Daily close and reconciliation
Close every day balanced, before you go home
Owwel's daily close compares the cash you counted, and each mobile money, bank or card channel, against what the day's sales, expenses and deposits say you should hold. Any difference is flagged that evening as balanced, a minor variance or one to investigate, while the day is fresh enough for someone to explain it.
How it works
Every channel on its own
Cash, each mobile money account, bank and card are checked separately, so one channel's surplus never hides another's shortfall.
Flagged the same evening
Each day is marked balanced, a minor variance or one to investigate, and the reconciliation report lists the days to look at.
Deposits and owner money recorded
Money banked and money the owner puts in or takes out are recorded on the day, kept apart from profit.
Questions about daily close and reconciliation
How do I reconcile cash and mobile money at the end of the day?
Enter the cash you counted and the balance on each payment channel. Owwel compares each one with what the day's trading says it should be and flags any difference.
What counts as a minor variance?
A small difference is marked as a minor variance; a larger one is marked to investigate, so it is never lost in the month.