Retail
BOPIS — Customer Collects Item In Store
Recognizing revenue when the customer picks up their pre-paid online order.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Deferred Revenue (BOPIS) | Liability (-) | 116.00 | - |
| Sales Revenue | Revenue (+) | - | 100.00 |
| VAT Output Tax Payable (16%) | Liability (+) | - | 16.00 |
| Cost of Goods Sold | Expense (+) | 55.00 | - |
| Merchandise Inventory | Asset (-) | - | 55.00 |
💡 Accountant's Note
Control passes at the point of physical handover. Revenue and COGS are recognized simultaneously when the customer collects the item.
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