An invoice with payment terms and a due date is sent to the customer.
After a sale to an A/R Customer is made
When a sale is made to a customer on credit, it creates an accounts receivable (AR) that is classified on the Balance Sheet as a current asset. This is because accounts receivable are expected to be collected within one year or one operating cycle, whichever is longer. As a current asset, AR reflects the amounts owed to the company by customers for goods or services delivered but not yet paid for.
Asset
an asset
Sundry Debtors
When a sale is made to a customer on credit, it creates an AR which is classified by the company as an accounts receivable.
After a sale to an A/R Customer is made
When a sale is made to a customer on credit, it creates an accounts receivable (AR) that is classified on the Balance Sheet as a current asset. This is because accounts receivable are expected to be collected within one year or one operating cycle, whichever is longer. As a current asset, AR reflects the amounts owed to the company by customers for goods or services delivered but not yet paid for.
A business man agrees on a sale that the customer and it made.
customer and the percentage made from the sale.......... silly
Asset
an asset
Sundry Debtors
Sundry Debtors
The point of sale system in reference to the customer is going to overall enhance their shopping/buying experience. Less mistakes will be made, it should speed up their time at the register. The POS system can store their information for future use, process credit card trasactions. In my opinion there are no disadvantages for the customer with a well working point of sale system.
The objective of the point of sale is to complete the sale and have the customer leave with the merchandise. It is important to remember that it is the last contact the customer has with the store, so it should be extremely friendly and encourage the customer to want to return. Point of Sale provides 1. Inventory Management 2. Customer Data 3. Accounting Automation
The revenue cycle is the sequence of transactions beginning from the time when a sale is first made, through billing the customer, through the time cash is received from the customer in payment of the bill.