Marketing Essentials Chapter 16 Section 2.  After the sale is finalized, the sale is considered closed.  All cash registers provide three basic sales.

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Presentation transcript:

Marketing Essentials Chapter 16 Section 2

 After the sale is finalized, the sale is considered closed.  All cash registers provide three basic sales transactions functions: 1.Recording sales 2.Storing cash and sales documents 3.Providing receipts

 For accounting and tax purposes, a closed sale must be recorded.  Salespeople can enter transaction data into an electronic cash register in several ways: 1.Optical scanning 2.Electronic wand entry 3.Manual key entry

 Universal product code (UPC) is a combination bar code and number used to identify a product and manufacturer.  Has two parts: 1.UPC number 2.Readable bar code

 Many electronic cash registers that are linked to POS systems that enable them to update inventory records and order items in short supply.  POS systems show the price of each item, and when the customer makes payment, the amount tendered and the change due the customer are then displayed.

 Many retailers now allow the customer to use a self-service checkout.  POS (point-of-sale) system – combines a cash register with a computer.

 Radio frequency identification (RFID)- radio frequencies are used to read labels on products.  This technology makes it possible to read all the items in a cart simultaneously while they are still in the cart.

 Currency and checks collected as part of sales transactions are deposited into the till.  Till – the cash drawer of the cash register.  The till has ten compartments-five in the back of the cash drawer and five in the front.

 Opening cash fund – a limited amount of money in the cash register.  If the cash register does not calculate the change then announce the amount of the sale and then count up the amount tendered.

 Salespeople who use a cash register must account for the day’s sales and money at the end of the business day.  Most cash registers automatically keep a sales tally, or summary of the day’s sales.

 When balancing it is not good to be over or short.  Theft and counterfeiting: 1.Always close cash register between transactions. 2.Put the customer’s payment on the ledge until you have given them their change. 3.Routinely check all surrency.

 Changes are made from time to time in order to make money more difficult to counterfeit.  All companies will have procedures in place to help fight counterfeiting.