Daily Sales Reports/Updates

When you select Sales Order Main menu > Daily Sales Reports/Updates and print the sales journals and daily sales reports, you can perform the invoice update to the permanent files. If you do not update the invoice and shipping information at this time, the information remains in the S/O Invoice Data Entry file and is included the next time an update is performed. For more information about the invoice update, see Update FAQs.

If the lot/serial distribution for a line item is entered in Sales Order Entry and Yes is selected when prompted to ship the order complete or you manually change the quantity shipped on an invoice line from zero, the lot/serial distribution information is copied to the line item in S/O Invoice Data Entry. If the item and the user's security setup allows back orders, the existing back order logic is used to back order the item's remaining ordered quantity and any remaining distributions stay with the sales order. If the item and the user's security setup do not allow back orders, the existing back order logic controls setting the back order quantity to zero, and during the Sales Journal update, the unused distributions will be deleted from the sales order files and uncommitted for the lot/serial distribution.

All general ledger postings from the Sales Order module are made from the Daily Transaction Register update. This update follows the S/O Invoice Data Entry and the Sales Journal updates. In S/O Invoice Data Entry, item codes are entered for each line item. If the Job Cost module is integrated and no job number is entered in Sales Order Entry or S/O Invoice Data Entry, the sales and cost accounts for each inventory item are determined by the item's product line code. The sales account number for the miscellaneous charge entry is determined by the miscellaneous charge code.

If a job number is entered in Sales Order Entry or S/O Invoice Data Entry, the sales account is determined by the job revenue account or deferred revenue account entered in Job Type Maintenance. If a job number, cost code, and cost type are entered, the cost account is determined by the account entered in either Job Type Maintenance or Cost Code Maintenance, depending on whether the Post to G/L for Work in Process check box is selected in Job Cost Options. Both the sales and cost accounts can be changed during data entry. For more information, see Sales Order/Invoice FAQs.

The following situation illustrates a typical general ledger posting for a $100.00 invoice allowing a 5 percent trade discount:

	G/L Account	Debit	Credit
Invoice Amount	Account Receivable	100.00
Less 5% Trade Discount	Discounts Allowed	4.50
Item Sale (Prod. Line A)	Sales – Product A		55.00
Item Sale (Prod. Line B)	Sales – Product B		35.00
6% Sales Tax	Sales Tax		5.13
Freight Amount	Freight	______	9.37
		104.50	104.50

In addition, the following inventory and cost of goods sold postings are made for the inventory items sold.

	G/L Account	Debit	Credit
Cost of Sale (Prod. Line A)	COGS – Prod. A	24.00
Cost of Sale (Prod. Line B)	COGS – Prod. B	18.00
Cost of Sale (Prod. Line A)	Inventory – Prod. A		24.00
Cost of Sale (Prod. Line B)	Inventory – Prod. B	_____	18.00
		42.00	42.00

If the invoice represented above is a cash invoice, the cash sales account, as defined for the customer's division, is posted instead of the accounts receivable account.

If a deposit is made against the invoice, the following posting is made in addition to the postings shown above.

G/L Account

Debit

Credit

Deposit Amount

Customer Deposit
Accounts Receivable

_____

25.00

Because Accounts Receivable is already posted for the invoice amount ($100.00), the deposit posting posts the net invoice amount ($75.00) to the accounts receivable account.