Introduction

Effective POS invoice management is crucial for accurate financial reporting and inventory control. iVendNext's unique approach to transaction processing ensures efficiency while maintaining data integrity. This guide explains the invoice lifecycle from creation to ledger posting, along with best practices for reconciliation.

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

2. 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

2. 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

2. Weekly Audits:

• Review posting exceptions

• Confirm all suspended transactions resolved

3. Monthly Controls:

• Physical inventory counts

• GL account reconciliation

4. System Maintenance:

• Archive old transactions quarterly

• Review posting settings annually

Conclusion

iVendNext's POS invoice system delivers:

✅ Operational efficiency through smart posting options
✅ Financial control via robust reconciliation
✅ Business flexibility to support growth

Implementation Checklist:

• 

  Set appropriate posting method

• 

  Train staff on daily reconciliation

• 

  Establish audit procedures

• 

  Configure user permissions

By mastering these processes, retailers maintain accurate books while delivering speedy customer service – the perfect balance for modern retail.