Hello,
I've just started a job in which I'm required to reconcile discrepancies and the first one has my scratching me head. I don't have any experience yet so would appreciate any help.
Each banking day we count all of the money in all tills. Some money can be removed from tills if that till contains more than it should. All this information is entered into the system.
At the end of the day in question, the system reported a -£100 discrepancy in the total count of money removed from the tills during banking.
When I reviewed which tills were short and which were over, I found one till was short £100 and another was over £100.
So, now I'm confused because the over should reconcile the short. I'm guessing that maybe a customer wanted a refund and there wasn't enough cash in the till, so the till operator asked for money from another till and then later gave that money back. Our system also monitors which denominations are used so if TILL A received £100 in twenties and later returned £100 to TILL B in tens, that would also flag up a different type of discrepancy.
So, my question, is the -£100 discrepancy on the final banking count only possible if there was a banking error? This also confuses me, because I'm also the banker, and I know I didn't steal anything, and I don't understand how it's possible to create a £100 discrepancy. There were no £100 notes in the count. There were a few £50 notes, like 6 or 7, but I can't see how they could be miscounted. And the lower the denominations get, the more unlikely it gets. E.g. I'm not going to accidentally count 5 x £20 notes and not notice.
Additionally, all money in the final count is recounted by a manager. So, the discrepancy can't be the closing balance. On said day, I even had a third person do full count to confirm that my count and the manager's count were correct.
Any help would be greatly appreciated as I have to reconcile this discrepancy in 2 days and don't know where to start.
I've just started a job in which I'm required to reconcile discrepancies and the first one has my scratching me head. I don't have any experience yet so would appreciate any help.
Each banking day we count all of the money in all tills. Some money can be removed from tills if that till contains more than it should. All this information is entered into the system.
At the end of the day in question, the system reported a -£100 discrepancy in the total count of money removed from the tills during banking.
When I reviewed which tills were short and which were over, I found one till was short £100 and another was over £100.
So, now I'm confused because the over should reconcile the short. I'm guessing that maybe a customer wanted a refund and there wasn't enough cash in the till, so the till operator asked for money from another till and then later gave that money back. Our system also monitors which denominations are used so if TILL A received £100 in twenties and later returned £100 to TILL B in tens, that would also flag up a different type of discrepancy.
So, my question, is the -£100 discrepancy on the final banking count only possible if there was a banking error? This also confuses me, because I'm also the banker, and I know I didn't steal anything, and I don't understand how it's possible to create a £100 discrepancy. There were no £100 notes in the count. There were a few £50 notes, like 6 or 7, but I can't see how they could be miscounted. And the lower the denominations get, the more unlikely it gets. E.g. I'm not going to accidentally count 5 x £20 notes and not notice.
Additionally, all money in the final count is recounted by a manager. So, the discrepancy can't be the closing balance. On said day, I even had a third person do full count to confirm that my count and the manager's count were correct.
Any help would be greatly appreciated as I have to reconcile this discrepancy in 2 days and don't know where to start.