Market stall sales/stock levels

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I am trialling Hosted and would like some ideas on how best to deal with our sales/stock. We have a market stall 2 days per week and also wholesale. The wholesale is easy, sales order, fill order, invoice. The market is where i would like some advice. I want to keep track of stock sold but being a market stall that doesn't necessarily mean the the stock sold and the $$ received will equal. Too many 'deals' are done. The eftpos i can enter as a sales receipt, but the cash might get banked once a month, which can also be entered as a sales receipt - but i am not changing the stock levels. Any suggestions?
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rosie

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Posted 5 years ago

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ST

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Rosie am I correct in assuming that you are not recording what the items are that you sell at the market stall? 

Even if the dollar amounts are not exactly matched up, if you write down every item that is sold into a book as you go at the markets, then enter them all into one sales receipt for cash or eftpos, you can balance the receipt with the payments by entering a discount or a service charge at the end. If your regular pricing is wholesale and less than the market prices, rather than enter every sale negotiated it might be easier to just create a service item (e.g, market) and add it at the end of your receipt.  Down the track you can simply run a report on that item to see what days the market is more profitable overall. 

Also, even though you are only banking once a month, you can enter the payments to go into your undeposited funds and then deposit them into the bank account all together. Or, if you also run a cash tin, deposit the funds directly into the cash tin and then transfer to the bank account the amount you bank.

I hope I haven't misunderstood your question.
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rosie

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Thanks ST, very helpful.  I like the idea of a discount/service charge.
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Graham Boast, Accredited Partner

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Hi Rosie

Just wanted to add some comments to ST's sound advice.  The screenshot following shows how I would record the transaction




Notes: 
  • Ensure "Amounts incl Tax" is ticked;
  • Enter the Qty of each product sold and the total amount.  The program will calculate the rate (average price).  If you don't know exactly, make an educated guess and tweak until the total taking is right.  A good guess with an accurate quantity is better than a lump sum.
  • The takings are split between EFT (which goes into your bank) and Cash which goes into the Cash tin.  I have shown below how this is set up.  If you use "PayPal Here" you can set up a PayPay Payment Item linked to a PayPal Bank Account.
  • Note that Cash Tin is a Bank Account that represents your Cash Tin.


Hope this helps

Graham


Graham Boast
Reckon Accredited Consultant
graham@reckonhelp.com.au
www.reckonhelp.com.au/remotesupport.htm
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rosie

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Thanks Graham, that's a great idea having an item called EFT and going straight to the bank.  What's leftover on the receipt goes to the cash tin - which eventually gets banked or is allocated to discount.  
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Inigo

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Graham posts some of the most informative and thorough responses in the community.

-IM