Sales Revenue Postings in WinPOS
This document shows how WinBPS account postings are made during a typical sale.
For the purposes of this example, assume:
Our credit card account # is VISA PMT .
We have two accounting classes, WG and BM.
WG uses AR/deposit account # of PARTIAL PAYMENT, cost accounts of EXPORT COST and EXPORT INV, and revenue account # of 6103.
BM uses AR/deposit account # of PARTIAL PAYMENT, cost account of EXPORT COST and EXPORT INV, and revenue account # of 6102.
The tax rate is 5%, and tax account # is 01R1
If you’re using Ticket Zero Accounting:
When a sale is initially made, there are no account postings. As payments are taken towards the sale, postings are made to the AR/deposit account. The AR/deposit account holds these “partial payments” until the balance on the ticket is zero and it is paid in full.
When the balance on the entire ticket is zero these partial payments are moved from the AR/deposits account to the revenue account(s) for the sales items, and to the tax account(s).
Payments are applied top to bottom on the ticket. Payments are applied to the first line item for the sales price + tax. Once the first item is paid for, payments are applied to the second line item, and so on.
For example, on Monday, we have:
*Sale of wedding gown $1000 (cost is $400)
*Sale of bridesmaid dress for $500 (cost is $200)
*Total balance due is $1000 + $500 + $75 (tax) = $1575
*Payment of $750
Postings:
|
WinPOS account |
Amount |
Why? |
|
VISA PMT – Credit card |
$750 |
Payment taken |
|
PARTIAL PAYMENT – Deposits |
$750 |
Partial payment on wedding gown |
On Tuesday, we have:
*Payment of $200
Postings:
|
WinPOS account |
Amount |
Why? |
|
VISA PMT – Credit card |
$200 |
Payment taken |
|
PARTIAL PAYMENT – Deposits |
$200 |
Partial payment on wedding gown |
On Wednesday, we have:
*Payment of $625, which pays the balance due in full.
Postings:
|
WinPOS account |
Amount |
Why? |
|
VISA PMT – Credit card |
$625 |
Payment taken |
|
PARTIAL PAYMENT – Deposits |
$100 |
Partial payment on wedding gown + tax |
|
PARTIAL PAYMENT – Deposits |
$525 |
Partial payment on bridesmaid dress + tax |
|
PARTIAL PAYMENT – Deposits |
-$1050 |
Wedding gown partial payments removed from deposits |
|
6103 – WG revenue |
$1000 |
Revenue realized for wedding gown |
|
01R1 – Tax |
$50 |
Tax realized on wedding gown |
|
EXPORT COST – Costs |
$400 |
Cost of wedding gown. Printed on the revenue report so it can be exported if using accounting integration. |
|
EXPORT INV – Costs |
-$400 |
Cost of wedding gown. Printed on the revenue report so it can be exported if using accounting integration. |
|
PARTIAL PAYMENT – Deposits |
-$525 |
Bridesmaid partial payments removed from deposits |
|
6102 – BM revenue |
$500 |
Revenue realized for bridesmaid dress |
|
01R1 – Tax |
$25 |
Tax realized on bridesmaid dress |
|
EXPORT COST – Costs |
$200 |
Cost of bridesmaid dress. This is not printed on the revenue report, the posting is used for GL exports, if applicable. |
This completes the account postings for this ticket.
If you’re using Cash Accounting:
When a sale is initially made, postings are made for the tax and revenue on all sales items. Also, postings are made to the AR/deposit account for the total amount of revenue and taxes. These AR/deposit postings represent the amount due from the customer. As payments are taken towards the sale, postings are made to the AR/deposit account. These posting offset the original AR/deposit postings until the items are paid in full. When the items are paid in full the postings in the deposit account balance each other out.
Payments are applied top to bottom on the ticket. Payments are applied to the first line item for the sales price + tax. Once the first item is paid for, payments are applied to the second line item, and so on.
For example, on Monday, we have:
*Sale of wedding gown $1000
*Sale of bridesmaid dress for $500
*Total balance due is $1000 + $500 + $75 (tax) = $1575
*Payment of $750
Postings:
|
WinPOS account |
Amount |
Why? |
|
VISA PMT – Credit card |
$750 |
Payment taken |
|
PARTIAL PAYMENT – Deposits |
-$1050 |
Amount due on wedding gown + tax |
|
6103 – WG revenue |
$1000 |
|
