d1.hfo.cl2.05d1.hfi.cl8.07 d1.hfa.cl7.01d2.tcc.cl1.12 slide 1
TRANSCRIPT
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
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
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
Process payments and receipts
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
Process payments and receipts
Slide 16
Make payment
Collate appropriate
documentation
Store securely
Calculate or verify amount
due
Process payments and receipts
Calculate or verify amounts due:
Managing customers’ expectations
Collecting sales information
Confirming amounts due
• Reviewing the bill
• Resolving discrepancies.
Slide 17
Process payments and receipts
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
Process payments and receipts
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
Slide 20
Process payments
and receipts
Customer gives you incorrect
amount
Recount in front of customer
Slide 21
Process payments
and receipts
Confusion over the amount paid
Confirm amount tendered when passed to you
Slide 2222
Process payments
and receipts
Mistakes with change given
Count out change into customer’s
hands
Process payments and receipts
Non cash payments:
What are they?
Safeguarding documentation
Common types of transactions
Processing common transactions
Issue receipt.
Slide 23
Slide 24
Add Your Title
Financial sale transaction processed
Documentation collected
Information sent to
Accounts Department
REVENUE
Collate documentation
The audit or paper trail
Process payments and receipts
Process payments and receipts
Store securely
Why?
• Safeguard cash
• Safeguard documentation
How?
• Forms of secure storage
When?
• Organisational guidelines
• Experience.
Slide 25
Process payments and receipts
Cash skims
OR “Clearing the cash drawer”:
Count notes, coins and non cash
payments
Complete documentation
Secure storage.
Activity
Slide 26
Process payments and receipts
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
Process payments and receipts
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
Process payments and receipts
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
Process payments and receipts
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
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
Reconcile financial transactions at end of day
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
Reconcile financial transactions at end of day
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
Reconcile financial transactions at end of day
Count contents
Summary sheet
Slide 35
Date & Time
Location
Location code
Notes & coins
Cheques
Bank cards
Accounts
Vouchers
Other
Total Cash counted
Signature
Reconcile financial transactions at end of day
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
Reconcile financial transactions at end of day
Point of sale system reading
Contents of the cash drawer
Slide 37
Balancing the takings
Reconcile financial transactions at end of day
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
Reconcile financial transactions at end of day
Investigating discrepancies:
Incorrect amounts entered into the Point of Sale
system:
• Human error
• Incorrect sale item
• Other incorrect details.
Slide 39
Reconcile financial transactions at end of day
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