You need to do an EFTPOS reconciliation regularly.
There are many reasons why you have the goods paid for in your POS system, but the money is not in your bank account. Sometimes if you do not reconcile your EFTPOS machines, you will never know the money is missing as you never handled the money.
You need to check your EFTPOS provider figure and check your figure in your total reports for the same period.
Initially, I look at the last 12 months to see if there is a problem. Now, if they are different, you will be looking to reconcile line by line, and you cannot check a year of history; it's too much. So try to find a short period where there is a difference. It can be a hunt; generally, I go down to six months, quarters, months, weeks and finally, a day that has a difference. Any significant difference is enough. It is best to pick a day as close as today as possible.
Now you need a detailed report from your EFTPOS supplier for that day.
In your POS system, here is the report required (You will find it here marked in red below)
Once there, you can get a report like this that you can reconcile.
Now try to find out what is going on by checking each transaction.
Now, what about a potential solution?
Once you have the problem, you must know what has gone wrong.
We have had a client who discovered about $8,000 in his small supermarket in about five months was taken from EFTPOS by employee fraud. It was only found by this method.
This is a particularly nasty problem if you do not have an integrated EFTPOS solution.
