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Till reconciliation compares counted cash with expected cash: opening float plus recorded cash sales less refunds and payouts. Expressing the variance as a percentage of cash sales is what distinguishes a routine rounding difference from a genuine control failure.
Expected cash
Expected = Opening float + Cash sales recorded - Refunds and payouts
Variance
Variance = Cash counted - Expected cash
Typically within 0.05% of cash sales or a small absolute amount, whichever is greater. Persistent one-directional variance is the real warning sign.
Because they indicate the same loss of control as shortages — usually miskeyed transactions or change errors — and can mask offsetting shortages.