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Point of sale or POS is the time and place where a retail transaction is completed. At sale points, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer, and indicates the options for the customer to make payment.
It is also the place at which a customer makes a payment to the merchant in exchange for goods or after provision of a service. On receipt of payment, the merchant may issue a receipt for the transaction, which is usually printed but is increasingly being dispensed with or sent electronically
Today businesses are increasingly adopting POS systems, and one of the most obvious and compelling reasons is that a POS system does away with the need for price tags. Price to sell is here directly linked to the product code of an item when adding the stock, so the cashier merely needs to scan this code to process a sale.
Even when there is a price change, this can also be easily done through the inventory window. Other advantages of a POS System include, the ability to implement various types of discounts, a loyalty scheme for customers, and more efficient stock control.
|Year||Name of software/Machine||It’s functions|
|Early 90s||Electronic Cash Register||Early electronic cash registers (ECR) were controlled with proprietary software and were limited in function and communication capability|
|1973||Main frame computers||This system was the first commercial use of client-server technology, peer to peer communications, and local area network (LAN) simultaneous backup and remote initialization|
|1974||Micro processors controlled cash register systems||
|Post 1990s||Modern Software||
|Modern day||Off the shelf versions||
POS in Tally, a computerized cash register which adds up the sales total, calculates the balance to be returned to buyer and automatically adjust the inventory levels to reflect the quantity sold.
The Tally.ERP 9 customized POS feature helps you to streamline your retail operations. By providing easy to use advanced capabilities, it automates the ‘Checkout’ process for smooth retail operations. It just takes a one time configuration for the POS feature to be activated, making it a complete POS software solution.
|Ease of use -||Tally Solutions POS is user-friendly mainly due to its graphical interface|
|Sales information entry -||Tally.ERP 9 allows you to enter inventory code either manually or automatically via a bar-code scanner. Once the inventory code entered, the system call up the standard or sales price, compute the price at multiple quantities and provide a running total|
|To update product information -||Whenever a sale is entered in Tally POS System, the system automatically updates inventory and accounts receivable records|
|To track sales -||
|Encryption and Decryption -||In retail ventures, it becomes important to keep tight control over cash receipt to prevent theft. And to provide audit trial so that we can trace any problems|
|Invoicing -||Tally's Customized POS software also helps to generate POS Invoices with Date and Time of transaction|
|Cash/Credit and Debit Card Transactions -||The customized POS system eases Cash and Credit/Debit Card transactions and allows multiple modes of payment for a single invoice|
|Tendering exchange amount -||The POS software from Tally helps to track balances to be returned to buyers from the money tendered|
|Bar Code Scanning -||It also facilitates bar code scanning of SKUs (or items)|
|Reports for sales promotion -||Enables quantified tracking of sales promotions|
|Re-ordering and Stock level maintenance -||Provides access to inventory levels and provides the option of quickly matching inventory with floor counts|
|Increments in profit levels -||It has a supporting hand in improved productivity and thereby revenue due to faster, reliable and speedy process of sale points|
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Postponement of Audit Trail Rule in Accounting Software to 1st April,2022