Page 187 - DMGT553_RETAIL_STORE_MANAGEMENT

Retail Store Management

Notes
Returns $_______________
Voids $_______________
Paid Outs $_______________
Other $_______________
Total Cash Paid Out $_______________
Add Deposit Total & Total Cash Paid Out $_______________
Sales Tax Collected $_______________
Register Reading $_______________
Difference (Over + or Short –) $_______________

Balancing a Cash Register

The process of counting the money, reconciling the receipts and balancing the cash drawer
creates an internal control or accountability of the day’s transactions is called balancing a cash
register.

Self Assessment

State whether the following statements are true or false:

5. The one item in a retail store a business owner can do without is the cash register.
6. When the doors are open and the lights are on, the cash register becomes more than a safe
place to store money.

7. The amount of bells and whistles needed for a cash register will vary by type of business.
8. A bad choice could result in gain of sales or positive customer service.

Caselet Generating Cash for Growth

S uccessful organisations are able to compete in tough environments.

To do this, they need:

capable managers who are willing to face facts and make hard decisions
excellent resources, including flexible and enterprising employees
financial resources to support initiatives for change, growth and improvement
MFI is looking to move on from being ‘a company that sells furniture’ to ‘a company that
delights customers’. In the past, MFI’s success was based around high quality products at
affordable prices, with a reasonable level of service. However, in today’s market place
that is not enough: it does not differentiate MFI sufficiently from its competitors.
MFI sees its transformation as a journey with several milestones along the way. The first
milestone was to establish a firm financial foundation on which to build a competitive
strategy. The next was to create a fully integrated company that is focused on providing
unparalleled customer service.

Contd....

182 LOVELY PROFESSIONAL UNIVERSITY