Partial payments: Ticket total in daily total sales

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Hello

 

We take partial payments in the POS, in a way, like layaway.

 

So we make a sale with partial payments, the problem is that the daily total is credited with the whole sale, regardless of future payments

 

Day 1, the client pays 100 on a 250 ticket, the order remains partially paid but the daily total sale is for 250;

 

I'm assuming the balance goes to accounts receivable??  So if that ticket is never paid, or returned then the dalily sale of day 1 is changed?

 

Thanks

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Explorer
52 0 28

I know this seems a little weird but this is an accounting thing. I believe the term is Mark to Market.   We have to deal with something similar: We take deposits on custom items to be built. 

 

Anyway, if it helps here's what we learned from our accountant: 

 

Your sales for the day should include the total transaction amount because that's the day you booked the sale(Let's say $100)  even though you only took a $50 payment.  

In your accounting system you are supposed to keep the $50 in a Customer Deposits Account,  until you deliver the completed product to your customer.  

 

So on that day, you get the next $50 and record a sale of $100 in your accounting software. It took us a while to get this right. Ours is a little extreme because we can have 2-3 months between deposit and delivery.  

 

I hope that helps. 

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Tourist
2 0 1
Just thinking out loud here. Please chime in. The sale would take place on 1/1/20 for $100 but we only received $25. The register summary in the pos says I had a sale for $100. Then let’s say I’m owed/paid 3 monthly installments of $25 on 2/1/20, 3/1/20 and 4/1/20. On those dates will the pos show the cash taken in as part of that days sales? And if my pos isn’t tracking this where is my sales staff supposed to see what’s gone on? Then I have to correct this in my accounting software. Im supposed to tell my Quickbooks the income when I actually receive it. Essentially the order won’t balance when looking at it from the pos compared to accounting? Is this correct....
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