Final answer:
In the hospitality industry, the amount of money issued to bartenders for making change and handling cash transactions at the start of their shift is known as a 'bank' or 'drawer'. Bartenders reconcile their bank at the end of the shift to ensure all sales are accounted for and to separate their tips from the initial bank amount.
Step-by-step explanation:
The term commonly used in the hospitality industry to refer to the amount of money issued to bartenders during a shift for the purpose of making change and handling cash transactions is a “bank” or a “drawer”. This is a set amount of cash that bartenders receive at the beginning of their shift to ensure they have sufficient change for customers throughout the shift. The bank usually consists of a variety of bills and sometimes coins to accommodate different transaction values. The starting bank amount can vary based on the venue's needs but is often standardized to a certain amount.
At the end of the shift, bartenders are typically responsible for reconciling their bank, meaning they must count the money, ensure all sales are accounted for, and return the initial bank amount to the safe or manager. They will also need to separate tips earned during their shift from the bank. This process of reconciliation is important for maintaining accurate financial records and ensuring accountability within the business.
For anyone pursuing a career in hospitality or currently working as a bartender, understanding the concept of a bank and the processes involved in managing it are crucial. Proper management of one's bank and reconciliation practices demonstrate reliability and trustworthiness to employers and can be critical for the smooth operation of a bar or restaurant.