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🚨 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. 📊✨
And for the collection of your invoices, have a look at the best Accounts Receivable SuiteApp.
🛠️ 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
- Navigate to Cash Sales:
- Go to Transactions in the menu bar, then Sales, and select Enter Cash Sales. 📂➡️💼
- 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. ✔️💰
- Select Payment Method:
- Go to the Billing section.
- Select the payment method (e.g., cash). 💵
- Complete Mandatory Fields:
- Select the location (e.g., San Francisco). 📍
- Ensure all mandatory fields are filled. 📝
- Calculate Shipping:
- Click on the calculator icon in the shipping section to calculate the shipping total. 🚚
- Handle Discounts:
- In the Items section, add any applicable discounts (e.g., partner discount). 🏷️
- 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. 📈📊
For more advanced features and seamless NetSuite integration, visit www.kolleno.com. 🌐✨
