Exercise 5 – Reconciling Prepayment errors
Select 5 November 2021 in SkyePOS & click on deposit reconciliation
You can see from the reconciliation report that although the day overall balances, there are transactional errors that impact all of cash, EFT & Pre-payments.
As it looks like no cash was in fact taken for the day (no deposit was made), reviewing cash transactions is the easiest place to start, so run a cash payments journal (click payments, then cash). This identifies order number 40400167 as the one cash transaction & by clicking on the order number in the report the full details of that transaction appear.
Line 3 of this screen identifies this transaction as a prepayment, but note that no payment value has appeared. This is an error that does happen occasionally & there are processes to follow on set to rectify this, but they do sometimes slip through the cracks. To verify that this is a valid prepayment enter the photo ID (the number in the info column – in this case 1515596613302816) into the order search field of Santa’s VIP’s to review the customer booking.
Note that when completing an order search, it is important to remember that the date range selected in the filters at the top refers to the date that booking was MADE, not the date of the customer visit with Santa, so you should always select a start date that reflects the day the booking site opened. I would usually use 1 October to ensure I capture all bookings in the search.
With this information, it does appear clear that the customer did in fact pay for their package (12 Christmas Cards) via a pre-booking, but the value of this payment did not transfer through to POS. Also note that the customer purchased an ‘add on’ when they visited & this sale was correctly processed by EFT.
In this situation the cashier should make a note in the Comments box of the reconciliation as follows:
Order 40400167 was prepayment 1515596613302816, processed as CASH – $40.95.
To determine the details of the second error, follow the exact same process by reviewing the EFTPOS payments journal.
When reviewing this list of transactions there is one that looks out of place. Our staff are trained to enter the RRN number from the credit card slip as the transaction reference & this amount appears in the description field in the report. RRN numbers are basically a record of the sequence of numbers transactions from the EFTPOS terminal & will start at 0001 at every set & go upwards from there. What this means is that the RRN numbers on a given day should be consecutive, however in this report you can see a number (1111) that does not fit the sequence. This is the transaction to investigate – click on the order number for details.
As was the case with the cash transaction we reviewed earlier, the Order detail shows a prepayment without a transaction value. If you again complete an order search in Santa’s VIPs you will be able to confirm it is a valid transaction & you would expect the cashier to enter a note along the following lines:
Order 40400163 was a prepayment 1511875785244358 processed as EFT – $39.95.
You have now confirmed that although there were mistakes made on the set for the day, overall, banking is correct & we have received all monies that we should have.
What follows is a series of other exercises for you to complete in order to hone your skills in finding & reporting on banking/transactional errors.