Forex Counter Daily Routine: Rates, Stock and Cash Check

A currency counter that balances every day is a counter that rarely loses money unnoticed. The routine below is the same whether you use a register, a spreadsheet or software. Software simply makes each step faster and harder to skip. Follow it for a month and you will know where your margin comes from and where it leaks.

Step 1: Opening count

Before the first customer, count the cash drawer by currency and denomination, with a second person witnessing if possible. Compare the count with yesterday's closing balance. Any difference is recorded at once with the name of the person who counted. Starting the day with a clean, agreed balance protects both the owner and the clerk.

Step 2: Set the day's rates

The manager or owner sets the buy and sell rates for each currency, usually after checking the market, the bank and competitors on the street. Record the time the rates were set. If the market moves, update the board and the system together, and note the time of each change. A rate board on the wall that differs from the screen is a classic source of arguments with customers.

Rates should reflect two things: what you can sell the currency for later and what it costs you to hold it. The difference between your buy rate and your sell rate is your spread, and it must cover costs and leave a profit.

Step 3: Recording each deal

For every transaction, record the type (customer sells to you or buys from you), currency, denomination, amount, rate, rupee total and the customer details your rules require. Count notes in front of the customer. Check for damage and signs of counterfeiting using your usual method. Print or write a numbered receipt and hand a copy to the customer. Do not do "off book" deals, even for regular friends, because they make the closing count unexplainable.

• One receipt per transaction, serial numbered.
• Rate on the receipt equals the rate on the board at that time.
• Customer details captured as required.
• Notes counted twice and checked.
• Rupee cash paid or received recorded immediately.

Step 4: Midday stock check

On busy days, check the stock of the main currencies at midday. If US dollars are running low because tourists are selling rupees back, you may want to buy from a bank or another changer. If rupees are running low because many customers are buying dollars, arrange cash. Knowing the stock position early avoids turning customers away or paying more for emergency supply.

Step 5: Margin check with a worked example

Margin is the difference between the rate at which you sell and your average cost of buying. As a purely hypothetical illustration, suppose you buy 1,000 units of a foreign currency at an average of 130 rupees each and sell them at 131 rupees each. Your gross margin is 1 rupee per unit, or 1,000 rupees on the lot. If your costs for the day are higher than your total margin, you made a loss however busy the counter looked. Real rates and margins differ by currency and day, and the figures here are only for explaining the arithmetic.

Item (illustration)	Value
Units bought	1,000
Average buy rate	130 rupees
Cost	130,000 rupees
Units sold	1,000
Sell rate	131 rupees
Sale value	131,000 rupees
Gross margin	1,000 rupees

Average cost matters because you rarely buy all your stock at one rate. If you buy 500 at 130 and 500 at 132, your average cost is 131, and selling at 131 gives no margin. Software that tracks the weighted average cost avoids this trap.

Step 6: Closing reconciliation

At closing, count the physical cash by currency and denomination. Compare it with the expected balance: opening stock plus purchases minus sales plus or minus transfers. The same exercise applies to rupees. Write the difference for each currency. A shortage or surplus should be recorded in a variance column with the clerk's name and a short explanation. Over time, the pattern of variances tells you whether a problem is a person, a process or a rate.

Step 7: Secure the cash and back up

Move surplus cash to the safe or bank as per your policy. Keep a record of what was moved and who witnessed it. If you use software, take a backup and keep a copy off the computer. Print the day's summary and sign it.

Step 8: Weekly and monthly review

Each week, review margin by currency, the largest transactions and the variance log. Each month, compare the register's results with your accounts and bank statements. Check that the number of receipts issued matches the number of serial numbers used, with no gaps. Gaps can reveal deleted or unrecorded deals.

Where software saves time

Software removes arithmetic from every deal, enforces the single rate table, keeps stock live and calculates average cost and margin automatically. At closing, it already knows the expected balance, so the clerk only enters what is in the drawer. The routine remains yours. The software makes it quick and consistent.

Your next step

For one week, record opening and closing balances for your two busiest currencies in a simple table and see whether they reconcile. If not, we can help you find the cause. Our money exchange software follows this routine. Message WebsNP on WhatsApp at +977 9846280400 for a demo. If you also handle remittance-related customer accounts, our accounting software can complement it.

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