Daily Routines
Close registers, count cash under dual custody, reconcile point-of-sale totals to tracking system dispensing records, document variances and record deposits.
- Drawer counts with counted-by and verified-by signatures
- Sales summary tie-out
- Same-day variance notes
- Deposit log with sequential references
Weekly Routines
Reconcile bank activity, review accounts payable aging, approve and record inventory adjustments, and review payroll time allocations before processing.
Monthly Routines
Complete the full close: inventory reconciliation, accruals, intercompany balances, fixed asset additions and the reporting package with commentary.
Documentation Standards
Every adjusting entry needs a description, a supporting document reference and an approver. Undocumented entries are the single most common finding in a records review.
Frequently Asked Questions
- Who should perform reconciliations?
- Someone independent of the people handling cash or entering inventory transactions. Segregation of duties is the control that matters most.
- How long should records be retained?
- Retain accounting records, tracking system exports and supporting documentation for at least the applicable statutory periods; many operators retain them longer given examination risk.
- Can bookkeeping be outsourced?
- Yes, provided the outsourced team understands inventory-driven cost accounting and the reconciliation requirements specific to licensed operations.