I have to setup a new Tender called Coupon, which are basically Coupons which are good for UP TO $5.00 or $10.00 towards a purchase (no cash/money back if I.E. a $5.00 coupon is used for a $3.00 purchase the coupon gets entered as $3.00 since it's for UP TO $5.00).
My question is to which Tender Type should I set this Tender to (Cash, Check, Voucher, or Other)? Any suggestions or recommendation, as to which Tender Type and why, would be appreciated.
Personally I would handle it as cash and check prevent overtendering.
"Alex" wrote:
Why would you prefer to handle it as cash? (what are the advantages over the other Tender Types?)
Does anybody else have any suggestions as to which tender type would be better and the reason why?
We have ours set up as 'Other' . I don't really have a reason other than that it made the most sense. I've had it set up like this for years with no issues. Craig
Hi Alex,
RMS has the following tender types:
tenderOther = 0 tenderCash = 1 tenderCheck = 2 tenderCreditCard = 3 TenderAccount = 4 tenderFoodStamp = 6 tenderECCashCard = 7 tenderVoucher = 8 tenderDebitCard = 9
Handling a coupon as cash payment is most definitely incorrect.
Coupon is a form of promotional offer and entitles the bearer a discount on purchase (discount coupon usually w/ no serial number). It is a sales expense on the balance sheet. Because there no "Coupon" tender type in RMS, "Other" is the closest you can get.
Gift Card (or Gift Voucher) on the other hand is different, which is a pre-payment; a liability on the balance sheet waiting to be redeemed. It usually has a serial number or reference number on it for tracking purposes because companies need to know how much liability or worth of the gift cards they need to honor. It is only when the gift card is redeemed is a sale realized or when it expires.
Accounting principles should always be your guidance when selecting the correct tender type.
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