Retail Sale

A transaction between store and customer of an item or items.

Payment can be made in full or split between payment methods.

Payment may be: Cash, Card, Credit Note, BACs, Crypto

KYC:

None needed, though encourage to create customer record for marketing and email receipt purposes.

Transaction Process:

Add item to Basket

Checks item is in stock, gets current price and adds item and price to basket table

Repeat until all items added to basket

Proceed to Checkout

Look up Customer using names, postcode, email

IF EXISTS Attach customer to sale

ELSE Create new Customer and attach customer to sale

Add delivery option and price (if applicable e.g website sale)

Add payment value and method

Deduct amount from Amount Owed and log payment type, payment ref (if applicable) in Payment Table linked to Order Table

Complete Sale

Generate Order ID

Generate Receipt, Send Email/ SMS

Update Balances of Stock and Payment Transactions.

VAT :

⁠

@Chris Brown⁠

What is the VAT implications on this transaction.

VAT on a ‘New’ item are at current full VAT rate of 20%. On Second Hand item VAT is on the margin ie/ the difference between cost price and selling price only is charged at 20%. On a Private Treaty item there is NO VAT applicable. During the creation process the VAT code will be automatically assigned depending on the origin of the item (if from Old Gold or forfeited pledge). This can also be selected during the creation of the item and in the pricing. We need the option of selecting ZERO VAT on any item if applicable so gold coins and recreated pledges can be manually assigned a zero VAT code if needed.

Want to print your doc?
This is not the way.

Try clicking the ⋯ next to your doc name or using a keyboard shortcut (

CtrlP

) instead.