Last updated 05/10/2017
An On Account sale refers to a sale that is made, but instead of the customer paying immediately for the goods, an invoice is given to the customer that must be paid within a set period of time.
On Account sales can be made, or paid for, through the POS. However, particular care must be taken so that the sales are processed in Cin7, and the corresponding payments are correctly reconciled in your accounting program.
On Account sales are imported individually into your accounting software, allowing you to reconcile payments against them, and chase remaining amounts.
Before you can make an On Account sale in the POS, the customer must already exist in the CRM, created through the backend. The customer should have one of the following:
To make an On Account sale through the POS:
Sales made On Account will have an invoice date applied, and therefore import into your accounting software independently of any standard retail sales, which will be batched when closing the register. The sale will not appear in the close register.
Once an On Account sale has been made - either through the backend or through the POS as described above - payments can be added to a sale.
By adding a payment in Cin7, you will be excluding the total paid from the close register. This is because in your accounting program, the total money received for that day should be reconciled against both the batch of standard retail sales made that day, and any existing on account sales that had payments made against them that day.
To add a payment through the POS:
Though the close register will include the total taking for the day as usual, you will note that the total of the batch created will exclude any payments made.
All batches and on account sales should be imported to Xero.
When your bookkeeper comes to reconcile the total takings for the day, they will need to allocate part of the payment to the batch, and part to the correct on account invoices.
To help with this, they can use the report Print Daily Sales and Payments Report found in the retail reports dashboard.
You'll see something like the diagram above: