Mobile money in your shop: recording Wave and Orange Money correctly
Mobile money has taken over in shops, but it complicates your accounts: the money is not in the till. Here is how to record it properly and check nothing is missing.
The problem: the money is not in the drawer
When a customer pays by Wave, Orange Money, MTN MoMo or M-Pesa, the money lands straight on your phone. If you do not record the sale with that payment method, your cash drawer looks right but your accounts are wrong.
Record every sale with its payment method
Record each sale with the right method: cash, Wave, Orange Money, card… At the end of the day you get the total per method, essential to know what you should find in each “pocket”.
Reconcile with your account
- Take the day’s mobile money total from your accounts.
- Compare it with the credits in your mobile money app.
- Look for gaps: withdrawal fees, unrecorded payment, wrong amount.
- Keep the month’s statement for your accountant.
Fees and withdrawals
Withdrawal or transfer fees are an expense: record them as such so your profit is not inflated. Your mobile money balance is part of your cash, just like the till.
With Kaislo
Kaislo offers the payment methods of your country (Wave, Orange Money, MTN, M-Pesa, card…). The evening accounts and the Excel report detail the money received by method. Kaislo never collects the money: it only keeps track of how your customers paid you.
Sales, stock, customer credit and evening accounts in one place, on phone or computer. 30-day free trial.
Mobile money in your shop: recording Wave and Orange Money correctly
Does Kaislo collect mobile money payments?
No. Your customers pay you as usual; Kaislo records the payment method for your accounts.
How do I check my mobile money is right?
Compare the method’s total in your evening accounts with the credits in your app, allowing for fees.