Katrinas School of Hair and Beauty- (SIBXCCS201A)

Conduct Financial Transactions

Assignment

There are two parts to this this assignment. For Part A we would like you to speak with a friend or family member who works in a salon - or any other retail environment - where they have a POS and EFTPOS and handle money as part of their daily job. You can always gain valuable information to help you understand more by talking to others and asking questions. Part B requires you to work through some case studies and record your answers.

PART A: Find a friend or family member who operates a POS, uses EFTPOS and handles money in their job.

1. -

How do they perform an EFTPOS payment if the client is paying that way? Ask the client what their method of payment is Swipe the clients card through the EFTPOS machine Ask the client if it is CHQ, SAV or CREDIT If it is CREDIT ask the client if they need to sign or PIN If it is CHQ or SAV ask the client to enter their PIN (ensuring to always look away for clients privacy) Once the client has entered their PIN ask if they would like a copy of their receipt and print it out if necessary Process EFTPOS payment through the POST once it has been approved Thank the client for their service today and offer them a rebook

Katrinas School of Hair and Beauty

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Katrinas School of Hair and Beauty- (SIBXCCS201A)

2. A common focus for all businesses is the importance of balancing the till daily. What is it like in the business they work for in regard to till balancing? Balancing at the end of the day is a very important task as there are several employees working on the same POST in any one day. Ensuring that all employees have done everything correctly during the day will help balancing at the end of the day. If the till does not balance staff are required to stay behind to help find the problem, this can be a very good learning curve for any staff that may have made a mistake as they will learn how to fix the problem on their own or learn where they had gone wrong and learn from the mistake. By balancing at the end of the day ensures that the business is not out of profit and ensures that all staff has done all transactions correctly.

3. Does the till balance regularly and why? After a few weeks of the till not balancing and all staff being held back at work to find where the problem was now we have had no problems in balancing the till as all staff are ensuring that they double check all transactions that are done throughout the day to ensure they can leave on time. All staff do not want to be kept back at work so balancing at the end of the day ensures we can all leave on time without delays.

4. What happens if the till doesnt balance? If the till does not balance all staff are required to stay behind to find the problem. If a staff member is the reason for the problem they are required to learn from their mistakes and avoid the situation again, if the same problem occurs again and it is done by the same staff member then they may be liable for the missing money.

5. What common transaction mistakes are made? The most common mistake that is made is staff processing EFTPOS payments as cash payments, we now have a sign on the POST notifying staff to double check they are processing the payment through as the correct method.

Katrinas School of Hair and Beauty

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Katrinas School of Hair and Beauty- (SIBXCCS201A)

6. What special features do the businesss POS have? - Being able to search previous clients and services that have been taken out rather then using paper trail - Clients birthdays coming up on the system so we can send out birthday cards and discounts as a gift - A very easy to use straight forward system that is very up front and easy to use - Easy to find client information by simply searching the clients DOB or phone number

7. Does their POS record stock levels? No, all stock is done by hand

8. Does the POS record customer history? Most defiantly! This is one of the main uses of our POST we rely heavily on the POST recording all customer history and all staff are required to add any details that they think are necessary.

9. Does the business print out reports from the POS. If yes, what sort of things do they use the report for? Reports are printed quarterly and are used to review what service is most common, profits and losses for that quarter and what regular clients that have not returned in a while that get a friendly phone call to try and confirm a rebook.

Katrinas School of Hair and Beauty

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Katrinas School of Hair and Beauty- (SIBXCCS201A)

PART B: 1. Using the information below, complete the table. Dont forget to balance the end-of-day and weekly totals. Weve made some entries to get you started...
Tuesday cash $305.00, EFTPOS $214.50 Wednesday cash $275.00 Thursday EFTPOS - $361.90 Friday cash $ 278.00, EFTPOS - $322.20 Saturday cash $420.65, EFTPOS - $745.35 (Insert your answers in the table)

DAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY WEEK TOTALS

CASH $320 $305 $275 $946.50 $278 $420.65 $2545.15

EFTPOS $127.50 $214.50 $435.50 $361.90 $322.20 $745.35 $2206.95

TOTAL $447.50 $519.50 $710.50 $1308.40 $600.20 $1166 $4752.10

2. Imagine you are working in a salon. The salon is having a very busy day and they are running low on change. They are particularly low on $5 and $10 notes, and $2 and $1 coins. They do not require any extra 5, 10 or 20 cent coins. You are given $100 and a change slip and asked to complete it ready to take to the bank. Please fill it out so your manager can check it. (Write your change suggestions below in the change required column. Make sure it adds up to $100. Remember to consider what they do or dont need.)
Date: Time: 1.30pm Staff Name:

Katrinas School of Hair and Beauty

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Katrinas School of Hair and Beauty- (SIBXCCS201A)

Denomination $100

Cash tendered

Change required

$50

100.00

$20

$10 $5

50.00 20.00 20.00 10.00

$2

$1

50c

20c

10c 5c

TOTAL

100

100

Katrinas School of Hair and Beauty

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