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Question from zahoor on Feb 2 at 2:40 PM Hi,
We are planning to use order management in our home furnishing divisions as point of sales system. Request expert advice to manage transactions from OM to AR. Currently our AR accountant book the transactions based on order form and generate receipts based on bank statements.
1. In the show room customers explain their requirements to interior decorators.
2. Costing team decide the order value and customer agreed for it.
3. Costing Team book the order for USD 100.
Finance team manually create AR invoice.
Dr. Receivable USD 100
Cr. Un-realized Sales A/c USD 100
4. Accept the Advance 10% of the order value.
Finance team create manual receipt in AR
Dr. Bank USD 10
Cr. Advance from Customer A/c USD 10
5. On dispatch of goods and completion of installation customer pays remain 90%
Finance team create manual record to record the sales and close the AR transaction.
AR Trx
Dr. Un-realized Sales USD 100
Cr. Revenue A/c USD 100
Receipt
Dr. Bank A/c USD 90
Dr. Advance from Customer A/c. USD 10
Cr. Receivable A/c USD 100
what is the best way to handle the customer advances and automatically setup the AR transactions, Please advise. We are on R12.1.3
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