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Account Payments outside of POS / Wire Transfers

In my situation I receive payments for account transactions over the counter typically be cash or check. Sometimes for an export customer I receive money in my bank account via wire transfer. I do not have this as a tender type in my POS, and usually I do not know about the incoming wire until a day or two after it is received, so the timing would be off if I tried to enter the payment through the POS. Furthermore, it doesn't really make sense for my cashier to deal with this.

What I have been doing is an account adjustment at HQ to credit the account for the appropriate amount. This works, as it make the customer balance correct.

My questions are:

  1. How are other people handling wire transfer payments for sales on account in RMS?
  2. What is the accounting implications. I download a .iif file with my batch information from RMS to Quickbooks. I assume to make the accounting work I would debit my bank account and credit my accounts receivable. Sound right?
Reply to
Jason
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Account Adjustment is not recommended. Create a new tender type called Wire Transfer.

Reply to
Afshin Alikhani

Please explain. Why is it not recommended?

How is someone at the store level supposed to know that a payment came in? This a a function of the HQ staff (accounting department). That is contrary to my business process. I am not adjusting my natural processes to suit the need of my software. It should be the other way around.

Reply to
Jason

Hi Jason,

There are a few reasons I am sayingthat - First of all by adjusting you are not showing the revenue in RMS whilst you are showing the sale. This will cause issues also with the customer statements as this will show as a adjustment and not payment causing customersto question - it is happens that if you do an adjustment without linking to correct line that you get a credit that ages and never applies to debit - this again causes problem in viewing statements. You see a statement with $200 credit and $200 debot in

120 days and above. Confusing.

Suggestions:

1- The HQ Staff can have an access to one of your stores database (makes no differenec which one) via remote desk top connecetion or other software. That way payment is posted in the store and applied to correct account.

2- Use an add on like our RR Payment Manager that allows the payment to be recieved in HQ and sent to stores. This way it updates all the correct accounts with the correct revenue concept. Global account are corretly refleceted and you have a payment recieved notice that can be mailed if required to custmer. Statement looks clean and readable.

Afshin Alikhani - [ snipped-for-privacy@retailrealm.co.uk ] CEO - Retail Realm = = = = = = = = =

Reply to
Afshin Alikhani

Not true. I enter the sale at the POS and use On Account as the tender type. When the payment comes in, I do a credit at HQ. The customer balance ends up at zero.

From the standpoint of RMS, things are fine.

I am more concerned with how it will come out in the batch export information and what entries I need to make in accounting.

Reply to
Jason

Jason try creating a new non inventory item, with or without tax, depending on your needs, I called mine "Payment", go into item options and check off "must enter price at pos" this way when the payment comes in you enter it on the fly, as long as your customer is a global customer you can see the payment was received globally.

Victor

"Jas> Not true. I enter the sale at the POS and use On Account as the tender type.

Reply to
Victor

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