Definition of the word cash up

The expression "cash up" is a colloquial term primarily used in Australian and New Zealand English. Its origin can be traced back to the late 19th century when the British colonial administration introduced a tax system in the Antipodes. Initially, merchants and shopkeepers had to keep detailed records of their sales and profits in a complex system that was prone to errors and discrepancies. To simplify the process, the authorities encouraged these businesses to keep a 'cash book', where they would record all their cash transactions in a single journal. At the end of each trading day, they would 'cash up' their accounts by balancing their debits and credits, reconciling their bank balances, and settling any outstanding debts. By 'cashing up', they could quickly determine their net cash position and prepare a statement for the tax office. As this expression became more common in daily business parlance, it started to be used outside the formal context of tax audits. Today, "cash up" signifies the process of reconciling all cash receipts and payments for an accounting period or activity, irrespective of the need for tax reporting purposes. It's a common requirement in various businesses, such as retail shops, bars, and restaurants, to ensure accurate financial records and control over cash flows.