Point-Of-Sale Orders POS Procedure | REV102
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Point-Of-Sale Orders POS Procedure
The Point-Of-Sale Orders POS Procedure provides methods for ensuring all sales transactions are valid and collectible. The POS transaction procedure also ensures your company’s inventory and cash records reflect the transactions correctly.
The Point-Of-Sale Orders POS Procedure calls for proper transaction control over sales by the CFO and proper authorizations by your company’s store manager. (4 pages, 1226 words)
Generally, the POS system automates the process of recording the proper price and cost (associated with the barcode) while determining the correct inventory amount associated with the transaction and adding the proper sales tax.
Tax-exempt transactions for customers that claim tax-exempt status should be based on proper documentation. Request a copy of a state approved tax-exempt certificate to be kept on file to support all tax-exempt sales. Your company may be required to produce proper tax-exempt sales documentation during a state sales-tax audit.
For POS registers that do not provide sales orders, a manual sales order book can provide the same memo ability. The information will have to be entered into the system once the sale has occurred. If a sales order book is used, (for phone in orders, deliveries, etc.), it should contain pre-numbered forms in duplicate.
Point-Of-Sale Orders POS Responsibilities:
The CFO (Chief Financial Officer) has authority to write off any accounts Receivable Account deemed not collectible.
The Credit Manager reviews Credit Application for approval of “house accounts”. The manager should periodically review the end of day gross margin reports for reasonableness in margins and sales tax charged. The manager should also periodically spot check specific transactions. Exceptions should be promptly followed-up.
Point-Of-Sale Orders POS Procedure Activities
- Point of Sale
- Sales Orders and Invoices
- Sales Invoices and Accounts Receivable
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