Chapter 9

Counting Your Sales

In This Chapter

arrow Taking in cash

arrow Discovering the ins and outs of store credit

arrow Managing discounts for best results

arrow Staying on top of returns and allowances

arrow Monitoring payments due

arrow Dealing with bad debt

Every business loves to take in money, and that means you, the bookkeeper, have a lot to do to make sure sales are properly tracked and recorded in the books. In addition to recording the sales themselves, you must track customer accounts, discounts offered to customers, and customer returns and allowances.

If the company sells products on store credit, you have to carefully monitor customer accounts in Accounts Receivable, including monitoring whether customers pay on time and alerting the sales team if customers are behind on their bills and future purchases on credit need to be denied. Some customers never pay, and in that case, you must adjust the books ...

Get Bookkeeping For Dummies, 2nd Edition now with O’Reilly online learning.

O’Reilly members experience live online training, plus books, videos, and digital content from 200+ publishers.