Invoices and Accounting

Invoices and Accounting

Overview

Invoices and accounting form the financial backbone of retail operations. iVendNext seamlessly integrates POS transactions with accounting systems, ensuring accuracy and compliance. This guide covers invoice types, posting methods, reconciliation, and best practices for retail financial management.



1. Understanding POS Invoices

A. Types of Invoices

Invoice Type

Purpose

Example

Standard POS Invoice

Records immediate sales

Walk-in customer purchase

Sales Order

For future deliveries/installments

Custom furniture order

Credit Note

Refunds or returns

Customer returning defective goods


Key Feature: All invoices sync with your ERP accounting ledger in real-time.


B. Invoice Status Flow

  1. Draft → Saved but not finalized (editable).

  2. Submitted → Locked for accounting (can’t be modified).

  3. Consolidated → Batched with other invoices for reporting.



2. Configuring Invoice Posting

Navigate to: Home > Company Setup > POS Invoice Posting Settings


Posting Methods

Method

When to Use

Impact on Accounting

One-to-One (Real-Time)

Immediate ledger updates

Best for high-transparency businesses

One-to-One (On Shift Closure)

Batched updates per cashier shift

Reduces system load

Rollup (On Shift Closure)

Single invoice for all shift transactions

Simplifies reconciliation


Pro Tip: Retailers with high transaction volumes benefit from Rollup posting.



3. Accounting Dimensions & Cost Tracking

A. Dimensional Accounting

Tag invoices with additional metadata for granular reporting:


  • Cost Centers (e.g., "Electronics Department")

  • Projects (e.g., "Store Renovation Campaign")

  • Territories (e.g., "North Region Sales")


B. Tax Management

  • Item Tax Templates: Auto-apply regional tax rates (e.g., 8% GST).

  • Tax-Exempt Customers: Flag wholesale/business buyers.




4. Credit Notes & Returns

Step-by-Step Process

  1. Navigate to: POS Terminal > Returns

  2. Scan original invoice or enter Transaction ID.

  3. Select items to refund → System auto-generates Credit Note.


Key Settings

  • Reason Codes: Mandate explanations for returns (e.g., "Defective").

  • Restock Items: Automatically updates inventory upon return.



5. Reconciliation & Reporting

Daily Checklist

  1. Shift Reports: Verify cash/electronic payments match invoices.

  2. GST/VAT Breakdown: Ensure tax totals align with filings.

  3. Discrepancy Alerts: Investigate variances > 2% immediately.


Critical Reports

Report

Access Path

Purpose

Sales by Item

Retail > Reports

Identify top-selling products

Payment Reconciliation

Accounting > Financial Reports

Match POS payments to bank deposits

Tax Summary

Tax > Tax Reports

Audit tax liabilities



6. Common Issues & Fixes

Problem

Solution

Invoice not syncing to accounting

Check POS Invoice Posting Settings for errors.

Duplicate credit notes

Enable "Prevent Duplicate Returns" in Retail Settings.

Incorrect tax calculation

Validate Item Tax Templates and customer exemptions.



7. Best Practices

  1. Auto-Posting: Use real-time posting for high-value items (e.g., jewelry).

  2. Audit Trails: Keep shift-wise invoices for 7+ years (compliance).

  3. Training: Ensure cashiers understand return policies to minimize errors.



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