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?
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.
Hi did you ever come up with a solution to this problem? We do Layaways also and the reporting is hard to follow especially when figuring what taxes we owe.