Retail ... Tip
Tip #380 - POS Pointer
Dear Tip of the Weeker -
This week's tip comes from Andy and AdreAnneTesene, owners of Two Bostons, a pet boutique in Naperville, IL. Andy and AdreAnne were at the Inventory Mastery Program workshop held here in Grand Haven last week.
During our discussions about markdowns, they shared this gem...
In your POS system, set up a customer with the name "Donation." Whenever you give away a product as a donation to a charitable cause, "sell" it to your customer called "Donation" and give them a 100% discount for their purchase.
This lets you accurately track your markdowns (any time you give something away it's a 100% markdown) and keeps your on-hand inventory count correct. Plus, whenever you need it you can run a customer report for "Donation" and in mere seconds you can find out:
exactly how much you've given away to charity
exactly which items you've given away to charity
which employees are giving items away to charity
Brilliant!
You can also set up customers called "Damages" and "Store Display" to track how much you're marking out of stock in those areas and make sure your inventory on-hand counts are correct.
It's an easy, simple method for keeping your accounting straight and one more great way to use your POS. Thanks, Andy and AdreAnne!
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