The Banking report

A banking report in retail is a vital tool that ensures accurate tracking and reconciliation of daily cash and electronic transactions. 

It provides a clear summary of sales, deposits, and discrepancies, enabling businesses to maintain financial accuracy, detect errors, and prevent fraud. By offering a snapshot of financial activity, it supports better decision-making, enhances transparency, and strengthens overall financial management.

The banking report is divided into three key sections:

Payment Balancing

This section displays all payment types enabled for your store, whether they were used or not. The "Taken" column shows the recorded amounts for each payment type based on transactions at the till. You’ll need to enter the actual amounts, note any variances, and provide reasons for those variances.

Close Off

In this section, authorised signatories confirm the banking details as true and correct by signing off. Additionally, a pie graph visually represents the payment split for the day.

Balance Sheet/Cash Calculation

This section provides a detailed breakdown of cash by denomination, cash balancing, and a summary of totals.

Physical Banking Details

Here, you record the date the cash was deposited at the bank, who made the deposit, and the reference provided by the bank upon acceptance.