End-of-day settlement
In Arabic تسوية نهاية اليوم
End-of-day settlement is the daily reconciliation of a rep’s cash, collections and remaining stock against what the day’s loads and sales say they should be.
In plain words
Every rep who sells or collects ends the day holding money and goods that belong to the business. Settlement compares what they hand in with what the system expects, so a difference is found the same evening rather than at month end.
It is usually done in two parts: a count of the stock left on the van, then a count of cash and non-cash takings such as card and transfer. A supervisor reviews the result and approves it, and any difference is booked to an over and short account.
The common mistake is letting the rep see the expected figures while counting. The count then tends to match by design, and real shortages stay hidden. A blind count, compared afterwards, is the honest one.
- Cash sales today
- SAR 2,900.00
- Cash collected on old invoices
- SAR 550.00
- Expected cash
- SAR 3,450.00
- Counted cash
- SAR 3,420.00
- Short
- SAR 30.00
In Axon Suite
How Axon Suite handles it
In Axon Suite the rep counts the van’s stock, then the cash and non-cash takings, blind by default. The office approves the close, and any difference posts to your over and short account.
Feature
End-of-day cash and stock close
At the end of the day the rep counts the van’s stock and then the cash in hand. By default the rep counts blind, without seeing what the system expects. The office approves the close, and any difference posts to your over and short account.
Open: End-of-day cash and stock close