Till losses/gains

Can someone tell me how to deal with till losses and gains.E.G if i had sales in my till for 200 and the till was down by 1.27 how do i record this.thanks

I would make up a new account called till errors, and then use the “input a new transaction” button to move the £1.27 out of the till account and into the error account.
If it works that the till is up, then do the same thing using the money out selection.
That will enable you to keep a track of all the ups and downs of the till, and hopefully it evens up over time.
If it doesn’t, and the till error account keeps getting bigger, then at least it will be highlighted for you.
Hope that helps

1 Like

Consider setting up an account as stated, with the account type as expense. You are FAR more likely to have shortages than overages. Even when there is too much in the till, it means there is too little in the customers’ pockets, thereby encouraging their return - much less the case if they were given too much change.

On the rare occasion it may be over, simply treat it as you would a refund from a (cash/non-credit) supplier, where the expense is negative (ie a debit), although you’ll need to reverse this should a customer return for what is rightfully his.

Consider implementing controls if this continues to be a problem, such as a dedicated employee for till duties on each day of the week.

An “overs and shorts” account is standard practice, high cash volume business like high street banks will have a separate account for each.

When I worked in a bank the appropriate transfers would be made to correct any till errors at close of business so that the cashier always started with a correct figure in the morning.

Overs and shorts of trivial amounts aren’t uncommon if you are using a lot of small change.