Visit a movie theater, retail store, fast-food outlet or other business organization near your home. Carefully...

Visit a movie theater, retail store, fast-food outlet or other business organization near your home. Carefully observe the process of making sales and collecting payments. What processes and tools does the organization use to keep its cash safe?

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Expert Solution

I will quote the example of a cosmetics shop (retail store) in a mall. The process of making the sales and collecting payments is as follows:

- All the products in the shop have a bar code assigned to them.

- The customer chooses the desired product and heads to the billing counter.

- The authorized person at the billing counter scans the bar code and inputs the quantity. The total amount for the bill is automatically genrerated.

-The payment is made either through cash or card.

- In the cases, wherein the payment is made in cash, a separate field "cash collected" is entered on the face of the bill. Further, when the change is given to the customer" cash returned" field is entered into.

- The organization deposits the collected amounts in a safe or drawer.

-At the end of the day, the cash is tallied with cash collected-cash returned. Thus, a strong control is kept both on the cash inflow and cash outflow.

ekkarill92 answered 9 months ago

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