Reconcile Sales Income
Card Transactions – End of Day (for departments who have a card terminal)
1. Carry out end-of-day process for card terminal
The end-of-day process should be carried out for the card terminal; instructions should be followed as per the guide supplied with your machine. It should be noted that the process requires the Supervisor’s card, which should be held in your departmental safe.
2. Reconcile daily transactions
The daily transactions must be reconciled using the card terminal data and the till takings, log book, etc.
3. Compile receipts form for inputting/pass to Cashiers
A Receipts Form (13kb) must be generated and passed to Cashiers for input onto Oracle Financials.
4. Store Paperwork securely
All card terminal paperwork must be stored in a secure way.
Cashiers will check the bank statements to ensure that all transactions on the input form are shown. Only once all transactions are confirmed as correct are the details input onto Oracle Financials by the Cashiers. Where there are transaction issues these will be referred back to the department for investigation.
It is the responsibility of the department to regularly check the receipts on Oracle Financials against the transaction paperwork. Refer to Enquire on a General Ledger Account (227kb) for guidance on this. Any discrepancies found between the receipts and transactions must be referred to Cashiers who should resolve them as soon as possible.
At month end it is important that all sales transactions are complete. To confirm that all transactions raised during the current month have been completed it is recommended to run the OX: Incomplete Invoice / Sales Transactions report to review incomplete transactions.
It is also important that departments are aware of the number and value of credit notes that have been raised each month - this can provide an indication of the level of errors being made with invoicing. To verify, run and review the OX: Monthly - Credit Exception Report.
Reconcile Sales Income
Accounts Receivable reconcile income to sales on a daily basis, ensuring a timely month-end closure.
As part of this process, the Accounts Receivable team may enlist the help of departments to investigate the entries so that corrections can be made. The action required by the department will be dependant on the error found and, the time within the month that it is found, i.e. entries flagged towards the end of month will require a rapid turn-around by the department.