Marketing Math Chapter 16

Functions of a cash register Record sales Record sales Store cash and sales documents Store cash and sales documents Provide receipts Provide receipts

Information entered into cash registers Manual key entry – using the register keys Manual key entry – using the register keys Electronic wand entry – wand is moved across the price tag data (UPC) Electronic wand entry – wand is moved across the price tag data (UPC) Optical scanning – items are placed across the scanner which reads the bar code Optical scanning – items are placed across the scanner which reads the bar code

Universal Product Code (UPC) Series of vertical black and white lines and a row of numbers Series of vertical black and white lines and a row of numbers Universal Vendor Marketing code (UVM) has a series of numbers across top of price tag Universal Vendor Marketing code (UVM) has a series of numbers across top of price tag

Information received from UPC and UVM codes Update inventory records Update inventory records Automatically reorder items in short supply Automatically reorder items in short supply Store customer information Store customer information Financial statements Financial statements Sales trends Sales trends Sales personnel productivity reports Sales personnel productivity reports

Cash drawer Cash drawer of a register is the till Cash drawer of a register is the till

Opening cash drawer Consists of coins and currency Consists of coins and currency First thing when receiving the cash drawer is to count it First thing when receiving the cash drawer is to count it

Steps when making change? Announce the amount of the sale Announce the amount of the sale Announce the amount they give you (out of $20) Announce the amount they give you (out of $20) Place the money on the cash register ledge Place the money on the cash register ledge Silently count change and get out of till Silently count change and get out of till Count back the change Count back the change

Preventing cash register theft Close drawer between transactions Close drawer between transactions Politely ignore interruptions when counting back change Politely ignore interruptions when counting back change Always lock cash register drawer when leave Always lock cash register drawer when leave

Counterfeit currency – what to look for??? Genuine – has tiny red and blue fibers Genuine – has tiny red and blue fibers Portrait of president is lifelike Portrait of president is lifelike Fine-line printing is clear and unbroken Fine-line printing is clear and unbroken Watermark can be seen on both sides of the paper Watermark can be seen on both sides of the paper

Sales Checks Stores with no automated cash registers use them Stores with no automated cash registers use them Written record of a sales transaction Written record of a sales transaction Has date of transaction, items purchased and purchase price Has date of transaction, items purchased and purchase price (see page 277 in book) (see page 277 in book)

Cash Sales Include cash or check Include cash or check Procedures when accepting checks Procedures when accepting checks Get photo Id (driver’s license) Get photo Id (driver’s license) Verify phone number/address match Verify phone number/address match Get two phone numbers Get two phone numbers Computerized system to scan check Computerized system to scan check

Debit card sale Amount of purchase is debited (subtracted) from customer’s bank – use card Amount of purchase is debited (subtracted) from customer’s bank – use card PIN – personal identification number has to be used to get transaction completed PIN – personal identification number has to be used to get transaction completed Advantages: business gets money sooner, customer not have to carry large amounts of cash or checks Advantages: business gets money sooner, customer not have to carry large amounts of cash or checks

Credit card sales You use credit card at businesses and you have a month to pay in full You use credit card at businesses and you have a month to pay in full You will be charged interest if not paid You will be charged interest if not paid Businesses have to pay a fee to accept credit cards Businesses have to pay a fee to accept credit cards

Purchase orders A legal contract between the buyer and the supplier A legal contract between the buyer and the supplier Lists the quantity, price, and description of the products ordered Lists the quantity, price, and description of the products ordered Lists payment terms and delivery Lists payment terms and delivery

Invoice The bill for the merchandise that was shipped to a business The bill for the merchandise that was shipped to a business Is supposed to be checked for accuracy Is supposed to be checked for accuracy