Creating a cash sale

Applies to : Office Accounting Express, Professional

A cash sale is an invoice that is instantly paid (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).

You should note the following:

  • The postings of a cash sale are identical to the invoice, except that there is an additional credit posting to sales ledger and a debit 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 (see Customer Payment below) – instead you have to use line discounts or create an invoice and the receive payment instantly.
  • Companies often set up a fictitious customer “Cash Customer” for the anonymous cash sales where the name and address of the customer does not need to be recorded.
  • Cash sales are listed in the invoice list.