...
Our software will let you set product types to different items that you can then sell. Most will fall under the Regular category classification but in case you need to know what each category classification is for please read the descriptions below. Products will default to Regular so will not need to be changed unless they fall under the other types.
...
Regular - These are standard physical product products that can be sold,
Gratuity - Tips that have been collected and will need to be paid out.
Liability - These are things like gift cards or abandonment fees. Anything where money is collected without doing any work or selling a product at that time but would have to be paid laterWith gift cards, you will later have that gift card get redeemed for products. Abandonment fees are often required to be turned in to the state.
Other Expense - Classification for things that you do not want to factor into the net income calculation. these can include depreciation, amortization, gains, and losses. These could include things such as a bounced check feeThis is a catchall for any expense. A common example would be a bad check fee product to record bad check fees in the POS.
Other Income - Classification for something that you would want included in any net income calculation. Rebate checks would fall under this categoryThis is a catchall for any income that is not otherwise being recorded in the POS. A common example of this would be recording rebate checks into the POS.
Receivable - This represents where you are owed an amount for a prior product or service performed. A common example of this would be for debts owed for sales. House account payments would fall under this categorywhat customers owe you for products purchased and paid for on their House Accounts.