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Marketing Essentials

Marketing Essentials. n Chapter 16 Using Math in Sales. Section 16.1 Cash Registers. SECTION 16.1. Cash Registers. What You'll Learn. The three general functions of all cash registers The arrangement of currency and coins in a cash register drawer The two methods of making change

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Marketing Essentials

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  1. Marketing Essentials nChapter 16 Using Math in Sales Section 16.1 Cash Registers

  2. SECTION 16.1 Cash Registers What You'll Learn • The three general functions of all cash registers • The arrangement of currency and coins in a cash register drawer • The two methods of making change • The two most important rules for safeguarding money at the cash register • The general content of sales checks and the basic ways of generating them

  3. SECTION 16.1 Cash Registers Why It's Important • Your customer's decision to buy does not conclude the sales process. You must record the transaction and present the customer with proof of payment—or secure a promise to pay in the future. In this section, you will explore cash register operations. You will learn the basics of operating both manual and electronic registers.

  4. SECTION 16.1 Cash Registers Key Terms • sales transaction • Universal Product Code (UPC) • Universal Vendor Marketing (UVM) code • till • opening cash fund

  5. SECTION 16.1 Cash Registers Cash Register Operations • The sales transaction is the process of recording a sale and presenting the customer with proof of payment. Most retailers today use cash registers for this. Cash registers fill three important functions of sales transactions: • recording sales • storing cash and sales documents • providing receipts

  6. SECTION 16.1 Cash Registers Electronic Cash Registers • Electronic cash registers automatically perform many functions of a sales transaction: • totaling quantity purchases • figuring sales tax • subtracting refunds and returns • calculating the change due a customer • Information can be entered by: • manual key entry • electronic wand entry • optical scanning Slide 1 of 2

  7. SECTION 16.1 Cash Registers Electronic Cash Registers • Two types of codes are widely used for electronic entry. • The Universal Product Code (UPC) is a bar code composed of a series of vertical parallel black and white lines and a row of numbers. Each item has its own distinctive UPC. • The Universal Vendor Marketing (UVM)code appears as a series of numbers across the top of a price tag. Slide 2 of 2

  8. SECTION 16.1 Cash Registers POS Terminal Functions • POS computer terminals are connected to an in-store network that keeps track of sales, inventory, and often how much new merchandise to be ordered. POS terminal functions include: • scanning products • transferring information • recording sales Slide 1 of 4

  9. SECTION 16.1 Cash Registers POS Terminal Functions Scanning Products The checker passes each item over the optical scanner so that it can read the code printed on the package. The checker will key in the sale amount if code label is torn or missing. Slide 2 of 4

  10. SECTION 16.1 Cash Registers POS Terminal Functions Transferring Information The terminal shows the price and name of each item, and the total amount of the sale after any special discounts. The terminal sends the information to a central computer, where inventory is updated and new merchandise can be ordered if stocks are low. Slide 3 of 4

  11. SECTION 16.1 Cash Registers POS Terminal Functions Recording Sales The terminal calculates the change due to the customer, and prints a paper receipt listing each item sold along with prices, the date and time, and sometimes the customer's name and account information. Slide 4 of 4

  12. SECTION 16.1 Cash Registers The Cash Drawer Checks and currency collected in sales transactions are generally deposited in the till. The till is the cash drawer of a cash register.

  13. SECTION 16.1 Cash Registers Cash Drawer Arrangement The till normally has ten compartments—five in the back and five in the front. Bills are usually kept in the back compartments of the drawer (with checks on the far left, and other bills in descending order: $20s, $10s, $5s, and $1s), and coins in the front compartments (also in descending order, half-dollars on the far left, then quarters, dimes, nickels, and pennies).

  14. SECTION 16.1 Cash Registers Opening Cash Fund The opening cash fund consists of the coins and currency designated for the register for a given day's business. To verify the fund, count the coins and the currency. When the amount is more than planned for the register, the fund is over; if there is less than planned, the fund is short.

  15. SECTION 16.1 Cash Registers Making Change • Be thorough and accurate when making change, and follow these five steps: • 1. Once the transaction has been entered in the cash register, announce to the customer the total amount of the sale. • 2. Announce the amount tendered when the customer offers payment in cash. Slide 1 of 2

  16. SECTION 16.1 Cash Registers Making Change • 3. Place the money on the cash drawer ledge and leave it there until you have completed giving change to the customer. This eliminates most disputes over the amount tendered. • 4. Count silently while removing change from the cash drawer. • 5. Count aloud when handing the change to the customer. Slide 2 of 2

  17. SECTION 16.1 Cash Registers Sales Tally Salespeople and cashiers who use cash registers must account for the day's sales and money at closing. This is also called balancing the cash or balancing the till.

  18. SECTION 16.1 Cash Registers Safeguards Against Theft • Every employee who uses a cash register should be familiar with some safeguards against the theft of money. • Always close the cash drawer between transactions. • Always lock the register if you leave it. • Ignore interruptions while you are making change. • Learn how to recognize counterfeit money and look at money you receive very closely.

  19. SECTION 16.1 Cash Registers Sales Check • A sales check is a written record of a sales transaction that includes: • the date of the transaction • the items purchased • the purchase price • Many businesses use electronic cash registers and POS systems that produce computer-generated sales checks. Smaller businesses write them by hand.

  20. ASSESSMENT 16.1 Reviewing Key Terms and Concepts • 1. What are three functions that all cash registers perform? • 2. From left to right, how are the coins arranged in a typical cash register drawer? The bills? • 3. A customer gives you a $50 bill for a purchase of $37.73. How will you count the change back? • 4. What can you do to help prevent theft from a cash register? • 5. What sort of information does a sales check use to detail a sales transaction?

  21. ASSESSMENT 16.1 Thinking Critically • What advantages do you think using an electronic optical scanning wand would have over manually entering prices?

  22. 16.1 Graphic Organizer Cash Drawer Arrangement BACK ROW Checks and Special Items $20 bills $10 bills $5 bills $1 bills Dollar Coins and 50¢ coins 25¢coins 10¢coins 5¢coins 1¢coins FRONT ROW

  23. Marketing Essentials End of Section 16.1

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