My Writing > Cashing Out

12 Jun 2009

Published Online by the QuickBooks ProAdvisor Program, Intuit Canada, June 2009 

Cashing Out

Eileen Reppenhagen, Certified
QuickBooks ProAdvisor

When was the last time you checked in with your retail clients? How long does it take them to record daily sales from the cash register records? Do they have a method to determine Item profitability? Are they laboriously hand writing their deposit slips once a week and struggling with their bank reconciliation?

Let’s create some “End of day” work reduction strategies so QuickBooks software will live up to the promise inherent in the name of being ‘Quick’.

Basic concepts and vocabulary

The till or cash drawer has a float. The float usually remains fixed. The float may be a combination of coins and bills totalling say, $75 to $100. An ideal float includes a combination of 5’s, 10’s, loonies and toonies, as well as quarters, dimes, nickels, pennies ...

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Eileen Reppenhagen, Certified QuickBooks ProAdvisor, and Honorary Member of the Institute of Professional Bookkeepers of Canada, writes and speaks about accounting and tax.  She is a regular contributor to Canadian MoneySaver, The TaxLetter and Intuit Canada’s Advisor Advantage.  

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