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What to Do With Your Till Reconciliation Variances

The purpose of this guide is to explain what Till Variances are and advise what you may want to do with them.

NOTE: The full guide on how to do a Till Reconciliation can be found here; http://service.autosoft.com.au/entries/21440704-How-to-Process-a-Till-Reconciliation

Till variances are the variances in what the system tallied as your total till transactions, compared to the actual amount which you counted & entered. When you do your Till Reconciliation, you may have counted your takings and have a variance. Till Variances over time could amount to quite a lot of money so to keep track of the total till variances then clear them off your Expenses GL once you have claimed them, follow this guide.

This guide has been broken up into 3 parts- Recording your Variances, Tracking them and Clearing them. 

 

Part 1 - Recording your Till Values and the Variances

  • Go to General LedgerBankingTill MenuTill Reconciliation
  • Count and Enter all your Actual Amounts.

The most common variance would be Cash so in this example, I counted my Cash and am $20 under.

 

1._Till_Rec_with_Variance.png

  •  Once you have entered all your amounts – select Close Till 
  • Select Yes to ‘Shift to be closed has variances. Post Variances Now?’

 2._Till_Rec_with_Variance.png

NOTE: This will Post the Variances to the GL Account called ‘Till Variances’. This is a default Expense Account setup in your Autosoft.

 3._till_rec_with_variances.png

 

 

 

Part 2 - Keeping Track of the Variances

All the variance amounts will be added to your Undeposited Funds. To view them Go to

  • General LedgerBankingDeposits -Undeposited Funds – Choose your Bank AccountRefresh

 4._till_rec_with_variances.png

 

 

 

 

Part 3 - Clearing the Variances

  • Add up the Total in your Undeposited funds by Ticking all the amounts and viewing the total on the right - Process them to your Bank Account

Undeposited_Funds_Till_Rec_Variances.png

  • Do a Journal to Balance the total amount
    • General LedgerJournal Entry
    • Enter a Description for your Journal and any other details as necessary.

Journal_to_Write_Off_Till_Variances.png

 

  • Clear them from your Bank Reconciliation
    • General LedgerBankingBank ReconciliationBank Reconciliation
    • Tick your Journal Entry and the Cash Deposit Entry (from your Till Variances)
    • If you have done your Journal for the right balancing amount, the entries will balance so you can Process them with your next bank Rec

Bank_Rec_Till_Variances_J.png

 

 

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2 Comments

  • 0
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    AntonioLJohnson

    Many people feel so hard to Reconciliation Variances and there are a lot of issues people face while using the software. This is a great idea to help people to make it easy for them for recording of these entries. I found some rushessay.com coupon related to these ideas and it is good to share such topics to help out the people facing such issues.

  • 0
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    Shane

    You are not spending all your time on the phone. Aesop Login for Frontline Education Georgia, whose school system also uses AESOP.

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