d1.hfo.cl2.05d1.hfi.cl8.07 d1.hfa.cl7.01d2.tcc.cl1.12 slide 1

Process a Financial Sale Transaction

D1.HFO.CL2.05 D1.HFI.CL8.07D1.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

Text in here

Processing financial sales transactions

Process

Prepare Reconcile

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 operationThe Cash Float:

What is it?

Who is issued the cash float?

Counting the cash float.

Slide 9

Prepare point of sale area for operationCheck 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 operationClean 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 operationActivities

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

Text in here


Process

Prepare Reconcile

Process payments and receipts

Cash Revenue

Slide 14


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


Slide 16

Make payment

Collate appropriate

documentation

Store securely

Calculate or verify amount

due


Calculate or verify amounts due:

Managing customers’ expectations

Collecting sales information

Confirming amounts due

• Reviewing the bill

• Resolving discrepancies.

Slide 17


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


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 you incorrect

amount

Recount in front of customer

Process payments

and receipts

Confusion over the amount paid

Confirm amount tendered when passed to you

Process payments

and receipts

Mistakes with change given

Count out change into customer’s

hands


Non cash payments:

What are they?

Safeguarding documentation

Common types of transactions

Processing common transactions

Issue receipt.

Slide 23

Add Your Title

Financial sale transaction processed

Documentation collected

Information sent to

Accounts Department

REVENUE

Collate documentation

The audit or paper trail



Store securely

Why?

• Safeguard cash

• Safeguard documentation

How?

• Forms of secure storage

When?

• Organisational guidelines

• Experience.

Slide 25


Cash skims

OR “Clearing the cash drawer”:

Count notes, coins and non cash

payments

Complete documentation

Secure storage.

Activity

Slide 26


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


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


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


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


Slide 31

Prepare Process Reconcile

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


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


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


Count contents

Summary sheet

Slide 35

Date & Time

Location

Location code

Notes & coins

Cheques

Bank cards

Accounts

Vouchers

Other

Total Cash counted

Signature


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


Point of sale system reading

Contents of the cash drawer

Slide 37

Balancing the takings


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


Investigating discrepancies:

Incorrect amounts entered into the Point of Sale

system:

• Human error

• Incorrect sale item

• Other incorrect details.

Slide 39


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 dayActivity

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


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

d1.hfo.cl2.05d1.hfi.cl8.07 d1.hfa.cl7.01d2.tcc.cl1.12 slide 1

Documents

introduction cashrevenue

receipts cash revenue

tidy point of sale area

point of sale terminal

process payments

point of contact

sale systems

cash float