Updated July 22, 2015
Controlling cash in the grocery and convenience store industry Chicago Illinois
Grocery Convenience Store Controlling Cash Chicago Illinois
One of the biggest concerns that we have in doing accounting for the Grocery and Convenience Store Industry is controlling cash.
First, we want to make sure that you don’t have an employee with sticky fingers. Second, if your cash is off, then your sales could be understated. If your sales are understated, this opens up the possibility for problems with the Illinois Department of Revenue on a sales tax audit, or a charge of tax evasion from the Internal Revenue Service.
Balancing your cash register is extremely important. Starting the day with a specific amount of cash is necessary. Closing out the day after running what is commonly referred to as the z report, and tying that total sales figure to cash, credit card, and other receipts is crucial. If you are off by five dollars, then you need to track it down. Continued shortages might point to a problem employee where we would need to run a sting.
Keeping copies of all of the nightly closing reports along with the reconciliations is an important basis for the monthly sales tax return in addition to the annual income tax returns. I realize that this is an enormous amount of paper, but without it, there simply is no other way to actually prove what you sales were for a given period. Without that proof, we could have some real difficulties with the taxation agencies.
If you are having problems with your Grocery Convenience Store Controlling Cash Chicago Illinois or have issues with your accounting in general, we would love to help. I enjoy hearing from my readers, and can be contacted at
Chris@AccountingSolutionsltd.com
Additional Accounting Articles and information on my firm can be found at
www.AccountingSolutionsLtd.com
Chris Amundson is the President of Accounting Solutions Ltd., a full service public accounting firm of Certified Public Accountants and Enrolled Agents handling the bookkeeping, accounting, tax preparation, and audit representation needs of Businesses, Estates, Trusts, and Upper Income Individuals.