Applies to: Office Accounting Express, Office Accounting Professional
A cash sale is an invoice that is instantly paid. (This is the typical scenario in retail businesses.)
Sample cash sale
Instead of having payment terms, the cash sale allows you to select a payment method and an account where the money is deposited (often undeposited funds or another cash account).
Note the following:
The postings of a cash sale are identical to the invoice, except that there is an additional credit posting to the sales ledger and a debit posting to the account where the money is deposited. The sales ledger is thus credited and debited with the same amount, leaving the balance unchanged.
It is not possible to give an early payment discount on a cash sale. Instead, you have to use line discounts or create an invoice and the receive payment instantly.
Companies often set up a fictitious customer (for example, Cash Customer) for anonymous cash sales where the name and address of the customer do not need to be recorded.
Cash sales are listed in the invoice list.