We’re here to help you add some more tools to your tool belt with today’s handy Tips and Tricks: Different Types of Point of Sale Documents.
There are many different documents that we discuss when talking about running your business in Point of Sale. If you’re new to the retail world, all of the different terminology can be quite confusing. Here are some of the basic documents you will need to know, and what they refer to in Point of Sale.
Transaction Documents: are documents that record changes to inventory, and show the history of your store. They can not be deleted, and are used to keep records of transactions that took place, as well as run reports, are the basis for customer, vendor, and item histories, and are sent to QuickBooks financial if you use it in conjunction with your Point of Sale.
- Sales Receipts: record items and services sold to customers. These receipts help build your sales history list, and update your inventory.
- Return Receipts: record returns and exchanges if customers are unhappy with their items/services. These receipts also help build your sales history list, and update your inventory.
- Receiving Vouchers: keep track of items coming in to your store from your vendors. Vouchers also update item cost. These vouchers help build your receiving history list, and update inventory accordingly.
- Return Vouchers: record items being returned to vendors. These vouchers help build your receiving history list, and update inventory accordingly.
- Adjustment Memos: are used to change item quantities or costs. Sometimes adjustment memos are created automatically for you (such as when you perform a physical inventory), but you can also adjust item quantities and costs manually as well (i.e. if you need to remove damages or stolen goods from inventory). These memos help build your adjustment history list, and will affect your inventory levels and item costs.
- Transfer Slips: keep track of items moving between stores. These won’t affect the total items on a company level, but can be used to keep track of item quantities at each store location. These can also keep track of freight and shipping charges between locations. These slips help build your transfer history list.
Order Documents: are documents that record planned orders or sales of items or services. It is very easy to convert an order document to a transaction document at the time of receiving or when a sale is made. Once you have the transaction document, you can close out the order document.
- Purchase Orders: let your vendor know about items you wish to purchase from them. When you get the items in, they are received with a receiving voucher.
- Customer Orders: let you know what your customer is planning to purchase from you. Normally you take a deposit at the time the customer order is put together, and additional deposits on a schedule you work out with the customer. Once the final deposit is accepted, the sales receipt is created and the order is closed out. The items are only deducted from inventory after the sales receipt is created.
Now you know the basics of the different types of documents in Point of Sale, and what they are used for. Click on any of the hyperlinks for more information and to be taken to other articles written by Modern Secretary on those topics.