Cash Inventory Management

date wise cash inventory
Date wise Cash Inventory Management

A very important task every cashier must perform everyday is maintaining cash inventory properly. At the beginning of every working day, the head cashier of any bank takes out some cash from his/ her cash inventory and starts his/her operation. That balance which he starts with, is called Opening Balance. The cashier continues his work of exchanging cash with the customers throughout the day and when the cash hour gets over, he/she has to take  the last amount of cash inside the safe or his/her inventory. This last balance is called the Closing Balance for that day. This whole task of maintaining Opening and Closing Balance is very crucial for a cashier because this task not only shows his/her ability of handling cash but also reflects the cash transaction activity of that particular branch.

Daily Cash Inventory of any financial institution can be divided into two parts :

1. Beginning or Opening Balance

2. Ending or Closing Balance

1. The Beginning section

Before starting his/her daily cash handling activity on any working day, a cashier takes out some amount of cash from the inventory and keeps a record as Cash in Hand at the beginning. The sum of the cash in hand amount and rest of the amount kept inside (if any) the inventory, is mentioned as Opening Balance of that day. i.e

Opening Balance = (Cash Taken out of safe + Remaining cash inside safe)

Many cashiers have a practice of showing total cash out from the safe at the beginning of the day. In such case

Opening Balance = Total Cash Taken out of safe

… there is no remaining cash left inside the safe. Even in such cases this software is very much helpful to you to maintain your Opening Balance. Just put the correct denominations of your notes and Cash Tally One will do rest of the job for you.

2. The Ending section

Ending section comes into effect when the cash hour gets over and the cashier needs to shut his/her activity down by tallying cash and taking the cash into the safe.

At that time the cashier counts the cash in hand amount according to the correct numbers of notes. The amount must be equal to the cash showing on his/her system. Our unique indicator will tell you whether the cash in hand is more , equal or less than the system cash very precisely.
If cash in hand matches with the system cash, the cashier takes the physical cash into the safe. In this whole process the cashier should keep records of each and every notes in his / her hand. So ending balance or Closing balance will be

Closing Balance = (Cash taken inside the safe + Remaining cash inside the safe)

The most working advantage of using Cash Tally One over any spreadsheet or traditional ledger is that this piece of software can keep the records safe by dates. Just select the date from the Date pane and the record will be retrieved automatically. You cannot do this kind of operation in any spreadsheet. Keeping date wise record in spreadsheet is much difficult.

The Final section is also equipped with another very important feature where you can keep records of your soiled and mutilated notes separately. Just click on the Add Soiled button cash_tally_one_add_soiled_button and enter the number of soiled notes according to the denominations.

The Final section present in the Cash Tally One application just makes this whole process much simpler. The cashier just needs to put the number of notes according to the denominations and the click the Save button cash_tally_one_saveall_btn. The record will be saved for that day.

In this Final section the cashier can even set the cash out data for the next day. If he/she does so it will be very helpful for him/her to start the cash out from the safe operation very quickly. As we all know that

Today’s Closing Balance = Next day’s Opening Balance

whatever the denominations taken out from the safe, the previous day’s Closing Balance must be equal to today’s Opening Balance.

Choose the next working day from the Date pane , click on the button. It will copy Today’s Closing Balance to the Beginning section of the date you choose as Opening Balance of that date. So from next time you are all set to start your day.