Marketing Math Chapter 16 Functions of a

Marketing Math Chapter 16

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

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

Universal Product Code (UPC) n Series of vertical black and white lines and a row of numbers n 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 n Automatically reorder items in short supply n Store customer information n Financial statements n Sales trends n Sales personnel productivity reports n

Cash drawer n Cash drawer of a register is the till

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

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

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

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

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

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

Debit card sale n n n Amount of purchase is debited (subtracted) from customer’s bank – use card 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

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

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

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