Reconcile a Cash Drawer

General

The reconciliation feature for  cash drawers is designed so that employees using cash drawers in your company can check the money in the drawer against transactions that occurred over a period of time.  Best practice is to reconcile cash drawers at the end of every business day.

How To

To reconcile a cash drawer, navigate to Tools > Cash Drawer inside your company account.

Click  to the right of the drawer you want to reconcile.

By default you will see the unreconciled transactions for this cash drawer.  If you want to see all the transactions, click  and choose All transactions from the drop-down.

To reconcile the drawer, go to the Reconcile tab.

Here you will have a list of unreconciled transactions that are separated into groups of withdrawals and deposits.  When you check the box next to a transaction the transaction amount is added (deposits) or subtracted (withdrawals) from the Cleared total.

You should start by totaling the amount in the cash drawer and entering that amount into the Settlement Balance field.  Then click each transaction box or the All box for each transaction type.  Enter any information about the reconciliation into the Settlement Memo field.  Click  to complete the reconciliation of this drawer.

If the settlement balance you entered doesn’t equal the beginning balance plus deposits minus withdrawals logged in LoanPro, you will get a message asking if you want to log a new transaction to reconcile the balances.

If you click , the reconciliation will be finished and your settlement balance will become the new cash drawer balance.

If you choose to post an adjusting transaction, click  and then click .

Enter the data for the new transaction.  The options are:

  • Amount type – Either a deposit or a withdrawal.
  • Transaction type – A custom list of transaction types.  To update the list of transaction types, go to Settings > Loan > Labeling >  Cash Drawer Tx Categories.
  • Amount – The amount of the transaction.
  • Date – The date when the transaction will apply to the cash drawer (most likely today).
  • Description – Any information that will help you identify the transaction in the future.

Once you have entered the transaction information, click .


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