Question

What is amount of change in the cash drawer at the start of the day called

Answer 1

Even with today's modern point-of-sale (POS) systems, you still need a procedure to account for a store's cash receipts. These internal controls are necessary to prevent mishandling of money and to safeguard assets against loss or theft. Not only do strong internal controls promote operational efficiency, but they also ensure reliable accounting records that will be needed come tax time. One of the most common causes of shrinkage or loss in your store is through the mishandling of cash. When investigated, the most common cause comes down to a lack of proper procedures or controls.