The columns on the sheet
Use one row per day with columns for date, gross sales, sales tax collected, cash sales, card sales, other payment types, gift card sales, gift cards redeemed, refunds, tips collected, paid-outs, expected cash, counted cash and over or short. Fewer columns are fine for a simple business. Add more for the things you really have.
Keep a notes column for anything unusual, such as a large order, a price change or a closure.
Closing steps in order
First, run the register report for the day or total your sales list. Second, count the drawer, remove the starting float, and write the counted cash. Third, compute expected cash from the report, which is cash sales minus refunds minus paid-outs. Fourth, write the difference. Fifth, prepare the deposit and note the amount.
Do this at the same time every day and have a second person verify if you can.
Handle special cases
Gift cards sold are liabilities, not sales, until redeemed in many cases, so keep them in a separate column. Deposits taken for future orders likewise belong in a separate line. Voids and refunds should be backed by receipts or a manager's initials. Sales tax collected needs its own column so that the amount is clearly separated from sales.
Record paid-outs with a slip showing what was bought, and put the slip in the envelope with the day's papers.
Match the bank
When the deposit arrives at the bank, mark the day it covers on the sheet. For cards, match the processor's payout report to the days it covers, noting fees and timing. Monthly, total each column and compare the deposits to the bank statement. Unmatched items need a note.
If you use a payment processor, the daily report there can serve as the card column. Check that the sums agree with the register.
Hand off to the books
At month end, give your bookkeeper the totals by column. A single journal entry can record sales, tax, tender types, fees and over or short. Over or short is recorded in a separate account, so patterns show up.
If you use a point-of-sale system that syncs with your accounting software, still keep the daily check. Integrations can break without warning.
What the sheet is good for
A complete daily log helps with sales tax returns, loan applications, insurance claims, and tracking trends by weekday or season. It also protects your staff, because errors can be traced to a day and a process rather than a person.
Say a studio opens with a starting float, rings up sales on a register, and the register report shows a total split between cash, cards and a gift card redemption. The owner counts the drawer, subtracts the float, and finds it is a small amount short of the cash sales. She writes the shortfall in the over or short column, notes that a customer was given the wrong change at noon, and moves on.
That note matters. A short with an explanation is ordinary business. A short with no explanation, repeated daily, is a process problem worth fixing.
Common questions
Is a paper log acceptable?
Yes, as long as it is consistent and retained. Scan the pages monthly.
What if the drawer is short often?
Look for process problems like change errors or unrecorded refunds, and consider counting the drawer at shift changes.
Do I need this if I use only card payments?
A simplified version still helps, tying processor reports to your sales.
This guide is general information, not tax, legal or accounting advice. Rules, fees and due dates change; check with the IRS, the NJ Division of Taxation or a licensed professional for your situation.