Hi!. I'm from Sri Lanka, I sell desserts to shops on Consignment basis as well as Online. The Accounting transactions for both vary.
For Online sales, I keep track of the Orders, So my JV entries are as follows:
Sales Order Cr.
(this enables me to keep a track of Orders pending and executed) For Cancellation, the reverse entries are done.
When the Order is implemented:
Sales Order Dr
Sales/ Income -Cr
and when payment is received:
Cash / Bank Dr
If a Promotion was applied and a customer is given a certain discount, then:
Cash/Bank Dr (minus the discount)
Discount Allowed Dr. (the Discount amount)
Customer Cr (full Sales Value)