diff --git a/src/app/api/clock/cash-float/route.test.ts b/src/app/api/clock/cash-float/route.test.ts
index 9c76de3..1c1fac5 100644
--- a/src/app/api/clock/cash-float/route.test.ts
+++ b/src/app/api/clock/cash-float/route.test.ts
@@ -24,7 +24,7 @@ const card = (over: Record<string, unknown> = {}) => ({
   limit: 100000,
   balance: 234000,
   spentThisMonth: 60000,
-  lastSlip: null,
+  spentSinceTopup: 0,
   low: false,
   hasOpening: true,
   ...over,
diff --git a/src/app/dashboard/management/cash-floats/cash-floats-view.test.tsx b/src/app/dashboard/management/cash-floats/cash-floats-view.test.tsx
index 226da48..47ea943 100644
--- a/src/app/dashboard/management/cash-floats/cash-floats-view.test.tsx
+++ b/src/app/dashboard/management/cash-floats/cash-floats-view.test.tsx
@@ -27,7 +27,7 @@ const card = (over: Partial<CashFloatCard> = {}): CashFloatCard => ({
   limit: 100000,
   balance: 234000,
   spentThisMonth: 60000,
-  lastSlip: { date: "2026-10-20T08:00:00Z", supplier: "Build Supply" },
+  spentSinceTopup: 25000,
   low: false,
   hasOpening: true,
   ...over,
diff --git a/src/app/dashboard/management/cash-floats/cash-floats-view.tsx b/src/app/dashboard/management/cash-floats/cash-floats-view.tsx
index f41b337..8ebf87c 100644
--- a/src/app/dashboard/management/cash-floats/cash-floats-view.tsx
+++ b/src/app/dashboard/management/cash-floats/cash-floats-view.tsx
@@ -116,7 +116,7 @@ export function CashFloatsView({ cards, users }: { cards: CashFloatCard[]; users
           <div className="mgmt-table-scroll">
             <table className="mgmt-table mgmt-cash-float-table">
               <caption className="sr-only">Cash float cards, their holders and their balances</caption>
-              <thead><tr><th>Card</th><th>Holder</th><th>Assigned</th><th>Balance</th><th>Spent this month</th><th>Last slip</th><th>Status</th><th>Actions</th></tr></thead>
+              <thead><tr><th>Card</th><th>Holder</th><th>Assigned</th><th>Balance</th><th>Spent this month</th><th>Spent since top-up</th><th>Status</th><th>Actions</th></tr></thead>
               <tbody>
                 {!cards.length && <tr><td colSpan={8} className="text-left text-muted-foreground">No cards yet. Add one to get started.</td></tr>}
                 {visible.map(card => (
@@ -131,7 +131,7 @@ export function CashFloatsView({ cards, users }: { cards: CashFloatCard[]; users
                     <td>{card.assignedOn || "—"}</td>
                     <td className={card.low ? "font-semibold text-destructive" : ""}>{formatCents(card.balance)}</td>
                     <td>{formatCents(card.spentThisMonth)}</td>
-                    <td className="text-left">{card.lastSlip ? `${card.lastSlip.date.slice(0, 10)}${card.lastSlip.supplier ? ` · ${card.lastSlip.supplier}` : ""}` : "—"}</td>
+                    <td>{formatCents(card.spentSinceTopup)}</td>
                     <td>
                       {card.low
                         ? <span className="flex items-center justify-end gap-1 font-semibold text-destructive"><TriangleAlert className="h-3.5 w-3.5" />Under the limit</span>
diff --git a/src/lib/cash-float-server.test.ts b/src/lib/cash-float-server.test.ts
index 94ade4e..7a4f948 100644
--- a/src/lib/cash-float-server.test.ts
+++ b/src/lib/cash-float-server.test.ts
@@ -138,7 +138,7 @@ describe("loadCashFloatCards", () => {
     expect(cards[1].hasOpening).toBe(true);
   });
 
-  it("counts what was spent this month and finds the last slip", async () => {
+  it("counts what was spent this month and since the last top-up", async () => {
     const { pb } = fakePb({
       users: [holder()],
       cash_float_log: [
@@ -149,7 +149,22 @@ describe("loadCashFloatCards", () => {
     });
     const [card] = await loadCashFloatCards(pb, new Date("2026-10-24T00:00:00Z"));
     expect(card.spentThisMonth).toBe(60000);
-    expect(card.lastSlip).toEqual({ date: "2026-10-20T08:00:00Z", supplier: "Build Supply" });
+    // Never topped up: counts from the opening on the 1st.
+    expect(card.spentSinceTopup).toBe(60000);
+  });
+
+  it("counts only the slips after the latest top-up", async () => {
+    const { pb } = fakePb({
+      users: [holder()],
+      cash_float_log: [
+        log({ id: "l1", kind: "opening", amount: 1500, occurred_on: "2026-10-01T08:00:00Z" }),
+        log({ id: "l2", amount: -600, occurred_on: "2026-10-05T08:00:00Z" }),
+        log({ id: "l3", kind: "topup", amount: 1000, occurred_on: "2026-10-10T08:00:00Z" }),
+        log({ id: "l4", amount: -250, occurred_on: "2026-10-20T08:00:00Z" }),
+      ],
+    });
+    const [card] = await loadCashFloatCards(pb, new Date("2026-10-24T00:00:00Z"));
+    expect(card.spentSinceTopup).toBe(25000);
   });
 
   it("leaves unticked users out", async () => {
diff --git a/src/lib/cash-float-server.ts b/src/lib/cash-float-server.ts
index 7e0e99b..ccaac3a 100644
--- a/src/lib/cash-float-server.ts
+++ b/src/lib/cash-float-server.ts
@@ -39,7 +39,8 @@ export interface CashFloatCard {
   balance: number;
   /** What has been spent off the card this month, in cents, positive. */
   spentThisMonth: number;
-  lastSlip: { date: string; supplier: string } | null;
+  /** What has been spent since the last top-up (or the opening, if never topped up), in cents, positive. */
+  spentSinceTopup: number;
   low: boolean;
   /** A card with no opening row has not been set up yet. */
   hasOpening: boolean;
@@ -140,7 +141,7 @@ export async function cardHeldBy(pb: PocketBase, userId: string): Promise<{ card
  * Every card, lowest balance first.
  *
  * The balance of every card comes from the one log read; the per-card
- * figures (spent this month, the last slip) are picked out of the same rows.
+ * figures (spent this month, spent since the last top-up) are picked out of the same rows.
  */
 export async function loadCashFloatCards(pb: PocketBase, now: Date = new Date()): Promise<CashFloatCard[]> {
   const [holders, logRows] = await Promise.all([loadHolders(pb), loadLogRows(pb)]);
@@ -157,9 +158,15 @@ export async function loadCashFloatCards(pb: PocketBase, now: Date = new Date())
       const limit = lowLimit(holder);
       const slips = cardRows.filter((row) => row.kind === "slip");
       const thisMonth = slips.filter((row) => rowMonth(row) === month);
-      const lastSlip = slips
-        .slice()
-        .sort((a, b) => (b.occurred_on ?? "").localeCompare(a.occurred_on ?? ""))[0];
+      // The reference point is the latest top-up; a card never topped up counts from its opening.
+      const latest = (kind: string) =>
+        cardRows
+          .filter((row) => row.kind === kind)
+          .map((row) => row.occurred_on ?? "")
+          .sort()
+          .pop();
+      const since = latest("topup") ?? latest("opening") ?? "";
+      const sinceTopup = slips.filter((row) => (row.occurred_on ?? "") >= since);
       return {
         userId: holder.id,
         holder: holderName(holder),
@@ -169,7 +176,7 @@ export async function loadCashFloatCards(pb: PocketBase, now: Date = new Date())
         limit,
         balance,
         spentThisMonth: thisMonth.reduce((total, row) => total + Math.abs(row.amount), 0),
-        lastSlip: lastSlip ? { date: lastSlip.occurred_on ?? "", supplier: lastSlip.supplier_name ?? "" } : null,
+        spentSinceTopup: sinceTopup.reduce((total, row) => total + Math.abs(row.amount), 0),
         low: isLow(balance, limit),
         hasOpening: cardRows.some((row) => row.kind === "opening"),
       };