Cash Drawer Balancing Help

Balancing procedures

This section contains recommended procedures that, when followed, will make the Cash Drawer-Balance process run smoothly:

  1. The number one practice that a facility can enforce to ensure that cash drawer balancing does not become a nightmare is to insist that operators review every transaction processed for accuracy prior to finalizing it. When all transactions processed during a shift are handled correctly, and the intangible and tangible cash drawers are treated as one, balancing will be a breeze.

  2. A system for handling receipts should be implemented. If a cash drawer is out of balance, the receipts will be essential in researching the discrepancy. Therefore, to ensure quick accessibility, all receipts generated should be placed in a designated location. A report of all transactions processed through a cash drawer for a specific period of time can be obtained from the Cash Drawer–Cash Reports–Cash Transactions Report.

  3. We highly recommend that the "Enter Detail" balancing method be used. This feature provides the operator with an easy accounting of the physical money, as well as a printed "Count Sheet" of the entries made during the balancing process. This "Count Sheet" can be invaluable to the operator responsible for verifying the cash. It should be printed and included with the physical cash and receipts.

  4. The operator can be required to balance the cash drawer in detail mode. This can be accomplished by checking the "Require detail mode when balancing cash drawers" check box in Setup > System.

  5. If an erroneous transaction is made, it should be corrected immediately. Do not wait until the end of the shift to start trying to figure out what went wrong. Remember, however, the solution to an error is not always cut and dried. The steps necessary to correct a mistake depend upon the steps that transpired when the mistake was made. This includes the steps the operator took, as well as the steps Cobra Banker may have taken when the transaction was completed, e.g., collecting for outstanding receivable debt. Therefore, be sure you know all the steps that led to the discrepancy before you try to correct it. If you are not 100% sure of how to correct the mistake, do not try to. Instead, contact your Cobra Administrator for assistance as soon as possible. If this person is not immediately available, be sure to document every step taken that caused the problem and contact the Cobra Administrator as soon as possible. Because the operator who generated the erroneous transaction may not be available at the time the Cobra Administrator is available to assist with the problem, the notes made concerning the transaction should be especially detailed. Be sure to include the date and time of the transaction, resident account number(s), resident name(s), transaction amount(s), etc.

  6. An important step often overlooked by operators is to always LOG OFF of the station when you are finished transacting business. NEVER leave the system accessible and walk away. If you do, anyone can process a transaction and that transaction will reflect your user name. This would make it difficult for you to explain the transaction, if necessary.

  7. Once a cash drawer number has been selected in Cash Drawer-Balance, that cash drawer is locked. This means that no transactions can be processed through the cash drawer until the Balance process has been completed. For this reason, it is in the balancing operator's best interest to make sure that ALL stations assigned to the cash drawer are NOT used until the balancing process has been completed. The operator balancing the cash drawer should instruct all employees having access to a station assigned to the cash drawer to "Log Off" of the system and to not use these stations until the balancing is completed. This will ensure that a transaction is not processed through the cash drawer until the operator has completed the balancing of the monies.

  8. Typically, when a cash drawer is balanced, the station attached to the cash drawer is used to carry out the process. Many times stations reside in areas that are crowded with people and equipment and/or are not necessarily secure when it comes to counting money. For the convenience and safety of the facility, an operator (with the proper access level) can balance any cash drawer in the system from any station with a receipt printer. This allows the operator to use a station in a less crowded and more secure environment. This is another reason why it is extremely important that the balancing operator make sure all other operators are aware that they should not be using the station attached to the cash drawer being balanced.

  9. The Balance feature works in conjunction with the Adjust Discrepancy feature. This feature tracks all cash drawer over/short conditions. The Adjust Discrepancy feature was designed to allow a shift to close out even when a discrepancy exists. This does not mean that discrepancies are acceptable. If a discrepancy exists, it should be researched immediately and thoroughly. If the error cannot be found and corrected, this feature allows the Balance process to be completed, allowing the in-coming shift to begin operation. The discrepancy is stored in Adjust Discrepancy to be researched further by the Cobra Administrator.

Finding discrepancies

This section contains suggested steps that will assist an operator in finding a balancing discrepancy:

  1. Recount the physical cash. This is the very first step you should take, and believe it or not, this is usually where the problem is found.

  2. If the "Enter Detail" method was used, make sure that the denominations entered in the "Cash Detail" were correct. If you modify the detail, be sure to print the corrected "Count Sheet".

  3. If the "Enter Total" method was used, make sure that the amount entered in the "Physical Cash" setting was correct.

  4. Print the "Payment Type Report" and "Cash Transaction Report" from Cash Drawers-Cash Reports for the time period you are balancing. Remember, the "Payment Type Report" reflects the "Type" of money selected by the operator during the Intake, Add Money, Receivable-Apply Payment or Bail-Third Party Payment transaction, so if the correct type is not consistently selected, this report will be of little help in balancing.

  5. Gather all receipts for the transactions processed during the time period you are balancing. Match these receipts to the "Cash Transactions Report". This step identifies missing receipts. Missing receipts generated through Resident Transactions may be reprinted using the History feature.

  6. Review the receipts for accuracy. Look for obvious keying errors, i.e., a money order for $20.00 keyed as $200.00.

  7. If the discrepancy is an overage (there is more money in the tangible cash drawer than Cobra Banker reflects), this typically means:

    1. An entire transaction was not recorded in the system; i.e., you have a money order payable to John Doe for $10.00, but the reports do not reflect a $10.00 entry to his account.

    2. A keying error was made; i.e., a money order for $200.00 was keyed as $20.00.

    3. A cash withdrawal was recorded in the system, but the money was not given to the resident. If the site allows residents to make cash withdrawals, the cash was processed through Withdraw Money, but the operator did not give the resident the cash. Because this situation will not be apparent to anyone except the operator that processed the transaction, all personnel involved should be available until the cash drawer is balanced.

    4. The amount of money left in the cash drawer by the previous shift was incorrect. If your facility’s policy is to retain money in the cash drawer at the end of each shift, the previous shift left more money in the cash drawer than was entered in the "Amount Retained" setting during their balancing of the cash drawer. To identify this error you will need access to the prior shifts Balance receipt. (This is why we recommend that you verify the cash drawer’s balance with the actual cash in the tangible cash drawer when your shift begins.)

    5. A transposition keying error was made. If the discrepancy is evenly divisible by 9, this may indicate that the numbers entered were transposed;, i.e. a money order for $51.00 was keyed as $15.00 (51 – 15 = 36; 36 COBRAHELP00090005.gif 9 = 4).

  8. If the discrepancy is a shortage (there is less money in the tangible cash drawer than Cobra Banker reflects), this typically means:

    1. A keying error was made; i.e., a money order for $20.00 was keyed as $200.00.

    2. A transaction was entered into the system twice. When reviewing the "Cash Transactions Report", look for multiple transactions processed to the same account; i.e., you have two transactions posted to John Doe’s account for $10.00, but only one $10.00 money order for him.

    3. A cash withdrawal was not recorded in the system. If the site allows residents to make cash withdrawals, the cash was given to the resident, but the withdrawal was not processed through Withdraw Money. For example, a resident requested a cash draw for $10.00, the operator took the $10.00 from the tangible cash drawer and gave it to the resident but did not process the withdrawal in the system. Because this situation will not be apparent to anyone except the operator that gave the money to the resident, all personnel involved should be available until the cash drawer is balanced.

    4. The amount of money left in the cash drawer by the previous shift was incorrect. If your facility’s policy is to retain money in the cash drawer at the end of each shift, the previous shift left less money in the cash drawer than they entered in the "Amount Retained" setting during their balancing of the cash drawer. To identify this error you will need access to the prior shift's Balance receipt and physical money. (This is why we recommend that you verify the cash drawer’s balance with the actual cash in the tangible cash drawer when your shift begins.)

    5. A transposition keying error was made. If the discrepancy is evenly divisible by 9, this may indicate that the numbers entered were transposed, i.e., a money order for $10.57 was keyed as $10.75 (10.75 – 10.57 = 0.18; 0.18 COBRAHELP00090005.gif 9 = 2).

  9. After following all of the above instructions, if the discrepancy has not been found, the following steps should be taken:

    1. Make a note of the following information:

      1. Date and time

      2. Amount of the discrepancy (be sure to document whether the discrepancy is an overage or shortage).

      3. Names(s) of personnel involved.

      4. Record any information that you think may be the source of the discrepancy. If residents' accounts are involved, be sure to list the account numbers and names.

    2. Contact your site's Cobra Administrator immediately for guidance.

    3. If the Cobra Administrator is not immediately available:

      1. Finish the Balance process.

      2. Gather all monies, receipts, reports, and notes involved. Make sure these items stay together.

      3. Notify the Cobra Administrator as soon as possible.