Daily Audit Report
Understanding the Daily Audit Report:
The Daily Audit report is actually 5 reports all in one that self balance at the end of the day.
It controls and balances our cash drawer as well as your ENTIRE business each day.
The report controls Written Sales; Delivered Sales; and Undelivered Sales; complete cash coming in and going out.
This is all voids and adjustments. Your entire business!
Sales Journal
Starting off with the Sales Journal, we control Written Sales; Sales Tax charged to the customer and not yet collected.
The next 3 columns control your Customer Deposits and you’re Undelivered Sales.
Finally, when the sales are delivered, they are entered into Delivered Sales and Sales Tax Received columns.
Customer Payment Journal
The next report is the Customer Payment Journal.
This is an exact audit trail of how your money is received; Cash, Credit Card, etc and also refunded money.
Cash In/Out
Misc Cash in and Cash Out is your petty Cash Journal.
Nothing much ever comes in other than customer deposits, but Cash going out are things like when you give cash to pay a freight bill.
All these are maintained under Cash Drawer Entries. Next, are Bank Deposits?
All daily deposits are listed on the report and again are maintained under Cash Drawer Entries.
Check Refunds
Check Refunds are next and listed separately because when you give a customer a company check refund, it does not affect your cash.
Receiveables/Backorder Report
The Receivables-BackOrder report is mostly used by the Installment Sale dealers.
When you make a sale and set up in house financing or use and outside finance company, a receivable is set up.
When you get your check from the Finance Company and pay off the sale, it reverses the original entry.
Same with the installment customers except is makes individual payments and reduces the balance on the receivable.
Installment Payments
Installment Payments are next which track all your money taken in from installment customers. In the next report, Installment Late Charges, we track all L/C payments received separately.
Cash Management Report
The last 2 reports are the most important.
The Cash Management Report controls on one page, both Month to Date and Period to Date (today only) Cash figures.
At the top, we show totals for all customer money coming into the system. Next, any misc receipts (usually none) are added to that.
Then we subtract out all the bank deposits and then any petty cash disbursements. (Cash out).
Next, it computes Cash Over and Short. This SHOULD ALWAYS BE 0.
G/L Summary
The final report is the General Ledger Summary.
For both Month to Date and Period to Date (today only) controls every transaction in the store by account number.
This report should always total to a 0.
All reports are automatically generated from the software and cannot be fudged or manipulated.