Receipt Entry:
Receiving product is accomplished through the Receipt Entry screen. Products can be received directly to this screen or retrieve from a previously created purchase order. RetailMagic allows for the selling of product before it has been received in the computer and adjusts the quantities when the inventory is updated through the Receipt Entry. This updating of inventory quantities is done at the time the products are received and does not have to wait for the arrival of the supplier’s invoice. Later, when the invoice does arrive, this entry is completed by inputting the invoice number, date and due date, making any adjustments to the detail for things such as freight-in, and then posting the invoice. This posting updates the Accounts Payable (supplier’s card if on account) and creates the applicable General Ledger transactions.