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Quick Hits: Performing a Cash Drop

Nov 1, 2019 5:58:09 PM / by Caitlin Pellas

 

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Welcome to Quick Hits! We understand how much time it takes to run a successful, compliant cannabis operation, so we created downloadable quick-hit guides that will help get you up to speed on everything from Metrc to taxes to discounting.

The inconsistency between state and federal regulations on cannabis has made the financial side of running a legal cannabis operation a frustrating one. Up until this point, the cannabis industry has been predominantly cash-based due to a number of restrictions, including the reluctance of credit card networks to support transactions involving cannabis and the struggle to find banks that will accept funds from cannabis operators. It is because of these restrictions that proper cash handling procedures have become so essential to maintaining a compliant cannabis operation.

We at Treez understand the complexities of cash handling for cannabis operators and have set up processes within the platform to ensure accurate and consistent management. In this Quick Hits guide, we walk through how to perform and report a cash drop in Treez. Fill out the form below to download the full guide for future reference.

Performing a cash drop is vital to ensure the amount of cash contained in register drawers never gets too high. A cash drop occurs when cash is removed from a drawer by a manager or supervisor when it reaches a set ‘Maximum Balance’ during a business day or when it’s time to close out the register at the end of a business day. Setting a ‘Maximum Balance’ in Treez will alert sales associates when a cash drop is needed. Cash drops can be added, edited, or deleted at any point from the time a shift has started to the time it’s ended. Once a shift has been ‘Closed’, though, no additional changes can be made.

We recommend reviewing this process with all managers and supervisors to ensure that everyone is on the same page. If you have any questions about the Treez ecosystem, feel free to get in touch HERE or set up a demo HERE.

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Topics: Cash Handling, POS software, Quick Hits

Caitlin Pellas

Written by Caitlin Pellas