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Process Fin Trans
| Term | Definition |
|---|---|
| Accounting system | People and processes by which an organisation records, reports and analyses financial transactions and information. |
| Audit or paper trail | An accumulation of documentation that tracks the movement of cash from the time the customer pays to the time cash is recorded as revenue by the accounting system. |
| ABN | Stands for Australian Business Number. It is a unique number (11 digits) used to identify a business by the tax office and other official bodies. |
| Account | A credit facility offered by a business to another business or customer. These are set up via an application and approval process. Customers then have the option of charging items to their account and paying on a weekly or monthly basis, as arranged. |
| Advance payment | Any type of payment that is made ahead of its normal schedule, such as paying for goods or a service before you actually receive it. Often used to 'secure' a booking. |
| Apps | Applications are self contained programs or pieces of software designed to fulfill a particular purpose, that are downloaded to a device. |
| Balance (Reconcile) Takings | A set procedure to ascertain whether or not the cash received from customers in the cash drawer equals the actual amount that has been recorded on the point of sale register or terminal. |
| Cash | Banknotes and coins used for payment. |
| Cash Drawer | A special compartment in a POS terminal or register used to store all payments received. |
| Cash Float | A cash float is the amount of money that a department or venue needs in order to be able to provide change to customers who purchase goods or services. |
| Cash Skim | Excess cash collected from the cash drawer during a shift or trading day for security purposes. |
| Cash Handling Policy | Each organisation will have a Cash Handling Policy which contains guidelines, objectives and recommendations for all financial transactions. |
| Cash Summary Sheet | A document used to assist with recording the takings from an individual terminal. It is used to record the cash and non-cash takings from each register every time the register is balanced. |
| Cheques | A type of payment that is a printed form, used to make payments from your bank account, not commonly used these days. |
| Cloud based POS system | The advent of cloud computing allows POS systems to be a SaaS, which can be acced directly from the internet. They differ from traditional systems as user data, including sales and inventory are not stored locally, instead on a remote server. |
| Counterfeit | Counterfeit money is imitation (fake) banknotes and coins produce with the legal sanction of the government. Producing or using counterfeit money is a form of fraud. |
| Credit Card | Issued by a bank or financial institution, they allow the cardholder to purchase goods or services on credit on the premise of repayments in the future. Common examples are Visa, Mastercard and Amex cards. |
| Contactless Card Payments | An electronic chip is contained within the debit/credit card issued by the financial institution. The card is placed in front of a specific card reader and transactions under $100AUD are instantly approved if funds are available. |
| Daily Takings Sheet | A document used by large establishments (with multiple departments/POSs). It summarises and records the data from multiple cash/register summary sheets. |
| Debit Card | A payment method in the form of a card, issued by a financial institution that is used to pay for purchases by having the funds deducted directly from your bank account. |
| Denominations | The face value of a banknote, coin or voucher/coupon. |
| Deposit | A partial payment made prior to actually receiving the goods or services. Often used to 'secure' a booking. Deposit amounts are taken off the final bill due. |
| Discrepancy/Variance | A difference between what is expected and what actually occurs. |
| EFTPOS | Stands for Electronic Funds Transfer at Point of Sale. The EFTPOS system offers a banking service of deducting money from a customer's bank account and depositing it into the establishment's account. |
| Float Control Sheet | A standard workplace document that lists each float balance and authorised persons that can collect and return that particular float. |
| Float Count Sheet | The document included with the float to indicate the total amount of each denomination. It is used for confirming the float amount provided. |
| Financial Transactions | An exchange of money (cash or non-cash) for goods or services between two or more persons. |
| Foreign Currency | Money of another country. |
| GST | Stands for Goods and Services Tax. A 10% tax added onto certain goods and services sold or consumed in Australia. |
| Non Cash | Transactions where the payment received does not include banknotes and coins. |
| Over-ring | Occurs when an employee enters an incorrect amount causing the final register reading to indicate more takings than the amount actually received. |
| Personal Identification Number (PIN) | A 4-8 digit code that only the customer knows, entered in EFTPOS terminals to verify payments. |
| Receipt Roll | A roll of paper used in POS printers or cash registers to print receipts. |
| Receipt/Tax Invoice | A paper based document issued by a business. It shows the price of a sale, indicating whether it includes GST, and the corresponding amount. It must contain certain pieces of information as required by the ATO. |
| Reconcile Takings | A process that occurs at the end of a trading period. This process will determine whether or not the cash and non-cash amounts received from customers in the cash drawer equals the actual amount that has been recorded on the POS terminal. |
| Revenue | The income received by a business from its sales. |
| Security | Loss prevention and property protection. |
| Settlement report | Is printed from an EFTPOS terminal as part of the reconciliation process. It is a report that details all EFTPOS financial transactions during a particular shift. |
| Traveller's Cheques | A type of payment method that can be used in lieu of cash when travelling overseas. Traveller's Cheques provide a safe way to carry currency overseas. Rarely used these days. |
| Variance/Discrepancy | A difference between what is expected and what actually occurs. |
| Voucher | A document that can be redeemed for a discount or a specific dollar amount when purchasing goods or services. |
| X Reading | An 'X" read provides a reading/printout of all the transactions entered into the POS during your shift. Used to confirm that the payments received tally with the documents and cash actually held on hand. Allows errors to be identified and corrected. |
| Z Reading | A 'Z' read is a FINAL report of all the financial transactions that have gone through the POS terminal. This printout closes the shift and returns all register readings back to $0.00. No further alternations can then be made by the cashier. |
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Giant Kahuna
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