Accounting transactions in Cin7 Core POS
Accounting transactions are created when the following events occur:
Creating a Cash Sale
Earning Loyalty
Opening Float
Adding/Taking Money from the Till
Closing Register and Till Discrepancy
In this article, we will show examples of the accounting transactions produced for each of these events.
Creating a Cash Sale
Example: You create a walk-in Sale through POS for $110 (including Tax)
Debit account |
Credit account |
Amount |
Transaction Date |
Accounts Receivable |
Sale |
$100 |
Invoice Date |
Accounts Receivable |
Tax |
$10 |
Invoice Date |
Cash |
Accounts Receivable |
$110 |
Payment Date |
When you authorize a sale shipment, the Inventory control account and Cost of Goods Sold (COGS) account are involved. The amount in this transaction will be based on the price paid for the goods to the supplier, calculated according to your chosen costing method (e.g. FIFO and FEFO)
Note: If you do not want to have to open an order and manually complete pick/pack/ship for POS orders, make sure your settings in setup for POS integration are set to auto pick/pack/ship. We also recommend having the invoice status set as Authorized for all walk in sales.
Debit account |
Credit account |
Amount |
Transaction Date |
COGS |
Inventory control |
$(Actual COGs) |
Max of Shipment Dates if multiple |
Earning Loyalty
When the Loyalty Program is enabled, customers will automatically earn dollars on each purchase they make.
Example: On the above $110 purchase, the customer has earned $5 loyalty.
The accounting entry for earning loyalty is:
Debit account |
Credit account |
Amount |
Transaction Date |
Loyalty Expense |
Loyalty Liability |
$5 |
Invoice Date |
When the customer decides to redeem loyalty the next time make a purchase, the entry to redeem loyalty will be as follows:
Debit account |
Credit account |
Amount |
Transaction Date |
Loyalty Liability |
Accounts Receivable |
$5 |
Invoice Date |
Opening Float
When opening your register for the day, you will be given the option to Add a Cash Float.
Cash Float & Cash In/Out should be in Current Asset Accounts.
Note: Cash In/Out account should be treated as a clearing account
Speak to your accountant if you are still unsure what accounts to use.
Example: At the beginning of the day you open a till and add $200
When beginning float is entered, the following transactions take place:
Debit account |
Credit account |
Amount |
Transaction Date |
Cash Float |
Cash In/Out |
$200 |
Date till is open |
Adding/taking money from the till
Throughout the day you may want to Add or Remove Cash from the till
Example: $50 is added to the till from petty cash
Debit account |
Credit account |
Amount |
Transaction Date |
Cash Float |
Petty Cash |
$50 |
Date money added to till |
Example: $30 is taken out of the till
Debit account |
Credit account |
Amount |
Transaction Date |
Cash In/Out |
Cash Float |
$30 |
Date money taken from till |
Example: $15 is taken from the till for petty cash
Debit account |
Credit account |
Amount |
Transaction Date |
Petty Cash |
Cash Float |
$15 |
Date money taken from till |
Closing Register and Till Discrepancy
If your physical count is less than your expected count in Cin7 Core POS, this difference will be recorded as a shortfall.
If it is more than the expected count, Cin7 Core POS will record the excess amount as an overpayment.
If you are integrated with Xero or QuickBooks Online the following entries will be sent to your accounting application:
Example: An over payment of $25 is calculated during till closure
Debit account |
Credit account |
Amount |
Transaction Date |
Cash Float |
Till Discrepancy |
$25 |
Date of till closure |
Example: Till has a $50 shortage during closure
Debit account |
Credit account |
Amount |
Transaction Date |
Till Discrepancy |
Cash Float |
$50 |
Date of till closure |
- Publish to everyone.4.log-2010416261.zip20 KB
- Publish to everyone.4.log-2010416261.zip20 KB
- Publish to everyone.4.log-2010416261.zip20 KB
- Publish to everyone.4.log-2010416261.zip20 KB
- Publish to everyone.4.log-2010416261.zip20 KB
- Publish to everyone.4.log-2010416261.zip20 KB
- Publish to everyone.4.log-2010416261.zip20 KB
- Publish to everyone.4.log-2010416261.zip20 KB
- Publish to everyone.4.log-2010416261.zip20 KB
- Publish to everyone.4.log-2010416261.zip20 KB
- Publish to everyone.4.log-2010416261.zip20 KB
- Publish to everyone.4.log-2010416261.zip20 KB
- Publish to everyone.4.log-2010416261.zip20 KB
- Publish to everyone.4.log-2010416261.zip20 KB
- Publish to everyone.4.log-2010416261.zip20 KB
- Publish to everyone.4.log-2010416261.zip20 KB
- Publish to everyone.4.log-2010416261.zip20 KB
- Publish to everyone.4.log-2010416261.zip20 KB
- Publish to everyone.4.log-2010416261.zip20 KB
- Publish to everyone.4.log-2010416261.zip20 KB
- Publish to everyone.4.log-2010416261.zip20 KB
- Publish to everyone.4.log-2010416261.zip20 KB
- Publish to everyone.4.log-2010416261.zip20 KB
- Publish to everyone.4.log-2010416261.zip30 KB
- Publish to everyone.4.log-2010416261.zip30 KB