RE: POS reconciliation and POS transaction?
Hi Sheetal Kamble,
POS stands for Point of Sale, also known as Point of Purchase. It is the place where people buy and sell.
POS reconciliation is the accounting task of comparing two sets of records to see if the figures all match up. It helps ensure that your financial activity is properly recorded and the amounts are all accounted for.
The POS reconciliation and POS transactions closely relate to each other as both are used to verify each other’s data, the amount of cash in the cash counter is equal to the number of sales made on that day/month or year.
