Integration with Financial Accounting 

Use

For accounting purposes, the sales transactions in the POS systems must be modeled adequately in at least the central Financial Accounting system. Depending on the information requirements of your company, the level of detail updated in Financial Accounting can vary.

Features

The following types of accounts are updated in Financial Accounting by the sales data from daily operations:

·        Material stock and consumption accounts

A material stock account contains the stock of an article or merchandise category evaluated at delivered prices. Inventory Management updates material stock accounts. A consumption account is posted as an offsetting account.

·        Revenue accounts

The revenue that accrues as a result of sales transactions in the POS systems is posted to the revenue accounts. The offsetting entries are made to the relevant financial accounts or customer accounts.

·        Financial accounts

These accounts contain the balance for the individual means of payments allowed in the POS systems. For example, there could be one financial account for cash and one for checks. In POS outbound, the POS systems send information on which sales created revenue and by which means of payment. The relevant financial accounts are then updated in Financial Accounting.

·        Customer accounts

If a sale is to be settled by a customer using a non-cash means of payment (for example, if the payment type Invoice is used), an open receivable is posted for the customer. In this case, the amount will be posted to the customer’s account. It will be cleared when the customer settles the bill.

Credit card payments are handled differently. The retailer does not claim against the customer who purchased the goods in the store but against the clearing house. In this case an open item is updated on the account assigned to the payment card company.