Sales transactions in the Inventory Package

This is an overview of the Sales transactions process in the Inventory Package.

Sales Transactions

The Sales process in the Accounting Package starts with a Sales Quote which can then be copied to a Sales Invoice. You need to ensure that you have setup all required information for your Customers, Payment Terms, Tax codes etc.

Sales Quote – this is a proposal of services/items to your customer but does not affect the accounting posting. Once created this can then be copied to a Sales order or to an invoice to complete the sales process.

Sales Order - this is the agreed order for services or Items with your customer. Once added it will commit the quantities placed for stock items and reduce the available stock for those items.

Deliveries - this is used to confirm delivery of the services or items to your customer. Once this is added your in stock totals for those items will be reduced to show the items have been taken out of stock and shipped to your customer. The committed stock will also reduce to reflect this.

Returns - the Returns is used to record when your customer sends back any stock that has been delivered prior to invoicing. So for example you delivery 5 items to your customer but on arrival 1 is faulty or is the wrong item so they send it back, in this case you issue a returns document based on the delivery for that 1 item. This will then place that item back in stock.

Sales Invoice – this is the only legally required document as it is proof of goods/services supplied to your Customer. It will affect your accounting values for Tax, Profit & Loss and Balance sheet (Aged Debtors). This is your request for payment from your customer. A Sales invoice can be added on its own without a Sales quote/order or delivery being linked to it.

Sales Credit Note – this is created from a sales invoice when you need to cancel the invoice or credit the customer account on agreement. This will be automatically reconciled against the invoice, otherwise if it is added on its own you can reconcile when making a payment.

Sales Transactions flow chart:

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