What is meant by Change?
The term "change" refers to the amount of money a customer receives back after paying for a purchase that exceeds the amount of money given. It includes both the calculation of the amount to be returned and the physical return of the change in the form of banknotes and coins. In the software world, change often pertains to functionalities within point-of-sale (POS) systems, payment processing software, or financial applications that ensure accurate calculation and management of refunds.
Typical software functions in the area of "change":
- Change Calculation: Automatic calculation of the amount of change to be returned based on the paid amount and the purchase price.
- Cash Register Reconciliation: Integration of change calculation into cash register reconciliation for accurate recording and verification of cash transactions.
- Change Management: Management of cash reserves and denominations to ensure sufficient change availability.
- Reporting: Generation of reports on change transactions for audits and review of cash flow.
- Real-time Feedback: Provision of immediate feedback on change calculation to minimize errors.
- Integration with Payment Modules: Linking change calculation with various payment modules (e.g., credit cards, mobile payments) for seamless transaction processing.
- Error Detection: Detection and reporting of errors or discrepancies in change calculation or dispensing.