In this article:
Before Getting Started
Before enabling Vend's Cash Management feature, there are a few important things to know:
Cash management is enabled on a pre-register basis; this means that you must enable cash management for each of the registers you want to use it on.
If you integrate with Xero and are looking to set up cash management, you must follow these steps here. If you do not map the correct account codes in the Vend - Xero mappings page, cash movements will not flow through to Xero.
Cash management must be activated on a pre-register basis. To activate cash management on a register, follow the steps below:
1. Navigate to Setup -> Outlets and Registers.
2. Once here, find the register you'd like to enable cash management for and select Edit Register.
3. In the edit register screen, tick Enable Cash Management. If you have more than one Cash payment type, you will need to specify which one you'd like to use for cash management.
Next time you open your register, you will be able to add your float for the day.
Important: If you integrate with Xero and are looking to set up cash management, the steps below are mandatory. If you do not map the correct account codes in the Vend - Xero mappings page, cash movements will not flow through to Xero.
If you are using cash management and have an integration with Xero, you will need to set up your store so that your cash movements will be posted to Xero. To learn how to set this up, follow the steps below:
Create new entries in your chart of accounts for cash float, petty cash and cash in/out:
Note: The account codes and names listed in the screenshots below are for example only, you do not have to use these exact codes or names when creating these accounts.
1. First off, you'll need to create a new Current Asset account in Xero for cash float. Call it "Cash Float" or something similar.
2. Ensure that Enable payments to this account is ticked. This account will be used to post your daily float and any float adjustments that were made during the day.
3. Next, create a new Expense account in Xero for petty cash. Call it "Petty Cash" or something similar.
4. Ensure that Enable payments to this account is ticked. This account will be used to post any petty cash amounts taken or added into your cash drawer for any small expenses of your store.
5. Create another new Current Asset account in Xero for cash in and cash out. Call it "Cash Clearing" or something similar.
6. Ensure that Enable payments to this account is ticked. It is important a different Current Asset account is explicitly used for this. This is because when cash in or cash out is performed, you will have to reconcile with a bank entry (in case money was taken out for a bank deposit.)
You will now have three new entries in your chart of accounts in Xero. Next, you will have to map these to your Vend - Xero settings.
Map these accounts to your Vend - Xero settings:
Once these accounts have been created, you'll need to map them to your Vend account. To do this, follow the steps below :
1. Head to Setup -> Add-ons and click on the Settings button next to Xero. You should now be in your Vend - Xero Mappings page.
2. Navigate to the Accounts for Cash Management section and map each account to its respective fields.
You will now have set up Cash Management with Xero and your cash movements will be posted to Xero.
When opening your register for the day, you will be given the option to add a cash float. To do this, follow the steps below:
1. First, head to Sell -> Cash Management.
2. You will be informed that your Register is closed and have the option to add an Opening Float.
3. Add your desired cash float amount under the Opening Float section.
4. At this stage, you may also wish to add a note to provide further detail about the float.
5. Physically add your cash float to your cash drawer and click Open Register.
Throughout the day you may want to add or remove cash from the cash drawer. To add or remove cash, navigate to Sell in the sidebar menu and select Cash Management. Here you will see the option to add cash, remove cash, or view any cash movement activity.
Four options are available when adding or removing cash. These are:
Cash out: You can use this option to track any cash you remove from your cash drawer. Cash out can be used to track actions such as safe drops, where you may need to remove cash from your drawer during the day for safekeeping.
Petty cash out Sometimes you might need to take money out of the cash drawer for store expenses such as cleaning products or stationary. Using the petty cash out option will allow you to keep a record of this.
Cash in Cash in allows you to track any additional money you put into your cash drawer. This is used to increase your float amount during the day if required.
Petty cash in Select this option if you need to put some of the petty cash you've taken out, back into the cash drawer. If you take out more petty cash than you spend, you may be left with some change. You can put this change back into your cash drawer using the 'petty cash in' option.
To review the day's cash movements, you will need to close your register.
To do this, select Close Register from the side menu.
This will take you to the register closure screen. In here, you will need to enter the day's counted cash (including your float) against the expected cash in your cash drawer.
Important: Once you complete your register closure, all of the day's cash (including any cash movements and float) will be recorded as removed and Vend will assume that nothing is left over in your physical cash drawer. If you are carrying across your float to your next day of trading, you'll need to re-input this when you next open your register.
You will also need to confirm the rest of the day's payments (such as credit card payments) below.
Confirm these amounts and add an optional note if you like.
Lastly, review your expected and counted totals for today's payments and view a breakdown of all of the day's cash movements.
If you'd like, you can print this summary off to keep a physical reference of the closure.
If your physical count is less than your expected count in Vend, this difference will be recorded as a shortfall. If it is more than the expected count, Vend will record the excess amount as an overpayment.
If you are integrated with Xero, these will be sent as till discrepancies/rounding errors.
For more information on how cash rounding works in Vend and how to customise it, click here.
Important: If you notice any unexpected or out of place discrepancies we recommend you contact your bookkeeper or accountant to balance your books.
If your register was open before enabling cash management, you will not receive the option to enter your initial cash float.
To set your initial float, in this case, navigate to Cash Movements and enter your float here.
If you still haven't recorded your initial float when you come to close your register a notification will appear on the Close Register page, prompting you to set your float.
Click Set now, add your float amount and continue with your register closure.