Select Invoice or Credit Note as appropriate. Once selected the program will automatically post the transaction in the appropriate manner.
This will be the sales invoice number, these numbers should work sequentially, once entered the system will automatically generate the next number on the next sales batch entry / invoice production option. If you are entering invoices using all invoice entry screens this reference field is linked to all sales transaction screens and will run sequentially no matter which sales entry screen you use.
If posting from ZZ totals from till receipt printouts an appropriate reference to link the entry back to the ZZ total printout (which may be added to the zz total printout) is advisable.
As the sales are retail / cash sales, by it's nature, there are numerous sales within the day mostly to one off or non-credit customers. In these circumstances it is not appropriate / possible to record an individual Customer against each transaction, therefore a default Customer called "Cash Sales" should be used to record such entries.
In the case of retail shops users are advised to post the end of day cash takings subtotals by VAT rate / sales account using this entry screen. If there are 100 sales all at 23% in the day then only one entry is required to record the total sale value against the appropriate sales heading at the appropriate VAT rate.
Select the relevant sales nominal account to which the sale relates:
The above Sales accounts are available to customise for the purpose of your business - see "Customising for your use, Sales Accounts" within this Help section for further details.
The default narrative is “Cash Sales”, this can be amended as required by simply typing the new/edited narrative. This narrative will appear on the cash sale invoice if required / selected to print which is not always necessary.
Clicking on this button will process the invoice and bring you directly to the print invoice screen to give you the option to print the invoice immediately.
The profit and loss account (P&L) records the actual income generated by the company on this particular sale, therefore the P&L can only ever reflect a particular sale once as the income generated on this sale is only generated once.
The Balance Sheet (B/S) records amounts payable/receivable and amounts paid/received. In posting a retail/cash sale invoice the amount of the invoice is recorded as cash received so is therefore automatically posted to the “Cash Account” account.
In the above transaction the invoice relates to a sale so this will be credited to the “Sales at Standard Rate” account in the P&L, however as the business is VAT registered the business must pay the VAT element of the invoice to the Revenue therefore they are not actually gaining the full income (Gross amount) of the invoice only the amount excluding VAT (Net Amount). The Net amount (excl VAT) is posted as the actual P&L income and the VAT element is posted to the VAT account (B/S) as a credit meaning it is payable to the Revenue.
THE TOTAL GROSS AMOUNT (INCL. VAT) IS CASH RECEIVED FROM THE CUSTOMER SO THIS AMOUNT IS POSTED DIRECTLY TO THE CASH ACCOUNT.
WHILE ENTRIES PASS THROUGH THE "TRADE DEBTORS", AS THERE IS AN AUTOMATED RECEIPT FOR EVERY INVOICE ENTRY THESE ENTRIES WILL NEVER CREATE A BALANCE WITHIN TRADE DEBTORS.
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