Cash Sales and Cash Returns: Process Activity

The following activity will walk you through the process of recording a cash sale and a cash return.

Story

Suppose that on 1/30/2025, Allen's Bakery decided to buy $100 gift certificates for its employees from SweetLife Fruits & Jams. The company's representative bought the certificates at the SweetLife store and paid $ 1,200 by cash. Further suppose that on 2/3/2025, Allen's Bakery returned one gift certificate.

Acting as SweetLife's accountant, you need to record the cash sale in the system, and then record a cash return for one certificate.

Configuration Overview

In the U100 dataset, the following tasks have been performed to support this activity:

• On the Enable/Disable Features (CS100000) form, the following features have been enabled:
  • Standard Financials, which provides the standard financial functionality
  • Multibranch Support, which supports multiple branches in your instance of MYOB Acumatica
  • Multicompany Support, which supports multiple companies within one tenant

• On the Customers (AR303000) form, the ABAKERY (Allen's Bakery) customer has been configured.

• On the Payment Methods (CA204000) form, the CASH payment method has been configured.
• On the Non-Stock Items (IN202000) form, the GIFTCERT non-stock item has been configured.

• On the Accounts Receivable Preferences (AR101000) form, the Hold Documents on Entry check box has been selected in the Data Entry Settings section.

Process Overview

In this activity, you will create a cash sale on the Cash Sales (AR304000) form. On the same form, you will create a cash return for the same customer.

System Preparation

Before you begin processing a cash sale and a cash return, do the following:

1. Launch the MYOB Acumatica website with the U100 dataset preloaded, and sign in as Ann Johnson by using the johnson username and the 123 password.
2. In the info area, in the upper-right corner of the top pane of the MYOB Acumatica screen, make sure that the business date in your system is set to 1/30/2025. If a different date is displayed, click the Business Date menu button and select 1/30/2025 on the calendar. For simplicity, in this activity, you will create and process all documents in the system on this business date.
3. On the Company and Branch Selection menu on the top pane of the MYOB Acumatica screen, select the SweetLife Store branch.

Step 1: Creating a Cash Sale

To create a cash sale, do the following:

1. On the Cash Sales (AR304000) form, add a new record.
2. In the Summary area, specify the following settings:
   • Type: Cash Sale
   • Date: 1/30/2025 (inserted automatically)
   • Customer: ABAKERY
   • Payment Method: CASH
   • Cash Account: 10100ST - SweetStore Petty Cash
   • Description: Gift certificates
3. On the table toolbar, click Add Row.
4. On the Details tab, specify the following settings for the row:
   • Branch: RETAIL (inserted automatically)
   • Inventory ID: GIFTCERT
   • Quantity: 12
   • Unit Price: 100
   • Ext. Price: 1,200 (calculated automatically)
   • Account: 40000 - Sales Revenue
5. On the form toolbar, click Save.
6. On the form toolbar, click Remove Hold and then click Release to release the cash sale.

Step 2: Creating a Cash Return

To create a cash return for $100, do the following:

1. While you are still on the Cash Sales (AR304000) form, add a new record.
2. In the Summary area, specify the following settings:
   • Type: Cash Return
   • Date: 2/3/2025
   • Customer: ABAKERY
   • Payment Method: CASH
   • Cash Account: 10100ST - SweetStore Petty Cash
   • Description: Returned one certificate
3. On the table toolbar, click Add Row.
4. On the Details tab, specify the following settings for the row:
   • Branch: RETAIL (inserted automatically)
   • Inventory ID: GIFTCERT
   • Quantity: 1
   • Unit Price: 100
   • Ext. Price: 100 (calculated automatically)
   • Account: 40000 - Sales Revenue
5. On the form toolbar, click Save.
6. On the form toolbar, click Remove Hold and then click Release to release the cash return.