The cooling performance of a transcritical $CO_{2}$ cycle varies significantly with a variation of refrigerant charge amount. In this study, the performance of the $CO_{2}$ system was measured and analyzed by varying refrigerant charge amount at a standard test condition. Besides, the losses of the major components in the $CO_{2}$ system were estimated by evaluating entropy generation with refrigerant charge amount. The losses in the expansion device and the gascooler show the major portion of the total loss. For undercharging conditions, the expansion loss dominates the overall system performance, while the gascooler loss increases significantly with an increase of refrigerant charge amount.