Manage multiple cash drawers in one place with store banks
Store banks enable centralized management of multiple cash drawers. Shops utilizing store banks begin the day by choosing a pre-existing bank template. The drawers associated with that template are then opened at the start of each day.
Transactions are recorded at the drawer level, corresponding to the devices used for those transactions. When it’s time to close the bank, each individual drawer is closed, and the combined deposit amount from both drawers is entered at the bank level.
Prior to utilizing store banks, you will need to create at least one store bank template. These templates consist of predefined sets of drawers that you would like grouped together within your store.
We recommend that you put all of your drawers in one store bank template. Once you have created a template, you can then open up a store bank using that specific template on the POS.
Once you’ve finalized your template, you will be able to open your first bank on the POS.
First, ensure that you have the Store Banks setting toggle enabled on the Point of Sale. To learn how to do this, click here.
Like cash drawers, store banks also have the capability to track Pay-Ins and Pay-Outs. We recommend utilizing these on a bank level only after closing individual cash drawer to ensure that the bank closing amounts align with their expected in drawer amounts.
When initiating a Bank Tip Bucket Pay In, you will also need to input your Employee PIN:
Store banks should be closed at the end of each day.
From here, combine the deposit amounts of each drawer to calculate the total bank deposit amount.
Next, click Enter Deposit and input the total bank deposit amount you calculated into the field. Once you are done, click Submit:
The bank will then be displayed as closed, with the deposit differential in either green or red, depending on whether there is a surplus or a shortage of cash:
Device Name: This is the name of the specific POS device that a cash drawer associated with the store bank was opened on.
Starting Cash: This is the amount of cash that was in the drawer when it was first opened.
Pay In/Out: This is the total amount of cash Pay Ins and Pay-Outs that were recorded on the corresponding cash drawer.
Cash Sales: This is the total amount of cash that was collected on the corresponding cash drawer from the time it was opened to the time it was closed.
Expected in Drawer: This represents the total amount of cash that is expected to be in the corresponding drawer once it has been closed. This value is equal to the sum of the opening amount, any Pay In events, and cash sales, minus any Pay Out events.
Cash Retained: This represents the amount of cash that was left in the corresponding drawer after it was closed.
Amount Close: This represents the actual closing amount of cash recorded when the drawer was closed.
Excess Cash on Hand: This value represents any extra cash that was in the drawer when it was closed. This value is equal to the closing amount minus the cash retaine amount.
Bank Pay In/Out: This represents the total sum of all Pay In and Pay Out events made to the bank.
Expected Deposit: This is equal to expected in bank amount minus the cash retained amount.
Deposit Amount: This represents the deposit that an employee entered when they closed closed the bank.
Deposit Differential: This is the difference between the deposit amount and the expected deposit.
When conducting a bank audit, the key figure to focus on is the Deposit Differential. This value indicates the variance between the expected deposit amount and the actual deposit amount in the bank:
If the Deposit Differential is lower than expected, this indicates that there may be missing cash or discrepancies in the recorded cash amounts, suggesting potential errors or miscounts during the cash management process.
Common errors include entering incorrect or inaccurately counted starting or closing amounts, mistakenly classifying a Pay In as a Pay-Out, or vice versa, and performing bank Pay-Ins or Pay-Outs before closing a drawer.