Cash Sales

Cash Sales

Overview

A Cash Sale is a type of sales transaction where payment is received immediately at the time of sale, either in cash, credit card, check, or other instant payment methods. Cash Sales in CustomBooks™ combine the functionality of Sales Invoices and Cash Receipts in one step. Cash sales are commonly used for retail, point-of-sale, or direct customer transactions where immediate payment is collected.  This type of transaction forgoes Accounts Receivable and records directly to the bank or cash on hand account.

When to Use a Cash Sale

Use a Cash Sale in the following situations:
  1. The customer pays at the time of the transaction
  2. No invoice or delayed billing is needed
  3. The sale is for a walk-in customer or counter transaction
  4. A sales receipt is sufficient for documentation

Recording a Cash Sale

  1. Navigate to Sales → Cash Sales.
  2. Click Create → New Cash Sale.
  3. Choose a Customer from the drop-down list.
  4. Date and Sales # are auto-filled, change if necessary.
  5. Choose a payment Method.
  6. Choose the Undeposited radio button to indicate the sale is to be recorded to undeposited funds or choose Bank Acct. if the funds were deposited to a bank account. The default Account pre-fills.
  7. Enter a Sales Person. (Optional)
  8. Enter a Check / Ref #. (Optional)
  9. Click the Shipping tab and enter a Ship From address.
  10. The default Ship to and Bill to fields in the Addresses tab will auto-fill upon selecting a Customer, change if necessary.
  11. On the Project and Class tab, select a Project and a Class to link the document. (Optional)
  12. Click the Currency tab and change currency if needed.
  13. Click the Memo tab and enter a memo. (optional) External will print on on the Credit Memo and Internal is for internal use and will not print on customer documents.
  14. Click Add to add a line item to the Cash Sales and enter the item quantity.
  15. Click Save.


Creating a Cash Sale in CustomBooks™

See How to Record a Cash Sale

This video shows how to record a Cash Sale in CustomBooks when a customer pays immediately, including selecting the customer and payment method, choosing where the funds are deposited, adding the items sold, and saving the transaction.

Video Summary

A Cash Sale is used when a customer pays immediately, unlike an Invoice where payment will be received later. To record one, open Cash Sale from the home screen and select Create > New Cash Sale. Choose the customer and payment method, specify whether the funds are undeposited or deposited directly into a bank account, add the items sold with their quantities and prices, and then save the transaction.

Key Takeaways

  • Use a Cash Sale when the customer pays immediately; use an Invoice when payment will be received later.
  • Open Cash Sale from the home screen and select Create > New Cash Sale.
  • Select the customer and the payment method used.
  • Choose whether the funds remain undeposited or are deposited directly into a bank account.
  • If depositing directly, select the appropriate bank account.
  • Add each item with its quantity and price, then click Save to finalize the Cash Sale.
＋ Read the Full Video Transcript

In this video, we’ll walk you through how to record a Cash Sale in CustomBooks.

A Cash Sale records a transaction where a customer pays immediately. This differs from an Invoice, which is used when a customer will pay at a future date.

To get started, click the Cash Sale icon from the home screen. Then, select Create and choose New Cash Sale.

Enter the customer’s name, and the date will automatically populate with today’s date. Next, select the payment method used by the customer.

Then, choose whether the funds are undeposited or being deposited directly into a bank account. If depositing into a bank account, select the appropriate account from the list.

Now, add the items sold by entering the quantity and price for each.

Once all items are entered, click Save to finalize the sale.

That’s it! Now you know how to record a Cash Sale in CustomBooks.

Viewing Cash Sale (List View)

From the list view, you can :
  1. Sort the list by clicking on a column heading.
  2. View an individual Cash Sale by double clicking any column in the Cash Sale line.
  3. Export the list to excel or other format by clicking the Export List.
From the individual Cash Sale view you can:
  1. Edit the Cash Sale
  2. Email the Cash Sale
  3. Charge the Customer Using Stripe (see Charging a Customer using Stripe)

Accounting

Entering a Cash Sale records the following transactions in the General Journal:
  1. Debits: Bank Account, Cost of Goods Sold (for inventoried items)
  2. Credits: Income Account, Inventory (for inventoried items), Tax Payable