Source Company – Reconciling Cash Drawers and the Vault

The Source Company Manager and many of its features are new to LoanPro's latest release. For more information, see our main article on the Source Company Manager.

What is Reconciling?

This article deals with the Cash Drawers and the Vault, which are both found inside of the Source Company Manager.

At the end of a shift, you probably want to make sure the actual amount of cash in your cash drawers and vaults line up with what you have on the books. Reconciling is a process where LoanPro helps users count the actual cash balance, clear transactions as legitimate and correct, and log an adjustment that accounts for any differences.

Users have to reconcile all transactions before checking their cash drawer back in, so this is an essential and daily step for anyone who uses cash drawers and vaults. But that doesn't mean you have to reconcile only at the end of a shift; we recommend clearing transactions throughout the shift so you can catch any errors early.

The reconciling process works almost exactly the same for both cash drawers and the vault, so this article covers them both.

Step 1: Count the Cash Balance

First, click the Reconcile button to the right of the search bar. This brings up a page asking for the actual cash balance in the cash drawer. Count the cash, and enter your total here.

You can also count bills by denomination.

Step 2: Clear Transactions

The next step involves clearing transactions, checking that each one is legitimate and that the amounts are correct. Check the box next to each transaction to mark that it's accurate.

Note that you have the option to "Clear All" or "Unclear All" transactions.

If a transaction seems incorrect, you can cancel the reconciling process and edit or delete it. Any transactions you've already cleared will have a status of C (cleared) rather than P (pending) or R (reconciled) to help you keep track of which transactions you've checked.

As you clear each transaction, it will update the Cleared Balance. This keeps track of where the balance should be based on the transactions you've cleared.

If you see a transaction that you're unsure about, now is the time to take a closer look. Once you finish the reconciling process, all of these transactions will be locked in, and you won't be able to go back and edit any of them.

Step 3: Account for Discrepancies

In the course of a day, it's possible that a payment will be entered incorrectly, or you might find an extra bill in a cash drawer. When your Ending Balance (the actual cash in the drawer) doesn't match the Cleared Balance (the expected total based on cleared transactions), you'll be unable to reconcile and check in the cash drawer until you log an adjustment noting the difference. Click the blue Log Adjustment button, which pulls up this window:

The date and amount are set automatically to today's date and the difference between your ending and cleared balances. You can add a description to explain the difference. This Log Adjustment will then show up in the same list as your other transactions, and clearing it will add that amount to your Cleared Balance. This will make your cleared balance equal to your ending balance.

When you have a difference of $0.00, and are ready to reconcile all the cleared transactions.

Step 4: Finish and Check-in

When all transactions are cleared, click the Finish button in the bottom right corner. If you're reconciling a cash drawer, you're ready to check-in the cash drawer (see below) or can continue if you shift isn't over yet. If you're reconciling the vault, this window will pop up, asking if you'd like to transfer any money to the bank or unassigned yourself from the vault. You can click one, both, or neither.

If you check Transfer to Bank, this window will pop up. Enter the cash and non-cash amount you want to transfer, and click Save.

Checking "Unassign Myself" will automatically remove you from responsibility over the vault. If you don't check this option, you'll have to check

Check-In

When the cash drawer or vault is reconciled, you can check it back in.


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