Author – Charles, 2013

To improve my understanding of ‘POS’ in general (this page does not relate specifically to PhreeBooks) I have made a short summary of retail POS ‘terms’. I have decided to post it for the benefit of others who may not be familiar with the world of retail POS and it’s nomenclature.

POS – Point of Sale – checkout and till transactions, their recording, reconciliation and accounting
EPOS – electronic POS, often on a network
EFTPOS – electronic funds transfer at point of sale, e.g. debit card payment
POP – Point of Purchase – area around till
Float / Perpetual Float – the amount of money in the till at the beginning of a session
Sales ‘Session’ – this is normally either a shift, or a day
Takings – the sum total of the sessions sales or transactions
Stock-take – counting and recording of physical stock. In retail, weekly or monthly is normal.
Cashing-up or ‘cashup’– the act of counting up and then recording the takings at the end of a session. Count the physical amounts in the cash drawer and enter the amounts of the cash, the number and amounts for payments received by credit cards, cheques, and vouchers.
End of Day – cashup often happens at the EoD.
Reconciliation – after the cashup, the sessions takings are reconciled against transaction records and ‘cash-up reports’ can be made.

Cash-Up Reports sometimes included as part of the reconciliation:

  • Cash Summary: lists for each payment type, the expected takings as an amount and as a percentage, the counted takings and the discrepancy (if any).
  • Transaction Summary: lists each individual transaction for the session, giving the total and gross profit for each as an amount and as a percentage, together with the date, docket number, staff name, transaction type, method and payment type.
  • Sales Summary: groups sales by staff member and for each staff member, displays the number of sales, total sale value, gross profit as an amount and as a percentage and any discounts given. This report lists the total cost of goods sold, total tax on sales, and total gross profit as an amount. It also lists the totals for invoice, sales order and lay‐by payments, sales order and lay‐bys paid out, and credit issued and redeemed.
  • Detailed Transaction Summary: lists each individual transaction for the session, giving the total and gross profit for each, as an amount and as a percentage, together with the payment type (account, gift voucher, etc.), payment method (cash, credit card) and the amount paid.