[trunk] 7.0 Wishlist - Anglo-Saxon Accounting with Point of Sale

[Emiliyan Tanev]

Hello,

Currently I can do this with the Anglo-Saxon Accounting:

Currently when I make sale from Sales Management menu and set up in product categories:

1. Income account - Turnover
2. Expense account - Cost of Sales
3. Valuation input - Invent. control account
4. Valuation output - Inven control account

and check real-time valuation in products I could have these transactions:

For example I am selling product for 20 EUR which cost 10 EUR

1. Sent goods to customer

Debit Inventory control account 10 EUR / Credit Stock Account EUR

2. Issue customer invoice

Debit Receivable accounts (customer) 20 EUR
Debit Cost of Sales 10 EUR
Credit Inventory control account 10 EUR
Credit income/sales account 20 EUR

After these transaction I will have direct Impact on Income Statements and Balance

Income Statement
Sales (Turnover) + 20 EUR
Cost of Sales - 10 EUR
Profit + 10 EUR

Balance
Goods/Stocks - 10 EUR
Receivable + 20 EUR
-------------------
Profit + 10 EUR

So, can we do this for the Point of Sales also ?! Because, currently we don't have any movement in inventory.

If we have same example with 20 eur sale /10 eur cost

POS entriess will be :

1.
Debit Receivables or Cash 20
Debit Cost of sales 10 EUR
Credit Stocks/Goods 10 EUR
Credit income/sales account 20 EUR

2. If Receivables is used
Debit Cash 20
Credit Receivables 20

-------------------

Currently the POS entries are:

1.
Debit Cash 20
Credit Receivables 20 EUR

2.
Debit Receivables 20
Credit Sales 20

[Muhammad Faheem Khan (mfaheemkhan6)]

Nice explanation. I really need this type of accounting for point of sale. Waiting for quick solution.

[Awais Munir (awais-munir17)]

Yes i also these amendment. I am waiting for quick solution.