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An Overview of Point of Sale (POS)

Terminology

Terminology Definition
Classes Category of sales from the point of sale system, e.g., food & beverage
Tenders Method of payment taken through the point of sale system, e,g, cash & eftpos
Entry Variance The variance between sales made, and the payment recieved - this is generally a variance based on the data entry
Cash Variance The variances between the expected cash count and the actual cash counted - this is generally a true cash variance. 

 

Recording Point of Sale Manually

  1. Using a Z-Read from the POS system, record sales classes & tenders. You can click other classes or other tenders for more options. 
  2. Record any petty cash under transactions for more information check out this article
  3. Record the physical cash counted (excluding float) in the cash count. 
  4. Review any entry variances (total classes - total tenders) - If the variance is less than or greather than $0 there may be a data entry error. 
  5. Review any cash variances (cash - cash count). 

 

Entry and Cash variances are mapped to a variance account - commonly called Overs and Unders - and appear as a variance line on the Profit & Loss report.

 

Updating Point of Sale with Integration

  1. Click the Update button 
  2. Record any petty cash under transactions for more information check out this article
  3. Record the physical cash counted (excluding float) in the cash count. 
  4. Review any entry variances (total classes - total tenders) - If the variance is less than or greather than $0 there may be a data entry error. 
  5. Review any cash variances (cash - cash count). 

This icon indicates that a POS-integrated venue has been manually updated. Click the button to refresh data directly from the integration.

For more information on your POS Integration mapping check out this article 

 

Investigating Variances

Entry Variances are calculated by (total classes - total tenders) and will be highlighted when there is a discrepancy between the sales recorded and payments recieved.

To investigate an entry variance, compare with the point of sale report, if there is no discrepancy than accept the variance in the review tab, if there is a discrepancy: 

  • For POS-Integrated venues, contact support@quantaco.co as your mapping integration may need updating
  • For Non-POS-Integrated venues, update the data in Cashup. 

 

Cash Variances are calculated by (cash - cash count) and will be captured in the review tab as a variance to be acknowledged prior to submit & approve.