How to reconcile cash, bank transfers and POS sales in Nigeria

Updated: 2026-10-26.

Daily reconciliation means comparing your sales and payment records with the money and evidence behind them. A till count, bank credit and POS settlement answer different parts of that check. Keeping those parts separate helps a Nigerian shop owner investigate a difference without recording the same sale twice.

This walkthrough uses fictional figures and a manual closing sheet. It builds on the daily sales-record routine with a more detailed example of cash movements and payment timing.

Start with the day’s recorded sales

Imagine a shop’s confirmed sales records show:

• Cash sales: ₦35,000.
• Bank-transfer sales: ₦40,000.
• Card-terminal sales: ₦20,000.
• Agreed, fully unpaid credit sales: ₦5,000.
• Total recorded sales in this example: ₦100,000.

The unpaid ₦5,000 is not money in the till or bank. Quotes that customers have not accepted are also separate. Keep an individual sale reference and payment method for each transaction so the totals can be traced back to actual entries.

Reconcile the cash drawer first

The shop opened with ₦10,000 of float. During the day it received ₦35,000 for cash sales, paid a delivery runner ₦3,000 from the drawer and moved ₦12,000 of cash into its business bank account.

Expected closing cash is therefore:

• Opening float: ₦10,000.
• Add cash received for sales: ₦35,000.
• Subtract the documented delivery payment: ₦3,000.
• Subtract the cash taken to the bank: ₦12,000.
• Expected cash left in the drawer: ₦30,000.

Count the actual cash by denomination. If it is ₦29,500, the difference is ₦500 short. Recount, check change given and review documented cash movements. Record the unresolved difference for review rather than creating a fictional ₦500 expense to make the sheet agree.

The ₦12,000 bank deposit moves existing business money between locations. It does not create another customer sale, and it is not automatically a business expense.

Match bank transfers individually

Suppose the ₦40,000 of transfer sales consists of ₦25,000 and ₦15,000. Match each to the bank’s actual transaction records, using the available amount, date, reference and payer details. A screenshot from a customer is not a substitute for your own confirmation process.

The account also receives ₦8,000 against an older unpaid invoice. Link that collection to its original reference. It increases money received today, but creating a second sale for the old transaction would inflate sales.

Similarly, identify the shop’s own ₦12,000 cash deposit as an internal movement. A bank statement with several credits is not, by itself, a list of today’s new sales. Keep unmatched entries in a short investigation list with the action needed to resolve each one.

Reconcile POS gross sales, fees and settlement

A card-terminal sale and the later transfer into your bank may have different dates. Use the terminal or provider report to match the underlying transactions, then compare the expected payout with the bank entry.

For illustration only, assume the ₦20,000 of POS transactions has a documented provider charge of ₦200 and a net settlement of ₦19,800. These figures are invented for the calculation, not a published tariff. The customer sales remain ₦20,000; the provider charge needs its own supporting record and accounting treatment.

Do not treat the ₦19,800 payout as another sale. If it is still pending, list it as an unresolved settlement rather than pretending the bank has already received it. Apply your provider’s actual reports, adjustments and current terms, including any refunds or reversals.

For merchants using Paystack, its official payout guide explains that payout details include underlying transactions, deductions and the amount sent to the bank. Other providers have their own reports. ReceiptPro’s subscription-payment integration does not connect every shop’s external POS terminal or bank account.

Sign off the differences, not just the total

Your closing sheet should identify the date, person checking, expected cash, actual cash, matched transfer entries, POS settlement status and unresolved items. Add a short explanation and a next action for each difference. Do not delete genuine history simply to make the day look balanced.

ReceiptPro NG records the payment method you select; it does not independently verify your external bank transfers or terminal payments. Use your own payment evidence and a reconciliation sheet alongside the app. Explore the sample sale flow, and read why cash flow differs from sales and profit before using a single total to decide what the business can spend.