RetailMagic is a Point-of-Sale / Accounting software designed to mirror the functions required by a retail or wholesale organization.
The single store version includes two modules: The POS module which handles the functions necessary to run the store and create management information and the Accounting module which handles the functions necessary to run the office and create financial information.
Back Office Accounting
The Back Office Accounting module accesses the data to process the General Ledger, Accounts Payable, Accounts Receivable and Banking transactions.
General Ledger – All transactions created in the system are posted in real time except for the G/L. Any general ledger transactions are accumulated in a batch that can be printed, edited (if necessary) and posted. Financial statements can be customized by the user.
Accounts Payable – Complete A/P functions including Payments from Suppliers.
Accounts Receivable – Complete A/R functions including Payments to Customers.
Banking – Complete bank reconciliation including adding of direct charges to the bank and transfers between bank accounts. The system treats company credit cards as a bank that is always overdrawn, but is also reconciled to the statements.
Front Counter Point-of-Sale
The Point-of-Sale module is where 90% of the data input will occur. Each sale will update inventory, accounts receivable and funds on hand (if applicable) in real time. The sale transaction will also create the applicable general journal entries and place them in a batch so the back office accounting can print, edit (if necessary) and post to the general ledger.
Other functions accessible at the Point-of-Sale screen include:
- Payment from Customer
- Payment to Supplier
- Miscellaneous Payout
- Activity Report
- Fund Reconciliation and Deposit
- and many, many more
Other functions within the Point-of-Sale module include:
- Setup Product Category
- Setup Product
- Purchase Order System
- Receipt of Inventory
- Return of Inventory
- Inventory Adjustment…
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