in the same direction. The highest denomination should always be on the left, decreasing to the smallest on the far right. Coins should follow the same pattern, with the highest on the left, decreasing to the right.

The 50-30-20 budget rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must have or must do. The remaining half should dedicate 20% to savings, leaving 30% to be spent on things you want but don't necessarily need.

It's more than the average person has: If you're in your 20's, that's a very good amount to have saved. If you're about to retire though, that's not so good. Many advisors recommend a Million or more in savings by retirement age if possible.

The first step in doing this is to count the total amount in your till. This includes any credit, debit and cash transactions. After you've finished adding up the amounts, you should compare the number you came up with manually with what is displayed in your POS system. If the amounts match, you're golden!

If you are missing any money, you will need to find it or make up the difference. If you cannot find the missing money, you will need to report the shortage to your supervisor. Your supervisor will be able to help you determine the next steps.

How do you count a till? You count a till by starting with the biggest bills, and tallying the total number for each bill denomination down to the coins. Many businesses will use a till counting sheet, where the grand total will be added up and reconciled with an end of day sales report.

What is cash drawer management? ›

Cash Drawer Management enables a more secure and accountable method of tracking drawer activity in a retail POS system. In doing so we mitigate instances of theft and hold the right person accountable for their drawer should there be any mismatch.

1 Prepare your documents. Before beginning the process of reconciling your cash, it's important to prepare documents that will help you track your cash flow and identify any discrepancies.

The intelligent cash drawer provides a transaction-to-transaction audit trail for multiple operators who share the same till ensuring that the correct cashier can be associated with a cash discrepancy, event or incident.

The money in the possession of "Commercial depositors" we shall call "till money," and the rest "pocket money."

While you're working, we recommend you set aside at least $1,000 for emergencies to start and then build up to an amount that can cover three to six months of expenses. When you've retired, consider a cash reserve that might help cover one to two years of spending needs.

“It [varies from] person to person, but an amount less than $1,000 is almost always preferred,” he said. “ There simply isn't enough good reason to keep large amounts of liquid cash lying around the house. Banks are infinitely safer.”

This is inconvenient for patrons and it can also prevent you from making a sale. Though the exact amount might vary from business to business, make sure to have cash, sometimes referred to as petty cash, on-hand in the morning. For a small business, $100 to $150 should be more than enough.

You should try and make sure there is a nice blend of cash to make change with at the beginning and end of the day. Typically, you will want to have about $200-500 in the drawer. If you're a seasonal business, you can increase the balance in the busy season, and bring it back down to the lowest amount you need.