Outstanding Payment
POSI has the capability to accept part payment with a balance amount to be paid later. This makes POSI suitable for :
- Businesses that accept advanced part payment for reserving or indenting goods, where an outstanding amount is to be settled only upon the customer taking delivery of the goods. Such goods are called layaways.
- Distributors of goods can also use this module to issue D.O./Invoice to their customers on credit, consignment or part-payment terms.
- Rental businesses can also use this feature for leasing out of goods where periodic instalments are to be paid subsequently. For such leasing service, there are additional features to easily keep track of leased goods as differentiated from sold goods. Furthermore a lease as such is treated as a rental service rather than the physical item itself so that inventory reporting - which is based on physical goods - will be accurate.
This functionality is integrated with the pos window. The sale procedure is the same as usual except that during payment, you need to click on the "Split Payment" button and select "Outstanding" from the "Payment Type" popup dropbox and enter the outstanding amount as shown below:
After that, click the "Balance" button which will calculate for you the exact remaining amount in cash or non-cash to collect from customer. Close the sale. When the receipt is printed out you will find that there is an "Outstanding" amount on it.
Since the sale has not been fully settled, you need to update the receipt when the customer settles the balance due. To do this, retrieve the receipt using the dropbox on the right panel. Next click the "Update Receipt" button and the "Update Receipt" window will pop up. Enter the payment type and click "Update" button.
Now if you re-open this receipt and attempt to update it, the program will tell you that you cannot do so because there is no longer any outstanding payment to be made for that sale if the total amount has been paid for.
However, if it is just a partial payment such as in consignment goods situation, then select the checkbox 'This is a partial payment' and then enter the part amount received. The outstanding or balance amount will be updated automatically when you hit the 'Update Receipt' again.
At the end of that receipt there will also appear a note about when and how much was paid on this occasion and by which cashier as illustrated below:
Next to the "Update Receipt" button are 3 more buttons to enable you to issue a delivery order for the delivery of goods. Given that outstanding payment to be paid upon delivery may need to be acknowledged on this document by your delivery staff, it is more appropriate to issue it as an Invoice, hence "INVOICE NO: ..." on it.
However there is also an option to issue the document as a pure Delivery Order showing "D/O No.:". You can also choose not to show the Pricing, Discounts, Delivery/installation Charges, GST, Total, paid/Deposit and Balance fields.
Steps to take :
First click the "Update D/O" button which brings up a window for you to enter delivery information like the person to deliver to, delivery address and such. If the customer is already a registered member, his name, address and telephone number will be automatically be shown. Click Submit/Update button.
Next click "Generate D/O" which creates a html document showing all necessary information about goods sold to the customer and also any outstanding payment if any to collect during delivery.
The screenshot below shows how such an Invoice would look like:
At anytime to keep track of all sales for the year that have balance amounts yet to be paid, click the "Outstanding Receipts" button and a text file listing them out will be generated immediately. See the screenshot below:
Credit Notes
The aforesaid system of allowing outstanding amount in the sale receipt has enabled us to implement another function which will be needed in some business situations. By issuing a negative receipt and using outstanding as a payment type, the receipt becomes a credit note that can be issued to a customer. This can be used as a form of refund, payment (for goods sold by a customer to the company) or as acknowledgement of a cash deposit (for the customer to buy goods in future). A credit note as such does not involves money but still will allow the customer to purchase goods using the credit amount that is now recorded in the system.
This function requires the customer to be registered as a Member, which can be easily done, so as to keep track of her purchases and enable the system to deduct from her credit balance. Nevertheless for appropriateness the credit note will not have Member discount nor sale tax factored in, as in the case of a normal receipt.Reports of the customer's credit balance, usage, addition and updated are shown on her sale receipts. POSI administrators can also generate a comprehensive report of her credit activity and buying activities from the Member window.
At anytime, fast checking of the customer credit balance can also be made on the pos window by entering her membership ID and hitting the 'Credit' button which special name can be pre-determined by the company and then also easily pre-set at POSI Control Panel as a payment type.
