Process a Financial Sale Transaction

D1.HFO.CL2.05 D1.HFI.CL8.07
D1.HFA.CL7.01 D2.TCC.CL1.12

Slide 1
Introduction
Process Financial Sales Transactions:

⦿ Classroom schedule

⦿ Trainer contact details

⦿ Resources you will need:

• Calculator

• Pen and Paper

⦿ Assessments.

Slide 2
Introduction
Ice breaker:

⦿ What is your name?

⦿ Where do you live?

⦿ Why are you doing this course?

⦿ Do you work in the Hospitality or Tourism industry or why

do you want to work in either of these industries?

Slide 3
Introduction
Financial sales transactions:

⦿ Definition
• Monetary dealings between a business and customers,
guests or clients

⦿ Hospitality and Tourism examples:

• Restaurant

• Hotel

• Tour operator.

Slide 4
Introduction

Cash Revenue

Slide 5
Security
Potential for high volume of cash collected in a day or shift:

⦿ Authorisation:

• Can you think of examples?

⦿ Procedures on processing financial

sales transactions:

• Can you list some procedures?

⦿ Point of sale systems:

• What are the options?

Slide 6
 Processing financial sales transactions

Text in here
Prepare Reconcile
Process

Slide 7
Prepare point of sale area for operation

⦿ What is the Point of Sale area?

• Examples

⦿ Opening the point of sale area:

• Timing

• Authorisation

• Responsibility.

Slide 8
Prepare point of sale area for operation
The Cash Float:

⦿ What is it?

⦿ Who is issued the cash float?

⦿ Counting the cash float.

Slide 9
Prepare point of sale area for operation
Check supplies:

⦿ Adequate change
• Denominations of notes and coins

⦿ Documentation
• What do you need in a point of sale area?

• What do you need at a point of sale terminal or register?

Slide 10
Prepare point of sale area for operation
Clean and tidy Point of Sale area:

⦿ Customer impressions
• Last point of contact

⦿ At the start of the day

⦿ During the shift

⦿ At the end of the day.

Slide 11
Prepare point of sale area for operation
Activities

1. In small groups, draw a diagram of a Point of Sale area:

• In a restaurant

• At a hotel reception desk.

2. In pairs or groups of three, simulate the

float collection procedures.

Slide 12
 Processing financial sales transactions

Text in here
Prepare Reconcile
Process

Slide 13
Process payments and receipts

Cash Revenue

Slide 14
Process payments and receipts
Customer service skills

⦿ Customer service standards:

• Why?

• Examples

⦿ Working in pairs:
• What personal characteristics do you need?

• Discuss customer service issues that may arise and skills

you need to resolve them.

Slide 15
 Process payments and receipts

Calculate or Make Collate

Store
verify payment appropriate
documentation securely
amount due

Slide 16
Process payments and receipts
Calculate or verify amounts due:
⦿ Managing customers’ expectations
⦿ Collecting sales information
⦿ Confirming amounts due
• Reviewing the bill
• Resolving discrepancies.

Slide 17
Process payments and receipts
Calculate or verify amounts due:
⦿ Activity:
• What should you look for when reviewing the customer’s
bill?

• What sort of discrepancies may

you need to resolve and how
would you resolve them?

Slide 18
Process payments and receipts
Make payment with cash:

⦿ Cash is defined as:

• Notes and coins in local currency

⦿ Safeguard cash at all times

⦿ Confirm amount received

⦿ Issue receipt.
What can go wrong?

Slide 19
 Process
payments
and receipts

Customer gives Recount in front

you incorrect of customer
amount

Slide 20
 Process
payments
and receipts

Confirm amount
Confusion over the tendered when
amount paid passed to you

Slide 21
 Process
payments
and receipts

Count out change

Mistakes with
into customer’s
change given
hands

Slide 22
Process payments and receipts
Non cash payments:

⦿ What are they?

⦿ Safeguarding documentation

⦿ Common types of transactions

⦿ Processing common transactions

⦿ Issue receipt.

Slide 23
Process payments and receipts
Collate documentation
Add Your
The audit orTitle
paper trail

REVENUE

Information sent
to Accounts
Documentation Department
Financial sale collected
transaction
processed

Slide 24
Process payments and receipts
Store securely
⦿ Why?
• Safeguard cash

• Safeguard documentation

⦿ How?
• Forms of secure storage

⦿ When?
• Organisational guidelines

• Experience.
Slide 25
Process payments and receipts

Cash skims

OR “Clearing the cash drawer”:

⦿ Count notes, coins and non cash

payments

⦿ Complete documentation

⦿ Secure storage.
Activity

Slide 26
Process payments and receipts
Other transactions that may occur in a day’s trading:

⦿ Advanced payments
• Sometimes called “deposits”

• Unique code

• Receipt issued

• Tourism and Hospitality examples.

Slide 27
Process payments and receipts
Other transactions that may occur in a day’s trading:

⦿ Refunds
• What are they and why do they occur?

• Authorisation

• Documentation

• Customer service paramount.

Slide 28
Process payments and receipts
Other transactions that may occur in a day’s trading

Issuing cash internally:

⦿ Payments to suppliers
• Check authorisations

• Review documentation

• Complete internal documentation

and follow cash handling procedures.

Slide 29
Process payments and receipts
Other transactions that may occur in a day’s trading

Issuing cash internally:

⦿ Reimbursements:
• Internal requests for cash

• Ensure valid and reliable documentation

⦿ Disbursements:
• Cash request on behalf of a guest or client

• Most common in hotels

• Complete and keep appropriate documentation.

Slide 30
Processing financial sales transactions

Prepare Process Reconcile

Slide 31
Reconcile financial transactions at end
of day
⦿ Close and secure point of sale area

⦿ Print system totals

⦿ Count takings

⦿ Balance (or reconcile) takings

⦿ Complete documentation.

Slide 32
Reconcile financial transactions at end
of day
Close and secure point of sale area:
⦿ Physically secure the point of sale area:
• Locked doors

• Security screens

⦿ Secure the cash drawer:

• Security codes or identification required

• At or away from the point of sale area.

Remember that you are still responsible for cash

Slide 33
Reconcile financial transactions at end
of day
Register or Terminal reading:

⦿ Summary reading:
• “X” total

• Does not “zero” system

⦿ Final reading:
• “Z” total

• Point of sale system “re-set” for next day or shift.

Slide 34
Reconcile financial transactions at end
of day
Count contents
Summary sheet

Total
Date Locat Note Acc Vou
Loca Che Bank Othe Cash Signat
& ion s& ount che
tion ques cards r count ure
Time code coins s rs
ed

Slide 35
Reconcile financial transactions at end
of day
Count contents:

⦿ Counting notes and coins:

• Always according to bank requirements

• Group same denominations together

• Complete summary sheet

⦿ Counting non cash payments and

other transactions:
• Group “like” payments together

• Complete summary sheet.

Slide 36
Reconcile financial transactions at end
of day
Balancing the takings

Point of sale
system reading

Contents of the
cash drawer

Slide 37
Reconcile financial transactions at end
of day

The takings do not balance, what next?

⦿ Check arithmetic and calculations on Summary Sheet

⦿ Recount cash and check totals of non cash transactions

⦿ Is discrepancy outside acceptable limits?

• No – Record on Summary sheet

• Yes – Investigate!

Slide 38
Reconcile financial transactions at end
of day
Investigating discrepancies:

⦿ Incorrect amounts entered into the Point of Sale system:

• Human error

• Incorrect sale item

• Other incorrect details.

Slide 39
Reconcile financial transactions at end
of day
Investigating discrepancies:

⦿ Incomplete documentation:

• Cash drawer less than the register readings

• Check with other staff

• Check register tape.

Unresolved discrepancy – report to Manager

Slide 40
Reconcile financial transactions at end
of day
Activity
1. The final reading from the point of sale system is 1,000.00 yet
your cash summary sheet totals 990.00:
• Is this a discrepancy that requires investigation?

• What will you do first should you attempt

to resolve the discrepancy?
• What else might you do given the nature
of this discrepancy?

Slide 41
Reconcile financial transactions at end
of day
Complete and forward documentation and takings:

⦿ The audit or paper trail again!

• Summary sheet

• All non-cash paperwork

⦿ Separate float:
• Return to secure storage

⦿ Forward takings and documentation to secure area.

Slide 42