Checklist template

Deposits, financing and payment controls for furniture stores

A ready-to-use checklist with 108 items in 6 sections, covering Deposits, Financing applications, Refunds, Discounts and overrides, Cash, Reports. Use it as-is in InspectLoop, or adapt it to your own standards in minutes.

  • 6 Sections
  • 108 Items
  • 89 Yes / No checks
  • 6 Scored ratings
  • 119 Points

Use this template How audits work

1. Deposits 18 items

  1. Every customer deposit is entered on a sales order in the point-of-sale system at the time it is taken Yes / No 1 pt
  2. Cash deposits are receipted with the ID of the employee who took them Yes / No 1 pt
  3. A deposit cannot be deleted from an order; reversals need a manager's code and are logged Yes / No 1 pt
  4. Deposits on orders for employees or their relatives are reviewed by the store manager Yes / No 1 pt
  5. No deposit is taken on a handwritten slip outside the system Yes / No 1 pt
  6. The open deposit report agrees with the customer deposit liability in the accounting records Yes / No 1 pt
  7. Open deposits with no customer contact in the last 90 days are reported to head office, not written off in the store Yes / No 1 pt
  8. Delivery tickets with a balance owing show the amount the driver must collect Yes / No 1 pt
  9. Balances collected by delivery drivers are in the forms of payment allowed by company policy Yes / No 1 pt
  10. Payments collected by drivers are turned in and posted on the day of delivery Yes / No 1 pt
  11. Orders released with a balance owing are approved by the store manager Yes / No 1 pt
  12. Layaway or hold payments are posted to the customer's order, not kept in an envelope Yes / No 1 pt
  13. Forfeited deposits are taken to income with a manager's approval, not left on the open deposit report Yes / No 1 pt
  14. Ten open orders sampled each showed a deposit matching a tender recorded in the system Yes / No 1 pt
  15. Open orders with a customer deposit Number
  16. Open orders with a deposit older than 90 days Number
  17. Orders released in the last 30 days with a balance owing Number
  18. Control of customer deposits Rating
    • Every deposit on an order and reconciled 5 pts
    • Recorded but aging not reviewed 3 pts
    • Deposits unrecorded or unreconciled 1 pt

2. Financing applications 18 items

  1. Credit applications are entered by the customer or in the customer's presence on the provider's terminal or portal Yes / No 1 pt
  2. The customer's government photo ID is checked against the application, per the provider's rules Yes / No 1 pt
  3. Associates do not enter income or employment details the customer did not state Yes / No 1 pt
  4. Each employee uses a personal login to the finance provider's portal Yes / No 1 pt
  5. Paper applications, if any, are shredded or stored locked after entry Yes / No 1 pt
  6. The customer personally signs or electronically accepts the credit agreement Yes / No 1 pt
  7. The finance provider's report of promotional plan exceptions is reviewed by the store manager each month Yes / No 1 pt
  8. The amount charged to the financing account equals the sales order total Yes / No 1 pt
  9. No financing sale is split across several tickets to meet a promotion's minimum purchase Yes / No 1 pt
  10. Financing transactions are settled with the provider when the merchandise is delivered, where the provider's rules require it Yes / No 1 pt
  11. Financed orders cancelled before delivery are credited back to the financing account, not paid in cash Yes / No 1 pt
  12. Purchases on a financing account by someone other than the account holder are refused, per the provider's rules Yes / No 1 pt
  13. Lease-to-own agreements are completed on the lease provider's system with the customer's signature Yes / No 1 pt
  14. Declined applications are not re-submitted with altered information Yes / No 1 pt
  15. Provider funding reports are reconciled to financed sales each week Yes / No 1 pt
  16. Chargebacks or disputes from the finance provider are investigated and answered within the provider's deadline Yes / No 1 pt
  17. Financing disputes or chargebacks received in the last 90 days Number
  18. Integrity of financing applications sampled Rating
    • Complete, verified and signed by the customer 5 pts
    • Minor documentation gaps 3 pts
    • Missing ID check or signature 1 pt

3. Refunds 17 items

  1. Refunds are made to the original form of payment Yes / No 1 pt
  2. Refunds on financed purchases are credited to the financing account Yes / No 1 pt
  3. A refund requires the original sales order or a system lookup of the sale Yes / No 1 pt
  4. Refunds above the limit set by company policy are approved by a manager who did not make the sale Yes / No 1 pt
  5. Refunds for returned merchandise are issued only after the piece is received back and inspected Yes / No 1 pt
  6. Restocking or cancellation fees are applied as stated on the sales order Yes / No 1 pt
  7. Waived restocking fees are approved by a manager with a reason recorded Yes / No 1 pt
  8. Refunds by check are requested from head office, not paid from the cash drawer Yes / No 1 pt
  9. Cash refunds do not exceed the limit set by company policy Yes / No 1 pt
  10. Refunds of deposits on cancelled special orders are checked against the vendor's cancellation confirmation Yes / No 1 pt
  11. Refunds and price adjustments after delivery reference the delivery or claim record Yes / No 1 pt
  12. Employees do not process refunds on their own purchases Yes / No 1 pt
  13. The refund report for the last 30 days was reviewed and signed by the store manager Yes / No 1 pt
  14. Ten refunds sampled each had the required approval and supporting document Yes / No 1 pt
  15. Refunds processed in the last 30 days Number
  16. Sampled refunds without approval or supporting document Number
  17. Refund controls Rating
    • Approved and documented in every case sampled 5 pts
    • Some missing approval or document 3 pts
    • Refunds issued without control 1 pt

4. Discounts and overrides 17 items

  1. Discounts beyond the advertised price need a manager's code in the system Yes / No 1 pt
  2. Manager override codes are personal and not shared with sales associates Yes / No 1 pt
  3. Each price override records a reason code Yes / No 1 pt
  4. Associates' maximum discount without approval is set in the system, not left to discretion Yes / No 1 pt
  5. Free delivery, free protection plan or free accessory add-ons are entered as line items at zero with a reason Yes / No 1 pt
  6. Delivery fee waivers are approved by a manager Yes / No 1 pt
  7. Employee purchases are rung by another employee, not by the buyer Yes / No 1 pt
  8. Employee discount is not extended to friends or customers Yes / No 1 pt
  9. Price matches are supported by a copy or screenshot of the competitor's advertised price Yes / No 1 pt
  10. Floor sample and "as is" markdowns follow the markdown schedule Yes / No 1 pt
  11. Orders reopened after the sale to lower a price show the approving manager Yes / No 1 pt
  12. Sales moved from one associate to another after entry are approved by a manager Yes / No 1 pt
  13. Voided sales orders are reviewed daily by a manager Yes / No 1 pt
  14. The discount and override report by associate is reviewed weekly Yes / No 1 pt
  15. Price overrides in the last 30 days Number
  16. Average discount given on overridden lines (%) Number
  17. Control of discounts and overrides Rating
    • Approved, coded and reviewed 5 pts
    • Approved but not reviewed 3 pts
    • Shared codes or unapproved discounts 1 pt

5. Cash 20 items

  1. Each cash drawer is assigned to one employee or one register per shift Yes / No 1 pt
  2. The opening float was counted and matched the amount set by company policy Yes / No 1 pt
  3. Cash payments are counted in front of the customer Yes / No 1 pt
  4. Cash payments above the amount set by company policy are recounted by a second employee Yes / No 1 pt
  5. Large bills are checked with a counterfeit detector pen or device Yes / No 1 pt
  6. Cash is dropped to the safe when the drawer exceeds the limit set by company policy Yes / No 1 pt
  7. Large cash payments are reported as required by local regulation Yes / No 1 pt
  8. Checks are stamped "for deposit only" when received Yes / No 1 pt
  9. Keyed entry of a card number at the terminal requires a manager's approval Yes / No 1 pt
  10. Card payments by telephone are taken only through the method approved by company policy Yes / No 1 pt
  11. No card numbers are written on order forms or notes Yes / No 1 pt
  12. Closing counts are done by two employees Yes / No 1 pt
  13. The over or short of each closing count is recorded Yes / No 1 pt
  14. The bank deposit is prepared daily and matches the system's cash and check total Yes / No 1 pt
  15. Deposits are taken to the bank or collected by the armored carrier on the schedule set by company policy Yes / No 1 pt
  16. The safe is locked when not in use Yes / No 1 pt
  17. The safe combination is known only to the managers authorized by company policy Yes / No 1 pt
  18. The cash drawer counted during the visit agreed with the system total Yes / No 1 pt
  19. Over or short of the drawer counted during the visit (dollars) Number
  20. Cash handling Rating
    • Counted, secured and deposited per policy 5 pts
    • Minor lapses 3 pts
    • Significant lapses 1 pt

6. Reports 18 items

  1. The daily sales and tender report is reviewed and signed by a manager Yes / No 1 pt
  2. The open order report is reviewed weekly for orders with no activity Yes / No 1 pt
  3. The undelivered sales report is reconciled to merchandise on hand or on order Yes / No 1 pt
  4. Credit balances on customer accounts are reviewed monthly Yes / No 1 pt
  5. Credit balances older than the period set by company policy are refunded or escalated to head office Yes / No 1 pt
  6. Card settlement totals are reconciled to the point-of-sale system daily Yes / No 1 pt
  7. Card chargebacks are answered within the deadline with the signed delivery receipt Yes / No 1 pt
  8. The void, refund and override exception report is reviewed by loss prevention or the district manager Yes / No 1 pt
  9. Commission adjustments for cancelled or refunded sales are processed Yes / No 1 pt
  10. Bank deposit slips or armored carrier receipts are matched to the daily reports Yes / No 1 pt
  11. User access to refund, override and adjustment functions was reviewed in the last 12 months Yes / No 1 pt
  12. System access of employees who have left has been removed Yes / No 1 pt
  13. Corrective actions from the previous payment controls audit have been completed Yes / No 1 pt
  14. Card chargebacks received in the last 90 days Number
  15. Date of the last review of the exception report Date
  16. Name of the store manager Short text
  17. Overall control of deposits, financing and payments Rating
    • Strong 5 pts
    • Partial 3 pts
    • Weak 1 pt
  18. Corrective actions required Comments

About this template

This checklist is part of the InspectLoop template library. Yes / No checks score 1 point when met; ratings score the points shown for each option. The overall score is the percentage of points earned, with N/A answers excluded. In InspectLoop you can add photos, assign corrective actions, require sign-off and compare results across sites.

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