When collecting cash in the course of business, you will record cash payments - as well as other cash activies to a Register. A register is a cash drawer within your place of business. When ending shifts or days, it is important to record the cash that has been collected and set cash aside for deposit.
The video below will walk you through understanding a performing cash drops.
Definitions for each item in your summary:
Start Drawer: This is the amount of cash you start your cash drawer with. When filling in a cash drop you should enter the dollar amount you start shifts with. Once you've done a cash drop and removed all cash for deposit, your drawer should return to this amount.
+ Cash Payments: The dollar amount of cash payments taken from device(s) connected to this cash drawer, since the last cash drop.
+ Paid In: The dollar amount of "Paid In" records assigned to the cash drawer, since the last cash drop. This is a positive value and adds to expected cash in this drawer.
- Paid Out: The dollar amount of "Paid Out" records assigned to the cash drawer, since the last cash drop. This is a negative value and deducts from expected cash in this drawer.
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Expected: This is the dollar value of cash that is expected in your Cash Drawer. This is based on the formula (Start Drawer + Cash Payments + Paid In - Paid Out = Expected)
Actual: This is the dollar value of cash that was actually counted. This will be calculated as you count your drawer.
Difference: This is the difference between your Expected (the amount that should hypothetically be in your cash drawer) and your Actual count. (Actual - Expected = Difference).
If this number is negative, your drawer is under. Meaning you have less actual cash in your cash drawer than was expected.
If this number is positive, your drawer is over. Meaning you have more actual cashing in your cash drawer than was expected.
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Cash Drop: This is the dollar value which you should remove from your cash drawer for deposit. Removing this amount should return your drawer to its Start Drawer amount.
Tip Jar: If your store has a collection for cash tips, and those cash tips are meant to be deposited and distributed during payroll, you should enter the amount here.
Deposit: This is the total amount of cash that should be set aside for deposit, using whatever deposit procedure your store uses. The formula for this is (Cash Drop + Tip Jar= Deposit)
Missing Cash Drops can cause serious accounting errors, so Crisp will automatically trigger a Cash Drop at 6am (local time) the following day for any register that have payments but are missing a Cash Drop.