Float

heffo500

Hi

I set up a float made up of:

€50 in €2s
€25 in €1s
€25 in 50cs
€10 in 20cs
€10 in 10cs

€100 in €20s
€50 in €10s
€30 in €5s

Total €300

After the first day of trading, we were up or down depending on what came in, IMO and what I have seen before is that we should everyday restock the till to match the breakdown above. However, I am being told now we should just make up today's float with a random €300 which means tonight we have 1 €2 coin in the till and €7.5 in 50C etc.

To me, this doesn't make sense the breakdown should be the same at the start of the day whereas now, I'll be looking for change quite soon since the float in low in coins.

Can anyone share how they do it? I seen standardisation used in supermarkets and at events however this is a standalone business.

jimmii

Why do you feel it needs to be identical? If it had to be the same every day that's going to mean more coin is needed in the safe to top it up and to make sure you had enough to cover a bank holiday weekend that means a heap of coins needed. Different places do floats in different ways theres no real right or wrong way so long as there is a suitable process in place. I prefer a fluctuating float so at cash up just the notes and any excess coin is removed that way you need less coin on site. Cash was only making up ~10% through the till pre-lockdown guessing it will be even less this year.

heffo500

jimmii wrote: »

Why do you feel it needs to be identical? If it had to be the same every day that's going to mean more coin is needed in the safe to top it up and to make sure you had enough to cover a bank holiday weekend that means a heap of coins needed. Different places do floats in different ways theres no real right or wrong way so long as there is a suitable process in place. I prefer a fluctuating float so at cash up just the notes and any excess coin is removed that way you need less coin on site. Cash was only making up ~10% through the till pre-lockdown guessing it will be even less this year.

It's more so that when we go to operate, I won't be running off for change at the start of the day.

Like there was only one €2 coin to start with which is not enough.

Also I think it's make for more transparency so I could have cash ready for more than one till. And it's much quicker to count out till with full amounts of coin.

jimmii

heffo500 wrote: »

It's more so that when we go to operate, I won't be running off for change at the start of the day.

Like there was only one €2 coin to start with which is not enough.

Also I think it's make for more transparency so I could have cash ready for more than one till. And it's much quicker to count out till with full amounts of coin.

That's a problem with the process with whatever the current format is. The exact breakdown of what is in the till doesn't really matter just so long as there is a sufficient amount to at least get the day started if not the whole day. If there is plenty of availability on site then it sounds like it's more of a training issue as much as anything people tend to just want to get out as soon as possible once their shift is over and if it's not them opening up then they tend not to care what the till looks like. How mmay tills are there? If theres only a few then maybe it could become part of the duty managers opening process to check a suitable amount of change is in the tills?

silver2020

You're over thinking it.

You aim to have an appropriate float at the start of the day.

What we have always done (many many years in retail and with companies with multiple stores).

End of day, count coins & notes. (coin counter always came in handy)

put all coins back in till then work with €5, €10 & €20 notes to make up the float total.

Do the end of day report and go home.

Then the manager on duty at start of the next day looks at the till and sees what deficiency there is and makes the adjustments. So if just 1 x €2 coin in drawer, they go to the coin safe and put €50 in and takes a bag of €2 coin out, similarly for other coins.

We'd also split coin bags - esp 5c, 10c 20c & 50c into half bags.

Bandara

Have a small coin float box behind the counter also, separate to your coin safe in the office.

I’d go with 2 bags of each coin type in it, and maybe 5 x €5 and 5 x €10 notes also. If staff need a bag of coins they “buy” it from the coin box thus keeping it always at the same amount in the box.

At end of shift they balance their tills to the correct amount overall and any surplus coins, there won’t be many, are dropped with the cash in an envelope into the drop safe/ main safe.

Each end of shift the duty supervisor or nominated responsible person checks the coin float box and records how much is in it to ensure no shorts are occurring. They must note the date, time, amount in box, what staff were on the tills, and sign all this off on a official sheet of paper which is retained. At month end you will have a monthly shorts and overs report and any ‘issues’ will come to light, as will what persons shift the issues are happening.

Hth.