MERCHANDISE SALES

There are events that involve the sale or auction of merchandise. In these instances, to ensure an efficient check-out at the end of the event, you should prepare three-part invoices in advance of the event. Each item is written up on a separate invoice.

In this type of event, there is, invariably, a rush at the end of the evening where purchasers want to find out what they owe, pay their bill, collect their goods, and go home. If you prepare invoices in advance of the event, and fill in the name of the successful bidder or purchaser and dollar amounts as soon as you know them, it greatly facilitates the check-out procedure. This system of pre-writing one invoice for each item also provides an internal control mechanism, ensuring that no items are missed in the check-out process.

Once the information is entered on the invoice, you can add any applicable taxes and total the bill. The invoices will then be readily available, awaiting only the customer’s payment and signature, at the end of the event.

After payment is received, all three copies of the invoice form (the original and the two carbon copies) can be marked “PAID,” and the first and second copies are given to the customer. You keep the third copy. This system leaves the customer with his or her copy to keep and another copy to present to the custodian of the goods upon the receipt of the goods.

The third copy of the invoice, retained by the person handling check-out, can later be used to balance cash and charge card sales drafts once all the goods have been paid for.

All monies received should, therefore, be both accountable and traceable. If anything is missing, you will know instantly.

Also, with events of this kind, it is advisable to arrange for a float for making change, so you are prepared for the inevitable situation of an event participant paying cash with a $100 bill.