How to manage debts and credits with goalPOS

Customers buying goods on credit is inevitable in some businesses. Sometimes, the customer pays in excess and gets owed by the seller. This mobile inventory app for androids has the feature to manage both situations of debts. This post shall describe how the debt management feature is being used.

To access the debt management feature of this app, from the main menu screen, click on the Creditors and Debtors Menu item to open the creditors and debtors menu screen.

Fig. Creditors and Debtors Menu

From this menu above, you can decide to open the creditors records or the debtors records.

A Debtor is a customer owing you. A customer owes you if at the point of sale (POS), the customer pays less than the total price and you allow the customer to owe. The balance of the payment is recorded under debt on the customer selected during the sale.

To open the debtors record, simply click on the Debtors item to show the screen below;

Fig. Debtors screen with no debtor

How debt is created

At the point of sale (POS), if a customer needs say two items that costs 9,500 but he has 9000 only, if you as the seller agrees to be owed by the customer and enters 9000 as the payment amount, goalPOS asks to be sure if you really want the customer to owe 500.

If you accept to be owed and click Yes, the Submit Order button shows up for you to submit.

.When you submit the order, the 500 balance is recorded as debt for the customer in the debtors records screen.

Fig. Debtors Screen (this screen has been updated)

To clear the debt for Hassan when he pays, simply click on the Receive Pay button to display a field where you enter the amount received and save. The payment amount is deducted from the total debt and the outstanding saved.

A Creditor is a customer you owe. A customer is owed if at the point of sale (POS), the customer pays more than the total price and on the customer's consent, you allow owing the customer the change. The change of the excess pay is recorded under credit on the customer selected during the sale.

Managing the Creditors records is in the same way as in managing the debtors.

If you have any problem, do not hesitate to ask using the comment box.