How to Record Cash Sales in NetSuite

🚨 Problem: Recording Cash Sales in NetSuite 🧾

Learn how to correctly record cash sales in NetSuite. This process is essential for billing customers who make immediate payments at the time of sale, ensuring accurate financial records. 📊✨

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🛠️ Solution: Steps to Record a Cash Sale

Step 1: Understanding Cash Sales

• Cash sales are used when you receive immediate payment via credit card, check, or cash. 💳💵
• Do not use cash sales for customers paying later; use invoices instead. 📅

Example Scenario:

• Selling 3 cases of copy paper at $25 each, totaling $75, paid in cash upon receipt.
• Journal impacts:
  • Undeposited Funds Account: Debit $75
  • Sales Income Account: Credit $75

Step 2: Recording the Cash Sale in NetSuite

1. Navigate to Cash Sales:
   • Go to Transactions in the menu bar, then Sales, and select Enter Cash Sales. 📂➡️💼
2. Enter Customer and Items:
   • Select the customer (e.g., Smith Inc.). 👥
   • Enter the items sold (e.g., telephone headset, quantity 1). 📦🔢
   • Verify the total amount. ✔️💰
3. Select Payment Method:
   • Go to the Billing section.
   • Select the payment method (e.g., cash). 💵
4. Complete Mandatory Fields:
   • Select the location (e.g., San Francisco). 📍
   • Ensure all mandatory fields are filled. 📝
5. Calculate Shipping:
   • Click on the calculator icon in the shipping section to calculate the shipping total. 🚚
6. Handle Discounts:
   • In the Items section, add any applicable discounts (e.g., partner discount). 🏷️
7. Save the Cash Sale:
   • Click Save to record the transaction. 💾

This process ensures the cash sale is accurately recorded in your NetSuite system, reflecting the immediate receipt of funds and updating your journal accounts accordingly. 📈📊

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