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 Ledger – Banking – Till Menu – Till 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.
- Once you have entered all your amounts – select Close Till
- Select Yes to ‘Shift to be closed has variances. Post Variances Now?’
NOTE: This will Post the Variances to the GL Account called ‘Till Variances’. This is a default Expense Account setup in your Autosoft.
Part 2 - Keeping Track of the Variances
All the variance amounts will be added to your Undeposited Funds. To view them Go to
- General Ledger – Banking – Deposits -Undeposited Funds – Choose your Bank Account – Refresh
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
- Do a Journal to Balance the total amount
- General Ledger – Journal Entry
- Enter a Description for your Journal and any other details as necessary.
- Clear them from your Bank Reconciliation
- General Ledger – Banking – Bank Reconciliation –Bank 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