In Odoo 17 Point of Sale, overseeing opening and closing controls is integral to cash management. At the beginning of a shift, cashiers input their login details along with the initial cash amount, establishing a clear starting point for financial transactions. Every transaction, including purchases, returns, and other cash-related activities throughout the shift, is diligently documented, forming a comprehensive audit trail for each transaction.
At the end of the shift, the cashier finalizes the shift within the Odoo 17 Point of Sale application. This procedure simplifies the comparison between the cash balance calculated by the system, based on recorded transactions, and the actual cash in the drawer. By comparing the computed and physical cash amounts, any errors or discrepancies can be promptly identified. The robust opening and closing control functionality provided by Odoo 17 Point of Sale improves precision, accountability, and transparency in cash handling. It empowers businesses to effectively manage their cash flow and offers a reliable system for tracking cash-related activities throughout the sales cycle.
Now, let's delve into the opening and closing control features as well as other payment-related functionalities of Odoo 17 Point of Sale.
To ensure precise cash handling, Odoo 17 Point of Sale provides the "set maximum difference" feature, which proves invaluable. This functionality enables businesses to establish a tolerance level for variances between the cash in the drawer at shift closing and the system-calculated cash balance. By defining this maximum difference, companies can reduce the risk of errors or irregularities in cash management. It also facilitates tighter control over financial operations by promptly identifying and investigating any differences that surpass the set threshold.
In this scenario, the authorized discrepancy is configured to be $10.
Using Odoo 17 Point of Sale, users can effectively manage coins and banknotes, streamlining cash processing during transactions with the Coins/Bill function. This feature allows users to specify the denominations and quantities of coins and bills available in the cash drawer. By ensuring cashiers have an accurate count of available change, this feature enhances the overall efficiency and accuracy of the point of sale process.
From there, you can initiate a new section as well. Simply go to the dashboard and click on the NEW SESSION button.
At the start of each new session, a prompt to add an Opening Balance window appears. In the Odoo 17 Point of Sale module, the initial cash or fund amount available in the register at the beginning of a business day or shift is termed the Opening Balance. It serves as the starting point for all financial transactions conducted through the Point of Sale system during that period.
Hence, you have the option to utilize the Coins feature to incorporate the amount when adding an opening balance. We made adjustments to certain settings in the shop setup to include various coins. Click on the small calculator icon to input the designated coins.
So, when adding an opening balance, you can utilize the Coins feature to include the amount. We've adjusted certain settings in the shop's setup to accommodate specific coins. Simply click on the small calculator icon to input the designated coins.
Subsequently, the monetary details will be displayed in the Opening Note section. Clicking the Open Session button allows for a contribution of $2055 as the opening balance for the session.
The cash in/out feature of Odoo 17 Point of Sale simplifies the monitoring of additional funds added to or withdrawn from the cash drawer during a shift. This capability increases flexibility in managing diverse cash-related activities, like recording cash deposits or replenishing change, while maintaining the integrity of financial transactions.
The employee can utilize the cash in/out feature to promptly replenish their funds after utilizing them for personal purposes. Let's explore this functionality.
Upon clicking the Cash In/Out button, a new popup will appear. From this popup window, the logged-in user can choose between Cash In or Cash Out. Specific reasons can be added in the "Reason" field. Then, simply click the Confirm button.
The process of removing money from the store's cash drawer is referred to as cashing out. Click on the Cash Out button, which is currently highlighted in red. Input the amount withdrawn into the specified field. It will be instantly displayed as a negative value.
In this scenario, Mitchell Admin, the employee, gathers $25. Then, click the Confirm button.
To add cash to the drawer, click on the Cash In button, indicated in green, which denotes the amount as a positive figure.
Mitchell Admin, the employee, contributed thirty dollars. Then, click the Confirm button.
Customers have the option to select the items they require from the shop. Simplifying the money handling process, clicking the Payment button directs the user to the payment page when a product is chosen.
Odoo supports four different payment methods: bank, cash, customer account, and payment via payment terminals.
To conclude the session after completing the sale, the user simply needs to click on the Close button situated in the upper right corner. This action brings us to the final section.
Prior to closure, the Closing Session displays closing controls. Within the Odoo 17 Point of Sale module, the closing balance represents the remaining total of cash or funds within the cash register at the conclusion of a business day or shift, factoring in all sales, refunds, and other transactions. This balance serves to reconcile the items within the register with the anticipated total, offering insight into the cash status.
The closing session encompasses all details, comprising the total quantity and number of orders. From this session, we have three orders totaling a specified amount. The image below exhibits the opening balance, the appended opening note, and the cash in and out amounts.
As depicted in the screenshot below, the earnings from each payment option will be presented individually during the closing session.
In the final session, a small calculator icon is also visible. From there, users can use Coins to include the Difference. So, go ahead and click on it.
Following that, the discrepancy will be refreshed. The Closing Notes section will document the incorporation of the monetary information.
In this instance, both the expected and the updated counted amounts of money are provided, allowing for a clear comparison. Click on the Close Session button to finalize the session.
A notification informs the user of any payment discrepancies via a popup message. Consequently, the journal entry seeks to incorporate the profit and loss. Press the OK button to continue, and the session will conclude afterward.
Upon closing the session, the final cash balance and the date of closure will be promptly updated on the dashboard.
Let's review the profit and loss report to examine the outcome of the journal entry. To do so, go to the Accounting module and click on the Reports tab. Then, select the Profit and Loss Report from the drop-down menu.
If the total collected at the end of the session exceeds the expected amount, a 'Cash Difference Gain' is reflected in the gain account. Consequently, it is recorded as revenue and displayed in the gain account.
If the session concludes with a lower amount than anticipated, the report will indicate a loss.
As a result, this blog post thoroughly addressed the opening and closing cash controls within a Point of Sale session. This section encompassed various topics including Cash In/Out, Cash Difference, Closing Session, Posting Difference, Opening Balance, Adding Denominations, Coins in PoS, and Setting Maximum Difference.