Understanding POS Invoice Posting and Reconciliation

Understanding POS Invoice Posting and Reconciliation

Overview

This article explains the invoice lifecycle from creation to ledger posting, along with best practices for reconciliation.

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1. The POS Invoice Lifecycle

1.1 Transaction Initiation

  • When a sale occurs, iVendNext creates an interim POS invoice (RET-PSINV-XXXXX)

  • This temporary record appears in the POS Invoice List View

  • Key feature: Does not immediately update accounting/stock ledgers


1.2 Shift Consolidation

At shift closure:


  1. System merges all interim invoices

  2. Creates one consolidated sales invoice

  3. Posts entries to:

    • Accounting ledger (revenue/AR)

    • Inventory ledger (stock movement)



2. Posting Methods Explained

Configured via: Company Setup > POS Invoice Posting Settings



2.1 Real-Time Posting (One-to-One)

  • Each transaction updates ledgers immediately

  • Best for: Businesses needing instant financial visibility

  • Impact: May slow high-volume operations


2.2 Shift-Closure Posting (One-to-One)

  • Individual transactions post at shift end

  • Maintains transaction-level detail

  • Audit benefit: Clear transaction-to-ledger tracing


2.3 Rollup Posting

  • Consolidated single entry per shift

  • Best for: High-volume retailers

  • Efficiency: Reduces ledger entries by 90%+



3. Reconciliation Process

3.1 Daily Cash Reconciliation

  1. Generate Z-Tape Report:

    • Shows all transactions by tender type

    • Compares system totals to physical cash



  1. Review Variance Report:

    • Highlights discrepancies > allowed thresholds

    • Requires manager approval for adjustments


3.2 Inventory Reconciliation

  1. Stock Projected Quantity Report:

    • Shows:

      • Actual stock (ledger)

      • Reserved for POS transactions

      • Projected available quantity


  1. Discrepancy Resolution:

    • Investigate mismatches between:

      • Physical count

      • System projections

      • Consolidated postings



4. Exception Handling

4.1 Voided Transactions

  • Item-Level: Removed from sale before posting

  • Full Transaction: Cancels entire sale

  • Key Control: Requires manager override


4.2 Suspended Transactions

  • Appear in POS Invoice Merge Log

  • Must be completed or voided before shift close

  • Audit trail tracks recall/completion



5. Advanced Features

5.1 Sub-Ledger Accounting

  • POS transactions first record in temporary sub-ledger

  • Benefits:

    • Faster checkout processing

    • Batch validation before GL posting

    • Clean general ledger structure


5.2 Multi-Location Posting

For chains/stores with:

  • Shared inventory pools

  • Centralized accounting

  • Regional price variations



6. Best Practices

  1. Daily Reconciliation:

    • Match Z-Tape to bank deposits

    • Verify cash drawer counts


  1. Weekly Audits:

    • Review posting exceptions

    • Confirm all suspended transactions resolved


  1. Monthly Controls:

    • Physical inventory counts

    • GL account reconciliation


  1. System Maintenance:

    • Archive old transactions quarterly

    • Review posting settings annually



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