Host(s):

Daily account reconciliation is very critical to the sustainability of your business. Many agents do not engage in daily account reconciliation practice.

Reconciliation is the effort put in place by the business owner to verify, certify and authenticate the sum total of your business value on a daily basis. This can be achieved by

  • Ensuring that you maintain proper record of all transactions done in a log book; 
  • Verifying the details of the logbook as presented by your teller or employee, with your account records/bank statements

Many agents have issues with their cash flow because they fail to scrutinize and reconcile their daily sales activities. Sometimes there could be issues of double debit or credit, or over paying a customer i.e sending more than the value intended. A teller could make the mistake of inputting 50,000 instead of 5,000 making you short of 45,000. If this isn’t tracked on time, there’s a high possibility of losing the funds.

  1. Keep a register and record all transactions.
  2.     In all cash out/POS transactions ensure your wallet has received the credit before paying out.
  3.     Double check any number provided before consummating any transaction, reversal is almost impossible if the wrong recipient cash out the funds.
  4.     Save all transaction receipts whether they are successful or failed, they might become handy in resolving dispense error claims.
  5.     When you payout a successful withdrawal transaction but your wallet did not receive the credit, you will be in shortage position at the close of business. Simply send an email to your service provider with the transaction receipt.

  1. Establish your total working fund position at least twice daily - at the start of business and at the close of business to have a clear picture of your financial position . Your Total working fund = cash at hand + cash in wallet/account + commission + overage (if any). After making transactions, your total working fund at the end of the day should tally with the reconciliation done on your log book.
  2. Set aside any overage: Overage is any extra cash that you have as a result of a failed (or unconsummated) transaction. Note that when there is a failed withdrawal transaction but your wallet is still credited, you will be in an overage position by the close of business. Set the overage amount apart because there will be a charge-back claim for the same value.
  3. At the close of business each day, when your employee submits the daily report, ensure you properly scrutinize the report by logging into your accounts/wallets, cross checking every transaction and reconfirming your cash at hand. The closing balance at the end of each working day should increase by the income for that day.
Example:  Opening Balance          =            N100,000 Add Gross income        =            N10,000 (Less service provider Charges) Charges                       =             (N4,500) Closing balance           =            N105,500

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