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   Process a Financial Sale Transaction

2. Introduction Process Financial Sales Transactions: Classroom schedule Trainer contact details Resources you will need: Calculator Pen and Paper Assessments.
3. 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?
4. Introduction Financial sales transactions: Definition Monetary dealings between a business and customers, guests or clients Hospitality and Tourism examples: Restaurant Hotel Tour operator.
5. Introduction Revenue Cash
6. 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?
7. Processing financial sales transactions Text in here Prepare Reconcile Process Slide 7
8. Prepare point of sale area for operation What is the Point of Sale area? Examples Opening the point of sale area: Timing Authorisation Responsibility.
9. Prepare point of sale area for operation The Cash Float: What is it? Who is issued the cash float? Counting the cash float.
10. 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?
11. 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.
12. 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.
13. Processing financial sales transactions Text in here Prepare Reconcile Process
14. Process payments and receipts Revenue Cash
15. 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.
16. Process payments and receipts Collate appropriate documentation Store securely Make payment Calculate or verify amount due
17. Process payments and receipts Calculate or verify amounts due: Managing customers’ expectations Collecting sales information Confirming amounts due Reviewing the bill Resolving discrepancies.
18. 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?
19. 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?
20. Process payments and receipts Customer gives you incorrect amount Recount in front of customer
21. Process payments and receipts Confirm amount tendered when passed to you Confusion over the amount paid
22. Process payments and receipts Count out change into customer’s hands Mistakes with change given 22
23. Process payments and receipts Non cash payments: What are they? Safeguarding documentation Common types of transactions Processing common transactions Issue receipt.
24. Add Your Title Information sent to Accounts Department Financial sale transaction processed Documentation collected Process payments and receipts Collate documentation The audit or paper trail REVENUE
25. Process payments and receipts Store securely Why? Safeguard cash Safeguard documentation How? Forms of secure storage When? Organisational guidelines Experience.
26. Process payments and receipts Cash skims OR “Clearing the cash drawer”: Count notes, coins and non cash payments Complete documentation Secure storage. Activity
27. 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.
28. 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.
29. 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.
30. 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.
31. Processing financial sales transactions Prepare Process Reconcile
32. 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.
33. 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
34. 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.
35. Reconcile financial transactions at end of day Count contents Summary sheet
36. 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.
37. Reconcile financial transactions at end of day Balancing the takings
38. 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!
39. 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.
40. 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
41. 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?
42. 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.