I plan to use POS for a retail business. However, I am looking for a day close to consolidate all sales invoices of a day for ease of accounting.
The denominations of POS daily transactions are very less in amount. e.g. 30,45,100,200,150,40,50 which will end up having so many sales invoices of smaller denominations.
For accounting, I want to consolidate day’s transactions into single entry in general ledger at the end of the day.
Which will make a consolidated entry of total sale done at the end of day in sales invoice (e.g Rs.5000) against all sales invoices of a day.
However, I am a bit confused when it comes to POS day close. As i can’t figure out how to do day close.
We have seen above post, but that’s mere cash reconciliation. We are looking for income reconciliation as well.
If we do cash consolidation only then we have to put all bills for audit report (even though bill amount is 20 or 50 or < 200) which doesn’t add any value and make audit process too lengthy.
That’s the primary reason we are looking for income reconciliation.
As per new GST rule, if items are sold to retail customer and individual bill amount is less than 200 then all can be consolidated and presented in a single bill for the day.