Pricing in RMS

I Am new to a company that supports RMS so I am still learning. One of our clients has this issue that wants answers to.

If I sell you a product and I make a deal for no payments and no interest for 6 months on a $1000 deal, your invoice will show a balance of $1000 and we enter it into the tender screen as "on account". Since we are not getting the money that day, we are putting it on account. Then, the finance company will send us a cheque. However, the cheque that they send will not be $1000. It will be $1000 less their rate of .. let's say 4%. So, we will get a cheque for $1000 less 4% = $960. Our RMS system will be expecting $1000 and there will be $40 left outstanding.

I played around with the RMS database "tender types" options and have added the Finance company as a tender option but i can't figure out if we are able to to make it work out even. I have a feeling when i make an account payment for the finance company, that I will have to go in manually and adjust it.

Can you find out about this for me?

any thoughts?

If you are waiting to finalize the sale until after you get your check you could set up a non-inventory item called financing charge or whatever, configure it to enter price at POS, and put in the amount as a negative. This would keep the transaction in balance, and give you a way to report on those charges. Another way would be to create another tender type for use exclusively for those charges. That way you would have one tender for the financing, and one tender for the financing charges. I would probably go the tender type option because you could map that tender to post to an appropriate expense account in your accounting package, where the item option would just lower your sales amount. There might be some other ideas out there also. Craig