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Read the following vignette.
Inc. manages food concessions at local event venues. As many as five
people work each concession area with two cash registers at each
location. When the concession closes, a worker takes the cash drawers to
a central location where the cash is counted by the main bookkeeper.
There are too many cash drawers to reconcile, but the bookkeeper does
try to match the receipts for the evening with the cash register tapes
if employees bring the tapes. Since the sports events and concerts can
last late into the evening, the bookkeeper often cannot deposit the
money in the bank until the following morning (or sometimes a few
mornings later if the event occurs on a weekend). Sorry pays the sports
venue a percentage of the gross receipts. The sports venues often
request cash payments, so the bookkeeper usually just pays from the cash
receipts from the event.
Inc. also outsources the parking concession. Their agreement is to pay
Sorry a percentage of the gross receipts. These payments are usually
made by check and are sent to the attention of the bookkeeper. The
bookkeeper reconciles the payments to the reported receipts, and then
deposits the checks.