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Overview of the Point of Sale (POS) System The specific time and place where a retail transaction is completed is referred to as POS. During the POS, the retailer will calculate the amount owed by the customer, indicate the amount, prepare an invoice or bill for the customer, which could be a cash register printout, and indicate the options which the customer to make payment in exchange for goods or after a service is provided and after receiving the payment, the retailer issues a receipt in printout or sent electronically. Calculating for the total amount of which a customer has to pay the retailer, a variety of tools may be used by the retailer, and these are: weighing scales, bar-code scanners, and cash registers. Payment terminals, touch screens and other hardware and software options are options which are available to make a payment. Most retail businesses are adopting the POS system because the system does away with the need for price tags. In addition to that, there are new software programs that include specific features in the POS system, such as inventory management, CRM (Customer Relationship Management) financials, or warehousing. With the POS system, a retailer can avail of the following: sales data analysis, sales history or report, and integration of bar-code scanners and credit card authorization ability. Through the analysis sales data, a retailer is able to figure out how fast the items on the shelves are sold, and with that, the retailer can determine the purchasing levels, accordingly. While, the sales report or history can assist in purchasing items that are on a seasonal basis. With the integration of bar-code scanner and credit card swipe capability which are linked into the computer-based cash register, the price of the goods are accurately reflected.
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The practical and accessible features of the POS system include the following: user-friendly graphical interface, the system allows for inventory codes to enter either manually or automatically via a bar-code scanner, offer a variety of ways to keep track of pricing, such as percentage of cost, margin percentage and custom formulas, automatically updates inventory and accounts receivable records, provides sales tracking options, provides audit trails to easily trace any security problems such as thefts, supports numerous tax rates.
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Through the reporting capability of the POS system, it can reflect data of sales, costs and profits by individual inventory items or by a salesperson or by category for a day, month and year. Multiple formats for invoices, accounting statements and price tags may be created. Additional reporting may further include day-end cash reconciliation work sheets and inventory management.

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